Tesla Inc (TSLA) and 4 Other Consumer Discretionary Stocks That Have Wowed Billionaire Philippe Laffont

3. DoorDash, Inc. (NYSE:DASH)

Value of Coatue Management‘s 13F Position: $619 million

Number of Hedge Fund Shareholders: 52

Food delivery platform DoorDash, Inc. (NYSE:DASH) is yet another vehicle-related stock that Philippe Laffont loves, having raised his stake in the company by 81% during the first quarter to 5.28 million shares. While Laffont is slightly more bullish on DoorDash, hedge funds heavily favor the company’s food delivery rival Uber, which also operates a leading ride-sharing service. Nearly three-times as many funds are long UBER.

For its part, DoorDash, Inc. (NYSE:DASH) isn’t wilting in the face of a difficult economic backdrop. While the company does plan to slow hiring, with expectations that it will boost its headcount by between 10% and 15% this year, it’s continuing to march ahead with its global ambitions. DoorDash has rapidly expanded into 27 markets from just four, and recently spent $3.5 billion to acquire Finnish delivery service Wolt.

Despite the expansion, DoorDash, Inc. (NYSE:DASH)’s sales growth has quickly slackened, falling from more than 200% in Q1 of 2021 to just 35% growth a year later. The company is also facing other headwinds, including record high gas prices, and regulatory scrutiny concerning how much it pays its drivers. Seattle recently adopted legislation that requires companies like DoorDash and Uber to pay their drivers on a per-mile or per-minute rate, which can substantially raise their pay.