DoorDash (NASDAQ:DASH) Now Covered by Analysts at Rosenblatt Securities

Key Points

• Rosenblatt Securities initiated coverage of DoorDash with a “buy” rating and a $270 price target, implying 16.51% upside from the prior close.
• Analyst sentiment is broadly positive: 24 analysts rate the stock a Buy, nine Hold, and one Sell, resulting in a “Moderate Buy” consensus and an average target price of $254.97.
• DoorDash’s latest quarterly revenue rose 35.6% year over year to $4.45 billion, beating estimates, though earnings of $0.46 per share narrowly missed consensus; insiders have sold about $73 million of stock over the past 90 days.

Rosenblatt Securities initiated coverage on shares of DoorDash (NASDAQ:DASH - Get Free Report) in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm set a "buy" rating and a $270.00 price target on the stock. Rosenblatt Securities' price objective would suggest a potential upside of 16.51% from the company's previous close.

Several other equities research analysts also recently weighed in on the stock. The Goldman Sachs Group set a $280.00 price target on shares of DoorDash in a research note on Thursday, May 7th. Truist Financial increased their price target on DoorDash from $330.00 to $336.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. UBS Group raised their price objective on DoorDash from $223.00 to $225.00 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Barclays downgraded DoorDash from an "equal weight" rating to a "strong sell" rating in a report on Monday, August 24th. Finally, Wells Fargo & Company upped their target price on DoorDash from $199.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Twenty-four investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $254.97.

DoorDash Price Performance

DoorDash stock opened at $231.74 on Tuesday. The stock has a market capitalization of $100.41 billion, a price-to-earnings ratio of 121.33 and a beta of 1.78. DoorDash has a 52-week low of $143.30 and a 52-week high of $285.50. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.37 and a current ratio of 1.37. The stock's 50 day moving average price is $200.29 and its two-hundred day moving average price is $177.07.

DoorDash (NASDAQ:DASH - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.01). DoorDash had a net margin of 5.29% and a return on equity of 8.48%. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the prior year, the firm earned $0.65 EPS. The business's revenue was up 35.6% compared to the same quarter last year. On average, equities analysts predict that DoorDash will post 2.45 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Prabir Adarkar sold 55,289 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $231.76, for a total value of $12,813,778.64. Following the transaction, the chief operating officer owned 930,211 shares in the company, valued at $215,585,701.36. This trade represents a 5.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ravi Inukonda sold 19,505 shares of DoorDash stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $220.62, for a total value of $4,303,193.10. Following the transaction, the chief financial officer directly owned 232,938 shares in the company, valued at approximately $51,390,781.56. The trade was a 7.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 337,674 shares of company stock worth $72,974,540 over the last 90 days. Company insiders own 44.90% of the company's stock.

Hedge Funds Weigh In On DoorDash

Large investors have recently bought and sold shares of the stock. California State Teachers Retirement System grew its stake in shares of DoorDash by 16,825.6% in the 2nd quarter. California State Teachers Retirement System now owns 103,516,163 shares of the company's stock worth $19,101,838,000 after acquiring an additional 102,904,566 shares in the last quarter. Norges Bank purchased a new position in DoorDash during the fourth quarter worth about $1,093,650,000. Wellington Management Group LLP boosted its holdings in DoorDash by 593.1% during the fourth quarter. Wellington Management Group LLP now owns 5,481,693 shares of the company's stock worth $1,241,494,000 after purchasing an additional 4,690,744 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in DoorDash by 32.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,958,114 shares of the company's stock worth $3,161,234,000 after purchasing an additional 3,447,754 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in DoorDash by 40.2% in the 1st quarter. Janus Henderson Group PLC now owns 7,762,553 shares of the company's stock worth $1,159,377,000 after purchasing an additional 2,225,954 shares in the last quarter. 90.64% of the stock is currently owned by institutional investors.

DoorDash Company Profile

DoorDash, Inc operates a technology-driven logistics and food-delivery marketplace that connects consumers, merchants and independent delivery contractors. The company's core service enables customers to order from local restaurants and retailers through its app and website while DoorDash handles last-mile fulfillment via its network of drivers, known as “Dashers.” Over time the platform has broadened beyond restaurant deliveries to include groceries, convenience items and retail deliveries, positioning DoorDash as a broader on-demand logistics provider for consumer goods.

In addition to its marketplace, DoorDash offers a suite of products and services for consumers and businesses.

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