JPMorgan Chase & Co. Forecasts Strong Price Appreciation for DoorDash (NASDAQ:DASH) Stock

DoorDash (NASDAQ:DASH) had its price target lifted by JPMorgan Chase & Co. from $155.00 to $205.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 2.71% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the company. UBS Group increased their target price on DoorDash from $182.00 to $200.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Argus raised shares of DoorDash from a “hold” rating to a “buy” rating in a research note on Friday, December 20th. Wolfe Research boosted their target price on shares of DoorDash from $210.00 to $220.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. BMO Capital Markets raised their price target on shares of DoorDash from $140.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Mizuho lifted their price target on DoorDash from $200.00 to $222.00 and gave the company an “outperform” rating in a research note on Wednesday. Nine equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $189.70.

DoorDash Stock Performance

DASH stock opened at $199.60 on Wednesday. The stock’s 50 day simple moving average is $177.52 and its 200 day simple moving average is $156.06. The company has a market cap of $82.91 billion, a P/E ratio of -440.32, a price-to-earnings-growth ratio of 2.04 and a beta of 1.72. DoorDash has a fifty-two week low of $99.32 and a fifty-two week high of $199.80.

Insider Buying and Selling

In related news, CFO Ravi Inukonda sold 1,425 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $183.20, for a total value of $261,060.00. Following the sale, the chief financial officer now directly owns 366,993 shares of the company’s stock, valued at $67,233,117.60. This trade represents a 0.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Tony Xu sold 108,332 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $170.25, for a total transaction of $18,443,523.00. Following the completion of the transaction, the chief executive officer now directly owns 1,500 shares of the company’s stock, valued at approximately $255,375. This represents a 98.63 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,040,758 shares of company stock worth $181,434,201. Corporate insiders own 7.92% of the company’s stock.

Institutional Investors Weigh In On DoorDash

Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of DoorDash during the 4th quarter valued at about $597,443,000. Baillie Gifford & Co. boosted its stake in shares of DoorDash by 13.2% in the 3rd quarter. Baillie Gifford & Co. now owns 14,142,674 shares of the company’s stock valued at $2,018,584,000 after purchasing an additional 1,645,186 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of DoorDash during the 4th quarter valued at $146,094,000. Allspring Global Investments Holdings LLC raised its position in DoorDash by 216.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,082,362 shares of the company’s stock worth $154,486,000 after purchasing an additional 739,961 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in DoorDash by 14.5% in the third quarter. Janus Henderson Group PLC now owns 5,533,288 shares of the company’s stock worth $789,766,000 after purchasing an additional 700,465 shares during the last quarter. Institutional investors own 90.64% of the company’s stock.

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.