5 Biggest Tech Stock Drops in 2022

In this piece, we will take a look at the five biggest technology stock drops in 2022. If these drops aren’t enough for you then you can jump back to 15 Biggest Tech Stock Drops in 2022.

5. DoorDash, Inc. (NYSE:DASH)

Number of Hedge Fund Holders: 31

Year to  Date Share Price Drop: 69%

DoorDash, Inc. (NYSE:DASH) is a delivery platform that lets merchants find new customers, make demand forecasts, and fine tune their products to demand. The firm is headquartered in San Francisco, California, the United States.

DoorDash, Inc. (NYSE:DASH)’s stock has been one of the worst performing stocks on the market this year, as the shares have bled 69% of their value so far. This drop has come on the back of a variety of factors, such as the macroeconomic environment, a rival partnering up with Amazon, and customer loss. Insider Monkey’s Q2 2022 survey of 895 funds outlined that 31 had invested in the company.

However, Wolfe Research stuck with a $110 share price target for the firm in August 2022, as it stressed that the market is under-appreciating DoorDash, Inc. (NYSE:DASH)’s partnerships with restaurants.

Lei Zhang’s Hillhouse Capital Management is DoorDash, Inc. (NYSE:DASH)’s largest shareholder. It owns 4.6 million shares that are worth $301 million.