Jim Cramer Recommends Buying These 5 Stocks as Commodity Prices Decline

3. DoorDash, Inc. (NYSE:DASH)

Number of Hedge Fund Holders: 52   

DoorDash, Inc. (NYSE:DASH) is a logistics platform that connects merchants with consumers. The former Goldman Sachs employee recently placed the company among a group of stocks that he would recommend buying. Cramer highlighted that oil and gasoline prices had come down to little or no fanfare, opening up a buying opportunity in sectors like travel and leisure and other firms that benefited from cheaper oil prices. Cramer noted that these stocks were “scorned” just three weeks ago amid higher prices. 

On August 5, Needham analyst Bernie McTernan maintained a Buy rating on DoorDash, Inc. (NYSE:DASH) stock and raised the price target to $115 from $100, noting the stock presented a value proposition to the consumer amid macro uncertainty. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Coatue Management is a leading shareholder in DoorDash, Inc. (NYSE:DASH), with 5.2 million shares worth more than $618 million.