Analyst Summary:  Thumbs-down on the DoorDash IPO. This IPO is the latest in a series of insiders-cashing-out deals that all come to market using the same formula:  Low floats/low liquidity; at least two classes of stock (in the case of DoorDash, it’s three); and, no earnings. This is aided and abetted by a click-hungry financial media machine more than happy to shake the pom-poms on cue.

Like many of these pieces of market manipulation to IPO lately, DoorDash is also saddled with a sizable array of internal controls uncertainties – enough to make us not trust the numbers.

In our opinion, the deal structure, earnings outlook, and internal controls issues lead us to conclude DoorDash is, at best, viewed as a speculative gamble.  Maybe it even works … for now.  But be careful.  You, the investing public, are the designated rubes in this cash-out game. 

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