5 Growth Stocks Reddit’s WallStreetBets Is Buying

4. DoorDash, Inc. (NYSE: DASH)

Number of Hedge Fund Holders: 38     

DoorDash, Inc. (NYSE: DASH) is ranked fourth on our list of growth stocks Reddit’s WallStreetBets is buying. The company’s shares have returned 23% to investors over the past six months. The firm operates as a logistics platform connecting merchants to customers. It provides the largest food delivery service in the United States. On June 14, the company announced that it was partnering with PetSmart to facilitate delivery of pet-related products from more than 1,400 PetSmart stores nationwide. 

On June 29, investment advisory Wells Fargo maintained an Overweight rating on DoorDash, Inc. (NYSE: DASH) stock and raised the price target to $215 from $170, highlighting several possible growth catalysts for the firm in the post-pandemic economy. 

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Coatue Management is a leading shareholder in the firm with 9.2 million shares worth more than $1.2 billion.