Bank of America Forecasts Strong Price Appreciation for DoorDash (NASDAQ:DASH) Stock

DoorDash (NASDAQ:DASH) had its price target lifted by Bank of America from $205.00 to $245.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target would suggest a potential upside of 19.14% from the company’s previous close.

Several other equities analysts have also weighed in on the company. The Goldman Sachs Group raised their target price on DoorDash from $192.00 to $212.00 and gave the company a “neutral” rating in a report on Wednesday. Oppenheimer upped their price target on shares of DoorDash from $180.00 to $235.00 and gave the company an “outperform” rating in a report on Wednesday. Susquehanna lifted their price objective on DoorDash from $140.00 to $180.00 and gave the stock a “positive” rating in a research note on Friday, November 1st. BMO Capital Markets reiterated an “outperform” rating and set a $240.00 target price (up from $180.00) on shares of DoorDash in a research note on Wednesday. Finally, Wedbush raised their price target on shares of DoorDash from $160.00 to $210.00 and gave the stock a “neutral” rating in a research report on Wednesday. Nine investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $205.45.

DoorDash Stock Up 2.4 %

Shares of NASDAQ:DASH opened at $205.64 on Wednesday. The firm has a fifty day moving average of $178.59 and a two-hundred day moving average of $156.71. DoorDash has a 12-month low of $99.32 and a 12-month high of $206.00. The firm has a market capitalization of $85.42 billion, a P/E ratio of -456.98, a price-to-earnings-growth ratio of 2.04 and a beta of 1.72.

Insider Activity

In other DoorDash news, CEO Tony Xu sold 108,334 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $180.07, for a total transaction of $19,507,703.38. Following the transaction, the chief executive officer now owns 1,500 shares of the company’s stock, valued at approximately $270,105. This represents a 98.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ravi Inukonda sold 1,425 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $183.20, for a total transaction of $261,060.00. Following the transaction, the chief financial officer now owns 366,993 shares in the company, valued at approximately $67,233,117.60. The trade was a 0.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 932,426 shares of company stock worth $162,990,678. Insiders own 7.92% of the company’s stock.

Hedge Funds Weigh In On DoorDash

Several large investors have recently bought and sold shares of DASH. Norges Bank bought a new position in DoorDash during the 4th quarter worth approximately $597,443,000. Arrowstreet Capital Limited Partnership raised its holdings in DoorDash by 67.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,654,891 shares of the company’s stock worth $780,858,000 after buying an additional 1,869,866 shares during the period. Baillie Gifford & Co. increased its holdings in DoorDash by 13.2% during the 3rd 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 in the last quarter. Franklin Resources Inc. raised its stake in shares of DoorDash by 25.0% in the 4th quarter. Franklin Resources Inc. now owns 4,749,810 shares of the company’s stock valued at $796,781,000 after purchasing an additional 949,414 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of DoorDash in the fourth quarter valued at about $146,094,000. 90.64% of the stock is currently owned by institutional investors and hedge funds.

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.