DoorDash (NASDAQ:DASH) Rating Increased to Overweight at JPMorgan Chase & Co.

Key Points

• DoorDash has been upgraded from a "neutral" rating to an "overweight" rating by JPMorgan Chase & Co., increasing its price target from $175.00 to $325.00, indicating a potential upside of 18.82% from the current stock price.
• The company recently reported quarterly earnings of $3.28 billion, exceeding analysts' expectations and showing a year-over-year revenue increase of 24.9%.
• Insider trading activity has been notable, with significant sales of shares by directors, including COO Prabir Adarkar, who sold 30,000 shares, reflecting a growing sentiment among insiders.

DoorDash (NASDAQ:DASH - Get Free Report) was upgraded by stock analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a $325.00 price objective on the stock, up from their previous price objective of $175.00. JPMorgan Chase & Co.'s price target would suggest a potential upside of 18.82% from the company's current price.

Other analysts have also recently issued research reports about the company. Jefferies Financial Group lifted their price objective on DoorDash from $250.00 to $265.00 and gave the stock a "hold" rating in a research report on Monday, August 11th. Cantor Fitzgerald reiterated an "overweight" rating and set a $330.00 price objective on shares of DoorDash in a research report on Wednesday, September 17th. Loop Capital reaffirmed a "buy" rating on shares of DoorDash in a research note on Tuesday, July 15th. Oppenheimer lifted their price objective on DoorDash from $280.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, Benchmark boosted their price target on DoorDash from $260.00 to $315.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and thirteen have given a Hold rating to the stock. Based on data from MarketBeat.com, DoorDash presently has a consensus rating of "Moderate Buy" and a consensus target price of $279.82.

DoorDash Trading Up 2.8%

Shares of DASH stock opened at $273.52 on Tuesday. DoorDash has a fifty-two week low of $143.37 and a fifty-two week high of $285.08. The stock has a market cap of $116.85 billion, a P/E ratio of 151.96 and a beta of 1.71. The business has a fifty day simple moving average of $258.72 and a 200-day simple moving average of $227.83. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.30.

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

Insiders Place Their Bets

In other news, Director Shona L. Brown sold 825 shares of the business's stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $280.00, for a total value of $231,000.00. Following the completion of the sale, the director directly owned 38,502 shares in the company, valued at approximately $10,780,560. The trade was a 2.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Prabir Adarkar sold 30,000 shares of the business's stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $270.60, for a total value 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 966,887 shares of company stock worth $241,420,442. Corporate insiders own 5.83% of the company's stock.

Institutional Investors Weigh In On DoorDash

A number of institutional investors have recently made changes to their positions in DASH. Vanguard Group Inc. grew its stake in DoorDash by 25.8% during the 1st quarter. Vanguard Group Inc. now owns 39,397,286 shares of the company's stock worth $7,200,642,000 after buying an additional 8,073,882 shares during the last quarter. Norges Bank acquired a new position in DoorDash during the 2nd quarter worth $1,185,576,000. AQR Capital Management LLC boosted its position in DoorDash by 442.5% during the 1st quarter. AQR Capital Management LLC now owns 1,836,122 shares of the company's stock worth $321,799,000 after acquiring an additional 1,497,636 shares during the period. Invesco Ltd. boosted its position in DoorDash by 41.9% during the 1st quarter. Invesco Ltd. now owns 4,799,851 shares of the company's stock worth $877,269,000 after acquiring an additional 1,416,194 shares during the period. Finally, Nuveen LLC acquired a new position in DoorDash during the 1st quarter worth $211,415,000. 90.64% of the stock is currently 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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