DoorDash (NASDAQ:DASH) Downgraded to Hold Rating by Wall Street Zen

DoorDash (NASDAQ:DASH) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Friday.

A number of other research firms also recently issued reports on DASH. Bank of America boosted their price target on shares of DoorDash from $230.00 to $245.00 and gave the company a “buy” rating in a research note on Thursday, June 12th. Wells Fargo & Company boosted their price target on shares of DoorDash from $198.00 to $239.00 and gave the company an “equal weight” rating in a research note on Monday, July 7th. Wedbush reissued an “outperform” rating on shares of DoorDash in a research note on Wednesday, May 7th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $230.00 target price on shares of DoorDash in a research note on Wednesday, May 7th. Finally, UBS Group cut their target price on shares of DoorDash from $197.00 to $196.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 7th. Twelve research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, DoorDash has an average rating of “Moderate Buy” and an average target price of $226.97.

DoorDash Price Performance

Shares of DASH stock opened at $239.17 on Friday. The firm’s 50-day moving average is $221.73 and its two-hundred day moving average is $198.38. DoorDash has a 12 month low of $99.32 and a 12 month high of $248.74. The company has a market capitalization of $101.35 billion, a PE ratio of 310.61 and a beta of 1.70.

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

Insider Activity

In related news, CFO Ravi Inukonda sold 20,000 shares of the stock in a transaction on Monday, June 30th. The shares were sold at an average price of $247.00, for a total transaction of $4,940,000.00. Following the completion of the sale, the chief financial officer owned 245,530 shares in the company, valued at $60,645,910. This represents a 7.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andy Fang sold 30,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $240.66, for a total transaction of $7,219,800.00. Following the sale, the director owned 22,545 shares of the company’s stock, valued at approximately $5,425,679.70. This represents a 57.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 463,198 shares of company stock worth $102,674,831 over the last 90 days. 5.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DoorDash

A number of large investors have recently bought and sold shares of the company. Saudi Central Bank purchased a new position in shares of DoorDash in the 1st quarter valued at about $25,000. WPG Advisers LLC purchased a new position in shares of DoorDash in the 1st quarter valued at about $26,000. Pacific Center for Financial Services purchased a new position in shares of DoorDash in the 1st quarter valued at about $27,000. Harbour Investments Inc. increased its holdings in shares of 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 purchasing an additional 70 shares in the last quarter. Finally, SouthState Corp increased its holdings in shares of DoorDash by 762.5% in the 1st quarter. SouthState Corp now owns 207 shares of the company’s stock valued at $38,000 after purchasing an additional 183 shares in the last quarter. Hedge funds and other institutional investors 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.