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

DoorDash (NASDAQ:DASH) had its target price upped by investment analysts at Oppenheimer from $310.00 to $350.00 in a report released on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price objective points to a potential upside of 33.05% from the company’s previous close.

Several other analysts have also issued reports on the stock. Wedbush reaffirmed a “neutral” rating on shares of DoorDash in a research report on Friday, August 8th. Sanford C. Bernstein upped their price target on shares of DoorDash from $210.00 to $265.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. Loop Capital reaffirmed a “buy” rating on shares of DoorDash in a research report on Tuesday, July 15th. Wall Street Zen raised shares of DoorDash from a “hold” rating to a “buy” rating in a research report on Saturday, October 11th. Finally, Roth Capital upped their price target on shares of DoorDash from $191.00 to $225.00 and gave the stock a “neutral” rating in a research report on Monday, July 14th. Four research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, DoorDash presently has an average rating of “Moderate Buy” and an average price target of $282.91.

DoorDash Stock Performance

Shares of DASH stock opened at $263.06 on Thursday. The company’s fifty day simple moving average is $259.31 and its 200-day simple moving average is $229.57. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.30. The firm has a market cap of $112.38 billion, a PE ratio of 146.15 and a beta of 1.71. DoorDash has a 12 month low of $150.26 and a 12 month high of $285.50.

DoorDash (NASDAQ:DASH) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.23. DoorDash had a net margin of 6.57% and a return on equity of 9.56%. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period in the prior year, the firm posted ($0.38) earnings per share. The company’s quarterly revenue was up 24.9% compared to the same quarter last year. Equities research analysts expect that DoorDash will post 2.22 EPS for the current fiscal year.

Insider Activity at DoorDash

In other DoorDash news, CEO Tony Xu sold 291,403 shares of the company’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $238.19, for a total value of $69,409,280.57. Following the transaction, the chief executive officer directly owned 229,047 shares in the company, valued at $54,556,704.93. The trade was a 55.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stanley Tang sold 45,410 shares of the company’s stock in a transaction 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 owned 26,070 shares in the company, valued at approximately $6,442,157.70. This represents a 63.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 993,105 shares of company stock valued at $248,566,566 in the last ninety days. Company insiders own 5.83% of the company’s stock.

Hedge Funds Weigh In On DoorDash

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of DoorDash by 25.8% in the 1st quarter. Vanguard Group Inc. now owns 39,397,286 shares of the company’s stock valued at $7,200,642,000 after purchasing an additional 8,073,882 shares in the last quarter. Norges Bank acquired a new stake in DoorDash during the 2nd quarter valued at approximately $1,185,576,000. AQR Capital Management LLC increased its position in DoorDash by 442.5% during the 1st quarter. AQR Capital Management LLC now owns 1,836,122 shares of the company’s stock valued at $321,799,000 after purchasing an additional 1,497,636 shares during the period. Invesco Ltd. increased its position in DoorDash by 41.9% during the 1st quarter. Invesco Ltd. now owns 4,799,851 shares of the company’s stock valued at $877,269,000 after purchasing an additional 1,416,194 shares during the period. Finally, Nuveen LLC acquired a new stake in DoorDash during the 1st quarter valued at approximately $211,415,000. 90.64% of the stock is currently owned by institutional investors and hedge funds.

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.