Royal Bank of Canada Forecasts Strong Price Appreciation for DoorDash (NASDAQ:DASH) Stock

DoorDash (NASDAQ:DASH) had its target price lifted by Royal Bank of Canada from $165.00 to $175.00 in a research note published on Thursday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other brokerages have also recently issued reports on DASH. Needham & Company LLC increased their target price on shares of DoorDash from $145.00 to $180.00 and gave the company a “buy” rating in a report on Thursday. Truist Financial raised their price objective on DoorDash from $170.00 to $180.00 and gave the company a “buy” rating in a research note on Thursday. JMP Securities boosted their target price on DoorDash from $145.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, September 30th. Argus began coverage on DoorDash in a research note on Tuesday, July 23rd. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. increased their price objective on shares of DoorDash from $137.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday. Ten analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, DoorDash presently has a consensus rating of “Moderate Buy” and a consensus target price of $160.73.

DoorDash Price Performance

NASDAQ DASH traded down $0.27 on Thursday, hitting $156.43. 1,042,214 shares of the company’s stock were exchanged, compared to its average volume of 3,829,445. The firm’s 50-day moving average price is $139.86 and its two-hundred day moving average price is $124.05. The firm has a market cap of $64.38 billion, a price-to-earnings ratio of -341.93, a P/E/G ratio of 331.02 and a beta of 1.70. DoorDash has a fifty-two week low of $83.58 and a fifty-two week high of $165.07.

DoorDash (NASDAQ:DASH) last released its earnings results on Wednesday, October 30th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.17. DoorDash had a negative return on equity of 2.46% and a negative net margin of 1.69%. The company had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter last year, the company earned ($0.19) earnings per share. DoorDash’s quarterly revenue was up 25.0% compared to the same quarter last year. On average, research analysts predict that DoorDash will post 0.01 earnings per share for the current fiscal year.

Insider Buying and Selling at DoorDash

In other news, Director Shona L. Brown sold 5,005 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $120.00, for a total value of $600,600.00. Following the transaction, the director now owns 65,186 shares of the company’s stock, valued at approximately $7,822,320. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Shona L. Brown sold 5,005 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $120.00, for a total transaction of $600,600.00. Following the sale, the director now directly owns 65,186 shares in the company, valued at approximately $7,822,320. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andy Fang sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $130.20, for a total transaction of $6,510,000.00. Following the completion of the sale, the director now directly owns 18,089 shares of the company’s stock, valued at $2,355,187.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 383,710 shares of company stock valued at $53,725,640 over the last ninety days. Corporate insiders own 7.92% of the company’s stock.

Institutional Investors Weigh In On DoorDash

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DASH. Marshall Wace LLP increased its position in shares of DoorDash by 930.5% during the second quarter. Marshall Wace LLP now owns 675,988 shares of the company’s stock worth $73,534,000 after acquiring an additional 610,388 shares during the last quarter. Forsta AP Fonden grew its stake in DoorDash by 18.6% during the 3rd quarter. Forsta AP Fonden now owns 64,500 shares of the company’s stock valued at $9,206,000 after purchasing an additional 10,100 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in DoorDash during the 1st quarter worth approximately $2,969,000. CWM LLC raised its position in shares of DoorDash by 97.1% in the 3rd quarter. CWM LLC now owns 10,705 shares of the company’s stock valued at $1,528,000 after purchasing an additional 5,273 shares in the last quarter. Finally, Paragon Capital Management Inc. purchased a new position in shares of DoorDash during the 2nd quarter valued at approximately $1,309,000. Hedge funds and other institutional investors own 90.64% of the company’s stock.

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.