DoorDash, Inc. (NASDAQ:DASH) Sees Large Growth in Short Interest

DoorDash, Inc. (NASDAQ:DASH) was the target of a significant growth in short interest in March. As of March 15th, there was short interest totalling 13,420,000 shares, a growth of 34.2% from the February 28th total of 10,000,000 shares. Based on an average trading volume of 5,320,000 shares, the short-interest ratio is currently 2.5 days. Approximately 3.5% of the shares of the stock are sold short.

DoorDash Price Performance

Shares of DoorDash stock traded down $1.35 during trading hours on Monday, hitting $181.26. The company’s stock had a trading volume of 3,115,009 shares, compared to its average volume of 4,111,769. DoorDash has a 12 month low of $99.32 and a 12 month high of $215.25. The company has a market capitalization of $76.15 billion, a PE ratio of 673.13 and a beta of 1.70. The stock has a 50 day moving average of $192.00 and a 200 day moving average of $172.39.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on DASH shares. JMP Securities reiterated a “market outperform” rating and set a $200.00 price target on shares of DoorDash in a report on Thursday, February 6th. FBN Securities started coverage on shares of DoorDash in a research report on Friday. They set an “outperform” rating and a $230.00 target price on the stock. The Goldman Sachs Group boosted their price target on DoorDash from $192.00 to $212.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Wells Fargo & Company increased their price objective on DoorDash from $166.00 to $198.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Finally, Susquehanna boosted their target price on DoorDash from $180.00 to $235.00 and gave the stock a “positive” rating in a report on Thursday, February 13th. Ten research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DoorDash has a consensus rating of “Moderate Buy” and a consensus price target of $207.21.

Insider Activity

In other news, Director Andy Fang sold 50,000 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $170.01, for a total transaction of $8,500,500.00. Following the transaction, the director now directly owns 16,176 shares in the company, valued at $2,750,081.76. The trade was a 75.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Keith Yandell sold 8,116 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $203.45, for a total value of $1,651,200.20. Following the sale, the insider now owns 105,162 shares of the company’s stock, valued at approximately $21,395,208.90. This represents a 7.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 351,445 shares of company stock worth $62,258,130 over the last three months. Corporate insiders own 7.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC increased its holdings in DoorDash by 234.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 38,990 shares of the company’s stock worth $6,541,000 after purchasing an additional 27,330 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ bought a new stake in DoorDash in the 4th quarter valued at approximately $16,876,000. Centaurus Financial Inc. acquired a new position in DoorDash during the fourth quarter worth $137,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in DoorDash in the fourth quarter valued at $41,951,000. Finally, Employees Retirement System of Texas increased its stake in DoorDash by 22.0% in the 4th quarter. Employees Retirement System of Texas now owns 47,529 shares of the company’s stock valued at $7,973,000 after buying an additional 8,577 shares during the last quarter. Institutional investors and hedge funds own 90.64% of the company’s stock.

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.