DoorDash (NASDAQ:DASH) Reaches New 52-Week High - Here's Why

DoorDash, Inc. (NASDAQ:DASH - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The company traded as high as $229.95 and last traded at $228.51, with a volume of 1451485 shares traded. The stock had previously closed at $220.46.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on DASH. UBS Group decreased their price objective on DoorDash from $197.00 to $196.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Wall Street Zen upgraded DoorDash from a "hold" rating to a "buy" rating in a report on Saturday, June 7th. Wedbush restated an "outperform" rating on shares of DoorDash in a research note on Wednesday, May 7th. Citigroup reiterated an "outperform" rating on shares of DoorDash in a research note on Thursday, June 12th. Finally, Morgan Stanley decreased their price target on shares of DoorDash from $245.00 to $210.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Eleven analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, DoorDash presently has a consensus rating of "Moderate Buy" and an average price target of $213.29.

DoorDash Trading Up 3.4%

The stock has a 50-day moving average price of $200.53 and a 200 day moving average price of $189.43. The stock has a market capitalization of $96.60 billion, a price-to-earnings ratio of 295.91 and a beta of 1.67.

DoorDash (NASDAQ:DASH - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.39 by $0.05. The company had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.10 billion. DoorDash had a return on equity of 4.39% and a net margin of 3.02%. DoorDash's quarterly revenue was up 20.7% compared to the same quarter last year. During the same period last year, the company earned ($0.06) earnings per share. Equities research analysts anticipate that DoorDash, Inc. will post 2.22 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Stanley Tang sold 45,410 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $181.21, for a total value of $8,228,746.10. Following the completion of the transaction, the director now directly owns 18,285 shares of the company's stock, valued at approximately $3,313,424.85. This represents a 71.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andy Fang sold 30,000 shares of DoorDash stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $217.52, for a total transaction of $6,525,600.00. Following the sale, the director now directly owns 22,545 shares in the company, valued at approximately $4,903,988.40. This trade represents a 57.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 327,559 shares of company stock valued at $66,306,707. 5.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DoorDash

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Brighton Jones LLC boosted its holdings in shares of DoorDash by 24.0% during the 4th quarter. Brighton Jones LLC now owns 9,336 shares of the company's stock worth $1,566,000 after purchasing an additional 1,807 shares during the last quarter. Allworth Financial LP grew its holdings in DoorDash by 26.9% in the 4th quarter. Allworth Financial LP now owns 840 shares of the company's stock valued at $149,000 after buying an additional 178 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of DoorDash by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 93,382 shares of the company's stock worth $15,665,000 after acquiring an additional 2,596 shares during the last quarter. Sanctuary Advisors LLC raised its holdings in shares of DoorDash by 9.9% during the 4th quarter. Sanctuary Advisors LLC now owns 11,720 shares of the company's stock worth $1,966,000 after acquiring an additional 1,057 shares during the period. Finally, Truist Financial Corp boosted its position in shares of DoorDash by 35.1% during the 4th quarter. Truist Financial Corp now owns 8,597 shares of the company's stock valued at $1,442,000 after acquiring an additional 2,233 shares during the last quarter. 90.64% of the stock is currently owned by institutional investors and hedge funds.

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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