DoorDash, Inc. (NASDAQ:DASH) Short Interest Up 34.2% in March

DoorDash, Inc. (NASDAQ:DASH) was the target of a large 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. Approximately 3.5% of the company’s stock are sold short. Based on an average daily volume of 5,320,000 shares, the days-to-cover ratio is currently 2.5 days.

Insider Activity

In related news, Director Andy Fang sold 1,398 shares of DoorDash stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $203.45, for a total transaction of $284,423.10. Following the sale, the director now directly owns 14,778 shares in the company, valued at $3,006,584.10. This trade represents a 8.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Tony Xu sold 108,332 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $170.35, for a total value of $18,454,356.20. Following the completion of the sale, the chief executive officer now directly owns 1,500 shares of the company’s stock, valued at approximately $255,525. This trade represents a 98.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 371,445 shares of company stock worth $65,969,730. 7.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DoorDash

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of DoorDash in the fourth quarter valued at approximately $597,443,000. Capital World Investors increased its stake in DoorDash by 26.4% in the 4th quarter. Capital World Investors now owns 12,153,265 shares of the company’s stock worth $2,038,712,000 after purchasing an additional 2,538,160 shares in the last quarter. 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. Franklin Resources Inc. lifted its stake in DoorDash by 25.0% during the fourth quarter. Franklin Resources Inc. now owns 4,749,810 shares of the company’s stock valued at $796,781,000 after buying an additional 949,414 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of DoorDash in the fourth quarter worth about $146,094,000. Institutional investors own 90.64% of the company’s stock.

DoorDash Stock Up 4.6 %

NASDAQ DASH traded up $8.35 on Wednesday, hitting $190.77. The stock had a trading volume of 3,327,827 shares, compared to its average volume of 4,124,934. The company’s 50-day moving average is $192.25 and its two-hundred day moving average is $173.12. The stock has a market cap of $80.14 billion, a price-to-earnings ratio of 706.56 and a beta of 1.70. DoorDash has a one year low of $99.32 and a one year high of $215.25.

Analyst Ratings Changes

A number of equities analysts recently weighed in on DASH shares. The Goldman Sachs Group lifted their price objective on shares of DoorDash from $192.00 to $212.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Wells Fargo & Company lifted their price objective on DoorDash from $166.00 to $198.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Truist Financial upped their target price on DoorDash from $217.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Mizuho lifted their price target on DoorDash from $200.00 to $222.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada boosted their price objective on shares of DoorDash from $215.00 to $230.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Ten investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $207.21.

DoorDash Company Profile

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.