DoorDash (NASDAQ:DASH) Hits New 52-Week High After Analyst Upgrade

Shares of DoorDash, Inc. (NASDAQ:DASH) hit 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. The stock had previously closed at $177.68.

Other research analysts also recently issued reports about the stock. DA Davidson lifted their price target on shares of DoorDash from $119.00 to $150.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Keefe, Bruyette & Woods raised DoorDash from a “market perform” rating to an “outperform” rating and set a $177.00 price target on the stock in a research note on Wednesday, September 25th. Mizuho upped their price objective on shares of DoorDash from $162.00 to $173.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Citigroup increased their target price on shares of DoorDash from $155.00 to $211.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, JMP Securities reissued a “market outperform” rating and set a $200.00 target price on shares of DoorDash in a research note on Thursday, January 2nd. Nine investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, DoorDash presently has a consensus rating of “Moderate Buy” and a consensus price target of $176.97.

Insider Buying and Selling at DoorDash

In related news, Director Andy Fang sold 50,000 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $168.32, for a total transaction of $8,416,000.00. Following the completion of the sale, the director now owns 16,176 shares in the company, valued at approximately $2,722,744.32. This represents a 75.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Tony Xu sold 108,332 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $170.25, for a total value of $18,443,523.00. Following the completion of the transaction, the chief executive officer now directly owns 1,500 shares in the company, valued at $255,375. The trade was 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 1,019,333 shares of company stock worth $177,556,541. Insiders own 7.92% of the company’s stock.

Institutional Trading of DoorDash

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rakuten Securities Inc. lifted its holdings in DoorDash by 302.3% during the third quarter. Rakuten Securities Inc. now owns 173 shares of the company’s stock valued at $25,000 after purchasing an additional 130 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of DoorDash during the 4th quarter valued at $36,000. MassMutual Private Wealth & Trust FSB boosted its holdings 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 buying an additional 69 shares during the period. Hollencrest Capital Management purchased a new position in DoorDash during the third quarter valued at $54,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of DoorDash in the fourth quarter worth about $69,000. 90.64% of the stock is owned by hedge funds and other institutional investors.

DoorDash Price Performance

The business has a 50-day moving average of $173.66 and a 200 day moving average of $147.42. The company has a market capitalization of $76.01 billion, a PE ratio of -406.72, a P/E/G ratio of 1.88 and a beta of 1.71.

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