DoorDash (NASDAQ:DASH) Price Target Raised to $260.00

Key Points

• DA Davidson raised its price target for DoorDash from $190.00 to $260.00, indicating a potential upside of 1.73% from the current stock price.
• The company reported quarterly earnings of $0.65 per share, exceeding expectations and demonstrating a 24.9% year-over-year revenue growth.
• Insiders sold over 1 million shares of DoorDash stock in the last quarter, highlighting significant trading activity among company executives.

DoorDash (NASDAQ:DASH - Get Free Report) had its target price raised by DA Davidson from $190.00 to $260.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. DA Davidson's price target suggests a potential upside of 1.73% from the company's current price.

DASH has been the topic of several other reports. Needham & Company LLC set a $300.00 target price on shares of DoorDash and gave the company a "buy" rating in a research note on Thursday, August 7th. Loop Capital reissued a "buy" rating on shares of DoorDash in a research note on Tuesday, July 15th. Royal Bank Of Canada boosted their target price on shares of DoorDash from $230.00 to $300.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Morgan Stanley boosted their target price on shares of DoorDash from $275.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $260.00 target price (up from $210.00) on shares of DoorDash in a research note on Wednesday, June 25th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and thirteen have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $266.71.

DoorDash Price Performance

Shares of NASDAQ DASH traded down $0.95 during trading on Wednesday, hitting $255.58. The company had a trading volume of 500,157 shares, compared to its average volume of 4,563,672. The company has a market cap of $109.18 billion, a P/E ratio of 141.87 and a beta of 1.70. DoorDash has a 52 week low of $124.47 and a 52 week high of $278.15. The business's 50-day moving average is $247.03 and its 200 day moving average is $214.74. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.07 and a current ratio of 2.07.

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

Insiders Place Their Bets

In related news, Director Andy Fang sold 30,000 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $243.32, for a total value of $7,299,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Keith Yandell sold 18,034 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $243.16, for a total transaction of $4,385,147.44. Following the completion of the transaction, the insider directly owned 75,432 shares of the company's stock, valued at $18,342,045.12. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,019,042 shares of company stock valued at $248,122,219 in the last quarter. 5.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DoorDash

Hedge funds and other institutional investors have recently bought and sold shares of the business. Night Squared LP bought a new position in DoorDash in the first quarter valued at approximately $2,780,000. Mutual of America Capital Management LLC bought a new position in shares of DoorDash during the first quarter worth $7,200,000. Ardmore Road Asset Management LP boosted its position in shares of DoorDash by 6.7% during the first quarter. Ardmore Road Asset Management LP now owns 80,000 shares of the company's stock worth $14,622,000 after purchasing an additional 5,000 shares in the last quarter. Public Investment Fund boosted its position in shares of DoorDash by 68.3% during the first quarter. Public Investment Fund now owns 821,389 shares of the company's stock worth $150,125,000 after purchasing an additional 333,369 shares in the last quarter. Finally, Junto Capital Management LP bought a new position in shares of DoorDash during the first quarter worth $29,261,000. 90.64% of the stock is owned by institutional investors.

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.

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