DoorDash (NASDAQ:DASH) Price Target Raised to $300.00

Key Points

• Morgan Stanley has raised DoorDash's price target from $275 to $300, indicating a potential upside of 11.85% from the stock's previous close.
• DoorDash's shares closed at $268.22 on Thursday, with a trading volume higher than its average, and the company's market capitalization is approximately $113.66 billion.
• Institutional investors have increased their stakes in DoorDash, with Vanguard Group growing its position by 25.8% in the first quarter, reflecting confidence in the stock's performance.

DoorDash (NASDAQ:DASH - Get Free Report) had its price target raised by investment analysts at Morgan Stanley from $275.00 to $300.00 in a report released on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's target price points to a potential upside of 11.85% from the stock's previous close.

Several other research analysts have also issued reports on DASH. Bank of America increased their price target on shares of DoorDash from $230.00 to $245.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Jefferies Financial Group reiterated a "hold" rating and issued a $250.00 price target (up previously from $235.00) on shares of DoorDash in a research note on Tuesday, July 15th. Wall Street Zen raised shares of DoorDash from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Roth Capital increased their price target on shares of DoorDash from $191.00 to $225.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Finally, JMP Securities increased their target price on DoorDash from $250.00 to $335.00 and gave the company a "market outperform" rating in a research note on Thursday. Eleven research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $253.59.

DoorDash Price Performance

Shares of NASDAQ:DASH traded up $10.14 on Thursday, hitting $268.22. The company's stock had a trading volume of 5,070,245 shares, compared to its average volume of 4,750,376. DoorDash has a 1 year low of $121.18 and a 1 year high of $278.15. The company has a market capitalization of $113.66 billion, a PE ratio of 347.36 and a beta of 1.70. The company has a 50-day simple moving average of $233.72 and a 200 day simple moving average of $205.22.

DoorDash (NASDAQ:DASH - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.42 by $0.23. DoorDash had a net margin of 3.02% and a return on equity of 4.39%. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the previous year, the firm earned ($0.38) earnings per share. The firm's revenue for the quarter was up 24.9% on a year-over-year basis. On average, equities research analysts expect that DoorDash will post 2.22 earnings per share for the current fiscal year.

Insider Buying and Selling at DoorDash

In related news, Director Stanley Tang sold 45,410 shares of DoorDash stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $240.69, for a total value of $10,929,732.90. Following the transaction, the director directly owned 26,070 shares of the company's stock, valued at $6,274,788.30. The trade was a 63.53% decrease in their ownership of the stock. 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 62,267 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $202.67, for a total transaction of $12,619,652.89. Following the sale, the chief operating officer directly owned 942,554 shares in the company, valued at $191,027,419.18. This trade represents a 6.20% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 583,537 shares of company stock valued at $133,720,004. Insiders own 5.83% of the company's stock.

Institutional Investors Weigh In On DoorDash

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in DoorDash by 25.8% in the 1st quarter. Vanguard Group Inc. now owns 39,397,286 shares of the company's stock valued at $7,200,642,000 after purchasing an additional 8,073,882 shares during the period. Capital World Investors lifted its stake in DoorDash by 26.4% in the 4th quarter. Capital World Investors now owns 12,153,265 shares of the company's stock worth $2,038,712,000 after purchasing an additional 2,538,160 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in DoorDash by 15.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,970 shares of the company's stock worth $897,031,000 after acquiring an additional 641,601 shares during the last quarter. Invesco Ltd. grew its holdings in shares of DoorDash by 41.9% during the first quarter. Invesco Ltd. now owns 4,799,851 shares of the company's stock worth $877,269,000 after purchasing an additional 1,416,194 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of DoorDash by 38.2% during the 1st quarter. Northern Trust Corp now owns 3,309,237 shares of the company's stock worth $604,829,000 after acquiring an additional 915,512 shares during the last quarter. 90.64% of the stock is owned by hedge funds and other institutional investors.

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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