Prominent market commentator and CEO of Ritholtz Wealth Management, Josh Brown, has recently shared insights into his investment strategy, highlighting his positions in restaurant technology provider Toast and online used car retailer Carvana.
Investment Focus: Toast
Brown specifically noted increasing his stake in Toast shares prior to the company’s latest earnings announcement. He explained his rationale on CNBC, indicating that he favors adding to positions when observing underlying market strength in a stock *before* the official financial results are released.
Following the release of its first-quarter financial results, Toast’s stock experienced a positive reaction, gaining approximately 4%. The report included robust performance metrics and an encouraging outlook for the current quarter and the full fiscal year. Operationally, Toast demonstrated expansion by integrating an additional 6,000 new customer locations during the first three months of the year and securing a significant enterprise-level agreement with Applebee’s.
Financially, Toast reported reaching an annualized recurring revenue (ARR) rate of $1.7 billion by the end of the first quarter (March 31st). This figure represents a substantial 31% increase compared to the previous year. Brown pointed to this growth and, notably, the company’s achievement of profitability. He contrasted this with previous skepticism from analysts who doubted Toast’s ability to reach profitable status, stating his satisfaction with the stock’s current trajectory.
Looking at recent market performance, Toast’s stock demonstrated significant upward momentum in 2024, effectively doubling its value. The company initially became publicly traded in September 2021.
Another Key Holding: Carvana
Beyond Toast, Josh Brown also identified online used car retailer Carvana as a favored holding in his portfolio currently. He mentioned its inclusion in his firm’s ‘Best Stocks of the Market’ model. According to Brown, Carvana is well-positioned to benefit significantly from the prevailing trend of elevated prices in the used vehicle market.
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