DoorDash (NASDAQ:DASH) Reaches New 1-Year High After Analyst Upgrade

DoorDash, Inc. (NASDAQ:DASH) hit a new 52-week high on Thursday after Bank of America raised their price target on the stock from $172.00 to $205.00. Bank of America currently has a buy rating on the stock. DoorDash traded as high as $182.18 and last traded at $182.51, with a volume of 1428991 shares changing hands. The stock had previously closed at $177.68.

Other research analysts also recently issued research reports about the company. Needham & Company LLC increased their price target on DoorDash from $145.00 to $180.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Royal Bank of Canada increased their target price on shares of DoorDash from $175.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Citigroup boosted their price target on shares of DoorDash from $155.00 to $211.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. JMP Securities reaffirmed a “market outperform” rating and issued a $200.00 price objective on shares of DoorDash in a report on Thursday, January 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $160.00 price objective on shares of DoorDash in a research note on Monday, October 7th. Nine research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $176.97.

Insider Activity

In other news, CEO Tony Xu sold 108,332 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $170.25, for a total transaction of $18,443,523.00. Following the sale, the chief executive officer now owns 1,500 shares in the company, valued at approximately $255,375. The trade was a 98.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Andy Fang sold 50,000 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $172.67, for a total transaction of $8,633,500.00. Following the completion of the sale, the director now directly owns 18,089 shares in the company, valued at $3,123,427.63. This represents a 73.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,019,333 shares of company stock valued at $177,556,541. Corporate insiders own 7.92% of the company’s stock.

Institutional Trading of DoorDash

Hedge funds have recently made changes to their positions in the stock. Rakuten Securities Inc. increased its position in DoorDash by 302.3% during the 3rd quarter. Rakuten Securities Inc. now owns 173 shares of the company’s stock valued at $25,000 after buying an additional 130 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of DoorDash in the 4th quarter worth about $36,000. MassMutual Private Wealth & Trust FSB boosted its stake in DoorDash by 34.0% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 272 shares of the company’s stock worth $46,000 after purchasing an additional 69 shares in the last quarter. Hollencrest Capital Management purchased a new stake in DoorDash during the 3rd quarter valued at about $54,000. Finally, Quarry LP bought a new stake in DoorDash during the 2nd quarter valued at about $60,000. 90.64% of the stock is owned by institutional investors.

DoorDash Stock Up 3.1 %

The firm’s fifty day simple moving average is $173.85 and its 200-day simple moving average is $147.67. The firm has a market capitalization of $76.07 billion, a PE ratio of -406.96, a PEG ratio of 1.88 and a beta of 1.71.

DoorDash (NASDAQ:DASH) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.17. The business had revenue of $2.71 billion for the quarter, compared to analysts’ expectations of $2.66 billion. DoorDash had a negative return on equity of 2.41% and a negative net margin of 1.69%. The firm’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.19) EPS. As a group, analysts predict that DoorDash, Inc. will post 0.27 earnings per share for the current year.

About DoorDash

DoorDash, Inc, together with its subsidiaries, operates a commerce platform that connects merchants, consumers, and independent contractors in the United States and internationally. The company operates DoorDash Marketplace and Wolt Marketplace, which provide various services, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.