When Toast (NYSE: TOST) went public in September 2021, the bulls believed it would revolutionize the restaurant industry in the same way that Shopify (NYSE: SHOP) 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 Toast still recover over the long run and become the next Shopify?

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Source Fool.com