DoorDash (NASDAQ:DASH) Reaches New 52-Week High on Analyst Upgrade

Shares of DoorDash, Inc. (NASDAQ:DASH) reached a new 52-week high during mid-day trading 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 traded. The stock had previously closed at $177.68.

A number of other research analysts have also recently commented on the company. Citigroup increased their price target on DoorDash from $155.00 to $211.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Loop Capital increased their target price on DoorDash from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. JPMorgan Chase & Co. boosted their price target on DoorDash from $137.00 to $155.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Royal Bank of Canada raised their price objective on shares of DoorDash from $175.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Finally, Argus raised shares of DoorDash from a “hold” rating to a “buy” rating in a report on Friday, December 20th. Nine equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $176.97.

Insider Buying and Selling

In other DoorDash news, Director Andy Fang sold 50,000 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $168.32, for a total value of $8,416,000.00. Following the transaction, the director now directly owns 16,176 shares of the company’s stock, valued at approximately $2,722,744.32. This trade represents a 75.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Keith Yandell sold 7,980 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $169.98, for a total transaction of $1,356,440.40. Following the sale, the insider now directly owns 124,221 shares of the company’s stock, valued at approximately $21,115,085.58. The trade was a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,019,333 shares of company stock valued at $177,556,541. 7.92% of the stock is owned by company insiders.

Institutional Trading of DoorDash

Several institutional investors and hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. boosted its holdings in DoorDash by 13.2% during the third quarter. Baillie Gifford & Co. now owns 14,142,674 shares of the company’s stock worth $2,018,584,000 after purchasing an additional 1,645,186 shares during the last quarter. State Street Corp lifted its position in shares of DoorDash by 3.8% during the 3rd quarter. State Street Corp now owns 7,395,891 shares of the company’s stock worth $1,055,616,000 after buying an additional 272,659 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of DoorDash by 14.5% in the 3rd quarter. Janus Henderson Group PLC now owns 5,533,288 shares of the company’s stock worth $789,766,000 after buying an additional 700,465 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of DoorDash by 6.4% in the third quarter. Geode Capital Management LLC now owns 4,472,154 shares of the company’s stock valued at $636,652,000 after acquiring an additional 267,855 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of DoorDash by 15.2% during the third quarter. Franklin Resources Inc. now owns 3,800,396 shares of the company’s stock valued at $570,135,000 after acquiring an additional 501,905 shares during the last quarter. 90.64% of the stock is owned by hedge funds and other institutional investors.

DoorDash Price Performance

The stock has a fifty day moving average of $173.85 and a 200 day moving average of $147.67. The firm has a market capitalization of $76.07 billion, a P/E ratio of -406.96, a price-to-earnings-growth ratio of 1.88 and a beta of 1.71.

DoorDash (NASDAQ:DASH) last released its earnings results on Wednesday, October 30th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.17. The company 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 business’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.19) EPS. Equities analysts forecast that DoorDash, Inc. will post 0.27 EPS for the current fiscal 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.