DoorDash (DASH) Lagged as Guidance Fell Short of Expectations

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. Having carried over some of the strength from the previous year into the first quarter, mid-cap stocks reversed course and ended the second quarter at a loss. The Russell Midcap Growth Index (down 3.21%) slightly outperformed the Russell Midcap Value Index (down 3.40%) in the quarter. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like DoorDash, Inc. (NASDAQ:DASH) in the second quarter 2024 investor letter. DoorDash, Inc. (NASDAQ:DASH) is a commerce platform that connects merchants, consumers, and independent contractors. The one-month return of DoorDash, Inc. (NASDAQ:DASH) was 22.50%, and its shares gained 66.44% of their value over the last 52 weeks. On August 19, 2024, DoorDash, Inc. (NASDAQ:DASH) stock closed at $129.56 per share with a market capitalization of $53.319 billion.

Carillon Eagle Mid Cap Growth Fund stated the following regarding DoorDash, Inc. (NASDAQ:DASH) in its Q2 2024 investor letter:

“DoorDash, Inc. (NASDAQ:DASH) develops technology to connect customers with restaurants through an on-demand food delivery application. The stock performed poorly during the period despite reporting earnings slightly ahead of consensus expectations. Full-year guidance was maintained, but the stock lagged as guidance for the second quarter was a bit lower than current expectations. We expect the investments the company made during the first half of the year to begin paying off later this year and into 2025.”

A shot of a delivery driver zooming down a busy street, symbolizing the company’s quick and efficient delivery services.

DoorDash, Inc. (NASDAQ:DASH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held DoorDash, Inc. (NASDAQ:DASH) at the end of the second quarter which was 76 in the previous quarter. While we acknowledge the potential of DoorDash, Inc. (NASDAQ:DASH) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed DoorDash, Inc. (NASDAQ:DASH) and shared the list of stocks to buy according to Jim Cramer for long-term growth. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.