Oppenheimer Forecasts Strong Price Appreciation for DoorDash (NASDAQ:DASH) Stock

Key Points

• Oppenheimer has increased its price target for DoorDash (**NASDAQ:DASH**) from **$310.00** to **$350.00**, indicating a potential upside of **28.88%** from the stock's previous close.
• DoorDash reported a **$0.65 EPS** for the last quarter, exceeding analysts' expectations of **$0.42**, with revenue reaching **$3.28 billion**, a **24.9%** increase year-over-year.
• Insiders have sold nearly **968,137 shares** of DoorDash stock recently, with CEO Tony Xu reducing his holdings by **6.16%** following his sale of **34,166 shares**.

DoorDash (NASDAQ:DASH - Get Free Report) had its price objective upped by equities researchers at Oppenheimer from $310.00 to $350.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Oppenheimer's target price suggests a potential upside of 28.88% from the stock's previous close.

Several other equities research analysts have also recently issued reports on DASH. KeyCorp reiterated an "overweight" rating and issued a $325.00 price target (up from $295.00) on shares of DoorDash in a research note on Thursday, August 7th. Piper Sandler increased their price target on DoorDash from $210.00 to $290.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen raised shares of DoorDash from a "hold" rating to a "buy" rating in a research report on Saturday, October 11th. Guggenheim raised shares of DoorDash to a "strong-buy" rating in a research report on Wednesday. Finally, Sanford C. Bernstein lifted their price objective on shares of DoorDash from $210.00 to $265.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Four research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, DoorDash has an average rating of "Moderate Buy" and an average target price of $282.47.

DoorDash Price Performance

Shares of DoorDash stock traded down $1.05 during midday trading on Thursday, hitting $271.56. 1,543,331 shares of the company were exchanged, compared to its average volume of 4,359,856. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.07 and a quick ratio of 2.07. The firm has a market cap of $116.01 billion, a P/E ratio of 150.86 and a beta of 1.71. DoorDash has a 52 week low of $149.80 and a 52 week high of $285.50. The firm has a 50 day simple moving average of $259.32 and a 200-day simple moving average of $228.44.

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

Insider Transactions at DoorDash

In related news, CEO Tony Xu sold 34,166 shares of DoorDash stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $268.24, for a total transaction of $9,164,687.84. Following the completion of the transaction, the chief executive officer directly owned 520,450 shares of the company's stock, valued at approximately $139,605,508. The trade was a 6.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andy Fang sold 30,000 shares of the business's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $268.20, for a total transaction of $8,046,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 968,137 shares of company stock worth $241,767,280. 5.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

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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