Royal Bank Of Canada Cuts DoorDash (NASDAQ:DASH) Price Target to $270.00

DoorDash (NASDAQ:DASH) had its price target cut by Royal Bank Of Canada from $300.00 to $270.00 in a research note released on Thursday, MarketBeat Ratings reports. They currently have an outperform rating on the stock.

Other equities research analysts also recently issued reports about the stock. Piper Sandler boosted their target price on shares of DoorDash from $210.00 to $290.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Guggenheim raised shares of DoorDash to a “strong-buy” rating in a research note on Wednesday, October 15th. Cantor Fitzgerald cut their target price on DoorDash from $330.00 to $270.00 and set an “overweight” rating on the stock in a research report on Thursday. Truist Financial boosted their price target on DoorDash from $326.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. Finally, Raymond James Financial restated a “strong-buy” rating and set a $325.00 price target (up from $275.00) on shares of DoorDash in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $280.62.

DoorDash Stock Performance

DoorDash stock opened at $204.31 on Thursday. The stock has a fifty day moving average price of $258.75 and a 200 day moving average price of $237.66. DoorDash has a 52 week low of $155.40 and a 52 week high of $285.50. The firm has a market capitalization of $87.28 billion, a P/E ratio of 103.71 and a beta of 1.70. The company has a current ratio of 2.04, a quick ratio of 2.07 and a debt-to-equity ratio of 0.29.

DoorDash (NASDAQ:DASH) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.13). The business had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.35 billion. DoorDash had a return on equity of 9.97% and a net margin of 6.83%.The firm’s quarterly revenue was up 27.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.38 earnings per share. Equities research analysts anticipate that DoorDash will post 2.22 earnings per share for the current year.

Insider Transactions at DoorDash

In other DoorDash news, COO Prabir Adarkar sold 41,881 shares of the business’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $245.82, for a total value of $10,295,187.42. Following the transaction, the chief operating officer owned 914,547 shares in the company, valued at $224,813,943.54. The trade was a 4.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Tony Xu sold 291,403 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer owned 229,047 shares of the company’s stock, valued at $54,556,704.93. This represents a 55.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 876,527 shares of company stock valued at $218,129,954. Corporate insiders own 5.83% of the company’s stock.

Institutional Investors Weigh In On DoorDash

Several hedge funds and other institutional investors have recently bought and sold shares of DASH. Physician Wealth Advisors Inc. grew its position in shares of DoorDash by 284.0% during the third quarter. Physician Wealth Advisors Inc. now owns 96 shares of the company’s stock worth $26,000 after buying an additional 71 shares in the last quarter. GFG Capital LLC acquired a new position in DoorDash during the 2nd quarter worth $30,000. Saudi Central Bank bought a new stake in shares of DoorDash in the 1st quarter worth about $25,000. WPG Advisers LLC acquired a new stake in shares of DoorDash in the 1st quarter valued at about $26,000. Finally, Sound Income Strategies LLC raised its stake in shares of DoorDash by 2,760.0% in the 3rd quarter. Sound Income Strategies LLC now owns 143 shares of the company’s stock valued at $39,000 after purchasing an additional 138 shares in the last quarter. 90.64% of the stock is currently owned by hedge funds and other institutional investors.

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.