Royal Bank Of Canada Increases DoorDash (NASDAQ:DASH) Price Target to $300.00

Key Points

• Royal Bank of Canada raised DoorDash's price target from $230.00 to $300.00, suggesting an upside of 11.69% from its current price, and maintains an "outperform" rating on the stock.
• DoorDash reported quarterly earnings with an EPS of $0.65, surpassing expectations and showing a 24.9% year-over-year increase in revenue.
• Insider activity included CEO Tony Xu selling 44,244 shares for over $9.7 million, reducing his ownership by 7.84%.

DoorDash (NASDAQ:DASH - Free Report) had its price objective boosted by Royal Bank Of Canada from $230.00 to $300.00 in a research note issued to investors on Thursday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

A number of other brokerages also recently issued reports on DASH. DA Davidson lifted their price objective on shares of DoorDash from $150.00 to $190.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Wells Fargo & Company lifted their price objective on shares of DoorDash from $239.00 to $280.00 and gave the stock an "equal weight" rating in a research report on Thursday. Piper Sandler lifted their price objective on shares of DoorDash from $210.00 to $290.00 and gave the stock a "neutral" rating in a research report on Thursday. Wall Street Zen raised shares of DoorDash from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Bank of America lifted their price objective on shares of DoorDash from $230.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Twelve research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $259.18.

DoorDash Stock Down 4.4%

NASDAQ DASH traded down $11.80 during trading on Thursday, reaching $259.19. 5,340,842 shares of the company's stock traded hands, compared to its average volume of 3,280,438. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.07 and a quick ratio of 1.72. The firm has a market cap of $109.83 billion, a price-to-earnings ratio of 144.00 and a beta of 1.70. The company's 50 day simple moving average is $236.11 and its two-hundred day simple moving average is $206.65. DoorDash has a 12-month low of $121.44 and a 12-month high of $278.15.

DoorDash (NASDAQ:DASH - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.23. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the firm posted ($0.38) EPS. As a group, sell-side analysts forecast that DoorDash will post 2.22 EPS for the current fiscal year.

Insider Buying and Selling at DoorDash

In other news, Director Stanley Tang sold 45,410 shares of DoorDash stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $247.11, for a total transaction of $11,221,265.10. Following the completion of the transaction, the director directly owned 26,070 shares of the company's stock, valued at $6,442,157.70. The trade was a 63.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andy Fang sold 30,000 shares of DoorDash stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $247.04, for a total transaction of $7,411,200.00. Following the transaction, the director directly owned 22,545 shares of the company's stock, valued at approximately $5,569,516.80. This trade represents a 57.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 583,537 shares of company stock worth $133,720,004. Corporate insiders own 5.83% of the company's stock.

Hedge Funds Weigh In On DoorDash

Institutional investors have recently made changes to their positions in the company. GFG Capital LLC purchased a new position in shares of DoorDash during the 2nd quarter valued at approximately $30,000. Saudi Central Bank purchased a new position in shares of DoorDash during the 1st quarter valued at approximately $25,000. WPG Advisers LLC purchased a new position in shares of DoorDash during the 1st quarter valued at approximately $26,000. Pacific Center for Financial Services purchased a new position in shares of DoorDash during the 1st quarter valued at approximately $27,000. Finally, Harbour Investments Inc. increased its holdings in shares of DoorDash by 55.6% during the 1st quarter. Harbour Investments Inc. now owns 196 shares of the company's stock valued at $36,000 after purchasing an additional 70 shares in 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.