Could Toast Become the Next Shopify?

When Toast (TOST 5.12%) went public in September 2021, the bulls believed it would revolutionize the restaurant industry in the same way that Shopify (SHOP 1.32%) simplified the e-commerce market for smaller merchants. That's why Toast's stock initially rallied from its IPO price of $40 to an all-time high of $65.22 in November 2022.But today, Toast's stock trades at about $16. The bulls retreated as its growth slowed down, it racked up steep losses, and rising interest rates compressed its valuation. Could ...