Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Emeth Value Capital Andrew Carreon | “Toast was growing exponentially, surpassing 50,000 U.S. restaurant locations in 2021, and it was increasingly clear that Shift4's existing POS portfolio was not equipped to compete effectively for net new merchants. This remained true despite Toast charging $4,000–$5,000 in upfront hardware and implementation costs and more than $300 per month in recurring SaaS fees: restaurants clearly were not willing to accept an inferior product merely to save a few thousand dollars. At Toast's current pricing, a restaurant pays $69 per month for each workstation. Want an integrated loyalty program, gift cards, and the ability to send SMS and email campaigns to customers? That is another $185 per month for Toast's loyalty and marketing module. Want to accept more than 25 table reservations per month? That is another $199 per month for Toast Tables Plus. Want customers to scan a QR code, browse the menu, and order directly from their phones? That is another $75 per month for the mobile order-and-pay module. Want to integrate with third-party delivery platforms such as Uber Eats and DoorDash? That is another $75 per month for each integration. SkyTab POS includes every one of these modules and integrations for free while charging just $29.99 per month for each workstation. Altogether, the same restaurant can save more than $40,000 during its first five years on SkyTab compared with Toast. On a fully burdened basis – including the purchase price of the acquired platforms – SkyTab POS averages only $5,500 of customer acquisition cost per new location, compared with roughly $21,000 for each new location added by Toast. Toast is expected to generate $800 million of EBITDA in 2026 and it is currently valued at an enterprise value of $17 billion.” | NEUTRAL | Q2 2026 Aug 18, 2026 | View Pitch |
Adestella Investment Management Andrew Jakubowski | “Toast was added to the portfolio during a selloff driven by generic AI disruption fears ("vibe-coding"). The manager argues that Toast's platform acts as a critical system of record and utilizes highly proprietary transaction-level data, protecting it from being easily replicated.” | NEUTRAL | Q2 2026 Jul 2, 2026 | View Pitch |
Optimist Fund Jordan McNamee | “The founders of Toast recognized in 2012 that restaurants were operating on deeply outdated technology. Point-of-sale systems were often built on 15-year-old hardware, running legacy, on-premise softw” | BULL | Q1 2026 May 12, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
