DoorDash (NASDAQ:DASH) Hits New 1-Year High After Analyst Upgrade

Key Points

• DoorDash's stock reached a new 52-week high of $278.83 following an upgrade from Wall Street Zen, changing its rating from hold to buy.
• Multiple analysts raised their price targets for DoorDash, with Royal Bank Of Canada setting it at $300.00 and Evercore ISI at $360.00, indicating strong market optimism.
• Insider trading activities saw Director Stanley Tang and COO Prabir Adarkar selling significant shares, with insiders having sold over 1 million shares in the last ninety days.

DoorDash, Inc. (NASDAQ:DASH - Get Free Report) shares reached a new 52-week high on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $278.83 and last traded at $278.36, with a volume of 683427 shares changing hands. The stock had previously closed at $271.22.

A number of other equities analysts have also weighed in on the stock. UBS Group upped their price target on shares of DoorDash from $260.00 to $280.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Royal Bank Of Canada upped their price target on shares of DoorDash from $230.00 to $300.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Evercore ISI reiterated an "outperform" rating and issued a $360.00 price target (up from $240.00) on shares of DoorDash in a research report on Friday, August 8th. Oppenheimer upped their price target on shares of DoorDash from $280.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Finally, Stifel Nicolaus upped their target price on shares of DoorDash from $214.00 to $239.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and fourteen have issued a Hold rating to the company. According to data from MarketBeat, DoorDash presently has a consensus rating of "Moderate Buy" and an average price target of $275.27.

Insiders Place Their Bets

In related news, Director Stanley Tang sold 45,410 shares of DoorDash stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $268.23, for a total value of $12,180,324.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Prabir Adarkar sold 30,000 shares of DoorDash stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $270.60, for a total transaction of $8,118,000.00. Following the completion of the sale, the chief operating officer owned 914,547 shares of the company's stock, valued at $247,476,418.20. This trade represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,001,417 shares of company stock worth $249,569,754. Insiders own 5.83% of the company's stock.

Hedge Funds Weigh In On DoorDash

A number of institutional investors have recently bought and sold shares of DASH. Saudi Central Bank purchased a new position in shares of DoorDash during the 1st quarter valued at approximately $25,000. WPG Advisers LLC purchased a new position in shares of DoorDash during the 1st quarter valued at approximately $26,000. Pacific Center for Financial Services purchased a new position in shares of DoorDash during the 1st quarter valued at approximately $27,000. GFG Capital LLC purchased a new position in shares of DoorDash during the 2nd quarter valued at approximately $30,000. Finally, Harbour Investments Inc. increased its holdings in shares of DoorDash by 55.6% during the 1st quarter. Harbour Investments Inc. now owns 196 shares of the company's stock valued at $36,000 after purchasing an additional 70 shares in the last quarter. 90.64% of the stock is owned by hedge funds and other institutional investors.

DoorDash Stock Performance

The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $119.51 billion, a PE ratio of 155.27 and a beta of 1.71. The firm's fifty day moving average price is $255.52 and its two-hundred day moving average price is $224.37.

DoorDash (NASDAQ:DASH - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.23. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.16 billion. DoorDash had a net margin of 6.57% and a return on equity of 9.56%. The business's quarterly revenue was up 24.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.38) EPS. As a group, equities research analysts forecast that DoorDash, Inc. will post 2.22 EPS for the current year.

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.

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