DoorDash (NASDAQ:DASH) Hits New 1-Year High After Strong Earnings

Key Points

• DoorDash's stock reached a new 52-week high of $259.87, closing at $255.28 with over 3.6 million shares traded.
• Analysts have set their price targets for DoorDash between $190.00 and $295.00, with a consensus rating of "Moderate Buy".
• Insider selling increased, with Director Stanley Tang selling 45,410 shares for over $11 million, representing a significant decrease in ownership.

Shares of DoorDash, Inc. (NASDAQ:DASH - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $259.87 and last traded at $255.28, with a volume of 3629692 shares traded. The stock had previously closed at $258.02.

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 for 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 company's revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.38) EPS.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on DASH. Royal Bank Of Canada raised their price target on DoorDash from $230.00 to $300.00 and gave the company an "outperform" rating in a research report on Thursday. BMO Capital Markets raised their target price on DoorDash from $238.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday. Cantor Fitzgerald reiterated an "overweight" rating and set a $260.00 price target (up from $210.00) on shares of DoorDash in a report on Wednesday, June 25th. BTIG Research raised their price objective on shares of DoorDash from $225.00 to $265.00 and gave the stock a "buy" rating in a research note on Tuesday, July 1st. Finally, UBS Group upped their target price on shares of DoorDash from $260.00 to $280.00 and gave the company a "neutral" rating in a research note on Thursday. Twelve analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $259.18.

Insider Transactions at DoorDash

In other news, Director Stanley Tang sold 45,410 shares of the 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 completion of the sale, the director owned 26,070 shares of the company's stock, valued at approximately $6,274,788.30. This represents a 63.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Tony Xu sold 44,244 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $220.71, for a total value of $9,765,093.24. Following the transaction, the chief executive officer directly owned 520,450 shares in the company, valued at $114,868,519.50. The trade was a 7.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 583,537 shares of company stock valued at $133,720,004 over the last three months. 5.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DoorDash

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

DoorDash Trading Down 4.4%

The business has a 50 day moving average of $236.11 and a two-hundred day moving average of $206.45. The firm has a market capitalization of $109.83 billion, a price-to-earnings ratio of 144.00 and a beta of 1.70. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.72 and a current ratio of 2.07.

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.