11 Best Gig Economy Stocks to Buy According to Hedge Funds

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3. DoorDash, Inc. (NASDAQ:DASH)

No. of Hedge Fund Holders: 73

DoorDash, Inc. (NASDAQ:DASH) operates a commerce platform and connects merchants, consumers, and independent contractors for delivery services. The company’s platform services include DoorDash Drive and Wolt Drive, which are white-label delivery fulfillment services. DoorDash has captured a wide share in the food delivery market and continues to expand its network in this space.

On February 3, UBS analyst Lloyd Walmsley raised the price target on DASH shares from $182 to $200, maintaining a Neutral rating on the stock. JMP Securities also has a $200 price target on DASH shares, but they have kept a Market Outperform rating on the stock. The analysts are bullish on the stock as it posted a profit for the first time since going public in late 2020 and surpassed quarterly revenue estimates.

The Street expects the company to post earnings of $0.34 per share in Q4 2024, compared to a $0.39 per share loss from a year ago. The company’s sales are expected to rise by 23% year-over-year to $2.84 billion. Over the last six months, DoorDash, Inc. (NASDAQ:DASH) shares have surged over 55% as investors’ focus remains on the company’s profitability.

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