cnbcs jim cramer advised investors to hold off on buying shares of toast after the restaurant technology companys public markets debut wednesday the mad money host said he believes toast is a great company noting he understands the importance of its tech offerings such as pointofsale hardware because hes a restaurant owner himself however i cant recommend the stock up here not with this valuation and its kind of somewhat minor moat cramer said pointing to competition from the likes of square and lightspeed not only do toasts customers lack loyalty they often cant even afford to pay their bills that is not the best clientele he added referring to the financial struggles many restaurants have experienced during the covid crisis again thats no knock on toast  its just that this thing has been bid up to ludicrous levels  at a much lower price id be telling you to buy it hand over fist cramer said shares of toast closed at 6251 on wednesday putting the companys market cap to over 31 billion toast sold shares at 40 each in its ipo above its expected range to raise 870 million heres the bottom line i like toast the company but dont chase toast the stock cramer said theres too much risk too much competition not enough earnings and most of all take it from me theyre dealing with the worst set of clients in the world struggling restaurateurs