Toasts 9.9 Billion Dollar Surge to 110th Largest U.S. Stock by Volume as Shares Drop 5.37%

On September 22, 2025, , . .

Recent developments suggest mixed sentiment for the restaurant technology provider. A notable shift in institutional ownership patterns emerged as major shareholders liquidated portions of their stakes during the week. Analyst activity remained muted, with no recent upgrades or downgrades reported in the sector. Market participants appear focused on the company's upcoming quarterly earnings release, which could provide clarity on the trajectory of its same-restaurant sales growth.

Technical indicators show the stock has been trading within a tight consolidation range for three consecutive weeks. , suggesting potential short-term volatility. However, , indicating growing retail interest despite the recent decline.

To run this back-test robustly I need to clarify (or help you refine) a few implementation details: 1. Universe definition • "Top 500 stocks by daily trading volume" can refer to: a) the 500 stocks with the highest dollar/share volume across the whole U.S. equity universe each day, or b) the 500 names in a fixed index (e.g., S&P 500) re-ranked daily by volume. Our back-testing engine currently handles a single ticker or a fixed list of tickers; generating and rebalancing a 500-stock cross-sectional portfolio requires a different workflow. We can approximate it by: • Using a fixed universe (e.g., S&P 500 constituents) and buying the 500 highest-volume names each day, or • Selecting one representative ETF (e.g., SPY) whose volume stands in for the "top-volume group." 2. Trade execution convention • Buy at today’s close and sell at tomorrow’s close, or • Buy next day’s open and sell that same day’s close? Please specify. 3. Weighting method • Equal-weight across the 500 names, or weight by volume / market-cap? 4. Cash management / slippage assumptions • Any transaction costs or slippage to include? Could you confirm (or adjust) these points so I can build the exact back-test?