5 Best New Stocks To Invest In According To Hedge Funds

2. Toast, Inc. (NYSE:TOST)

Number of Hedge Fund Holders: 47

Toast, Inc. (NYSE:TOST) went public in September 2021. In less than two years Toast, Inc. (NYSE:TOST) has gained a strong footing among elite hedge funds and smart money managers. Insider Monkey’s database of 943 hedge funds shows that 47 funds had stakes in Toast, Inc. (NYSE:TOST) as of the end of the fourth quarter of 2022. The total worth of these hedge fund stakes was $1.5 billion. The biggest hedge fund stakeholder of Toast, Inc. (NYSE:TOST) was David Blood and Al Gore’s Generation Investment Management which owns a $373 million stake in the company.

Toast, Inc. (NYSE:TOST) makes software solutions for the restaurant industry. Earlier this year Toast, Inc. (NYSE:TOST) posted Q4 results. GAAP EPS in the quarter came in at -$0.19, missing estimates by $0.01. Revenue in the period jumped 50.2% year over year to total $769 million, beating estimates by $15.87 million.