DoorDash (NASDAQ:DASH) Stock Price Expected to Rise, Benchmark Analyst Says

DoorDash (NASDAQ:DASH) had its price target hoisted by equities research analysts at Benchmark from $225.00 to $260.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price objective would indicate a potential upside of 8.71% from the stock’s previous close.

A number of other equities analysts have also weighed in on DASH. Loop Capital reiterated a “buy” rating on shares of DoorDash in a research report on Tuesday. UBS Group dropped their price target on shares of DoorDash from $197.00 to $196.00 and set a “neutral” rating for the company in a research report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price target on shares of DoorDash from $205.00 to $175.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. FBN Securities began coverage on shares of DoorDash in a research report on Friday, March 28th. They issued an “outperform” rating and a $230.00 price target for the company. Finally, Raymond James Financial upgraded shares of DoorDash from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $215.00 to $260.00 in a research report on Monday, June 23rd. Twelve analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, DoorDash presently has a consensus rating of “Moderate Buy” and an average target price of $226.97.

DoorDash Trading Up 1.8%

Shares of NASDAQ DASH opened at $239.17 on Thursday. The firm has a 50 day moving average of $221.73 and a 200 day moving average of $198.38. The firm has a market capitalization of $101.35 billion, a price-to-earnings ratio of 310.61 and a beta of 1.70. DoorDash has a 12-month low of $99.32 and a 12-month high of $248.74.

DoorDash (NASDAQ:DASH) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The business had revenue of $3.03 billion during the quarter, compared to analyst estimates of $3.10 billion. DoorDash had a net margin of 3.02% and a return on equity of 4.39%. The company’s revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.06) earnings per share. Sell-side analysts predict that DoorDash will post 2.22 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Tony Xu sold 34,167 shares of the stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $236.80, for a total value of $8,090,745.60. Following the sale, the chief executive officer owned 520,450 shares of the company’s stock, valued at approximately $123,242,560. This represents a 6.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stanley Tang sold 45,410 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $240.69, for a total transaction of $10,929,732.90. Following the completion of the sale, the director directly owned 26,070 shares in the company, valued at approximately $6,274,788.30. This represents a 63.53% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 463,198 shares of company stock valued at $102,674,831. 5.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DASH. Vanguard Group Inc. grew its holdings in shares of DoorDash by 25.8% in the first quarter. Vanguard Group Inc. now owns 39,397,286 shares of the company’s stock worth $7,200,642,000 after purchasing an additional 8,073,882 shares during the last quarter. Norges Bank bought a new position in DoorDash during the 4th quarter worth about $597,443,000. Capital World Investors grew its holdings in DoorDash by 26.4% during the 4th quarter. Capital World Investors now owns 12,153,265 shares of the company’s stock worth $2,038,712,000 after acquiring an additional 2,538,160 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in DoorDash by 67.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,654,891 shares of the company’s stock worth $780,858,000 after acquiring an additional 1,869,866 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings 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 in the last quarter. 90.64% of the stock is currently owned by 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.