DoorDash (NASDAQ:DASH) Upgraded at Rosenblatt Securities

Key Points

• Rosenblatt Securities upgraded DoorDash to “strong buy,” adding to broadly positive analyst sentiment. The stock has an average “Moderate Buy” rating and an average price target of $254.97.
• DoorDash reported quarterly revenue of $4.45 billion, up 35.6% year over year and above estimates, though earnings per share of $0.46 narrowly missed the $0.47 consensus.
• Shares opened at $225.66, well above their 50-day and 200-day moving averages, while insiders sold approximately $73 million in stock over the past three months, primarily to cover tax obligations tied to equity awards.

DoorDash (NASDAQ:DASH - Get Free Report) was upgraded by equities research analysts at Rosenblatt Securities to a "strong-buy" rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other research analysts have also recently commented on DASH. Rothschild & Co Redburn set a $350.00 price objective on DoorDash in a research note on Tuesday, May 12th. Bank of America reiterated a "buy" rating on shares of DoorDash in a research note on Thursday, August 6th. Guggenheim reiterated a "buy" rating and set a $255.00 target price on shares of DoorDash in a report on Tuesday, June 23rd. Truist Financial boosted their price target on DoorDash from $330.00 to $336.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Needham & Company LLC restated a "buy" rating and issued a $265.00 price target on shares of DoorDash in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $254.97.

DoorDash Price Performance

DoorDash stock opened at $225.66 on Monday. The firm has a fifty day moving average of $201.37 and a 200-day moving average of $177.42. DoorDash has a 52-week low of $143.30 and a 52-week high of $285.50. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $97.78 billion, a P/E ratio of 118.15 and a beta of 1.79.

DoorDash (NASDAQ:DASH - Get Free Report) last posted its earnings results 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 business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the previous year, the firm posted $0.65 EPS. The business's revenue was up 35.6% compared to the same quarter last year. As a group, analysts predict that DoorDash will post 2.45 EPS for the current year.

Insiders Place Their Bets

In other DoorDash news, Director Stanley Tang sold 72,367 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $225.16, for a total value of $16,294,153.72. Following the transaction, the director directly owned 10,361 shares of the company's stock, valued at $2,332,882.76. This represents a 87.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Ravi Inukonda sold 19,505 shares of the 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 owned 232,938 shares of the company's stock, valued at approximately $51,390,781.56. This trade represents a 7.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 337,674 shares of company stock worth $72,974,540. Company insiders own 44.90% of the company's stock.

Institutional Trading of DoorDash

Several institutional investors have recently added to or reduced their stakes in the stock. CYBER HORNET ETFs LLC grew its holdings in DoorDash by 6.5% during the 4th quarter. CYBER HORNET ETFs LLC now owns 979 shares of the company's stock worth $222,000 after acquiring an additional 60 shares in the last quarter. Vise Technologies Inc. raised its stake in shares of DoorDash by 1.8% in the 4th quarter. Vise Technologies Inc. now owns 3,517 shares of the company's stock valued at $796,000 after purchasing an additional 63 shares in the last quarter. Washington Trust Advisors Inc. lifted its position in shares of DoorDash by 81.0% during the second quarter. Washington Trust Advisors Inc. now owns 143 shares of the company's stock worth $26,000 after purchasing an additional 64 shares during the last quarter. Premier Path Wealth Partners LLC lifted its position in shares of DoorDash by 2.7% during the second quarter. Premier Path Wealth Partners LLC now owns 2,520 shares of the company's stock worth $465,000 after purchasing an additional 67 shares during the last quarter. Finally, Sunbelt Securities Inc. grew its stake in DoorDash by 124.1% in the third quarter. Sunbelt Securities Inc. now owns 121 shares of the company's stock worth $33,000 after purchasing an additional 67 shares in the last quarter. 90.64% of the stock is owned by institutional investors and hedge funds.

About DoorDash

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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