Short Interest in DoorDash, Inc. (NASDAQ:DASH) Declines By 9.3%

DoorDash, Inc. (NASDAQ:DASH) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 11,190,000 shares, a drop of 9.3% from the October 15th total of 12,340,000 shares. Based on an average daily volume of 3,090,000 shares, the days-to-cover ratio is currently 3.6 days.

DoorDash Stock Up 2.0 %

DASH stock traded up $3.52 during midday trading on Tuesday, reaching $176.25. 971,400 shares of the company’s stock traded hands, compared to its average volume of 3,796,976. DoorDash has a 52-week low of $92.56 and a 52-week high of $178.16. The stock’s 50-day moving average is $149.97 and its 200 day moving average is $127.39.

DoorDash (NASDAQ:DASH) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.21 by $0.17. The firm had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.66 billion. DoorDash had a negative return on equity of 2.41% and a negative net margin of 1.69%. DoorDash’s revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.19) EPS. On average, research analysts expect that DoorDash will post 0.24 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Andy Fang sold 50,000 shares of DoorDash stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $130.20, for a total value of $6,510,000.00. Following the sale, the director now owns 18,089 shares in the company, valued at $2,355,187.80. The trade was a 73.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Prabir Adarkar sold 32,124 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $147.99, for a total transaction of $4,754,030.76. Following the transaction, the chief operating officer now directly owns 963,094 shares in the company, valued at approximately $142,528,281.06. The trade was a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 324,539 shares of company stock valued at $46,439,330 over the last ninety days. 7.92% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in DASH. Janus Henderson Group PLC raised its stake in DoorDash by 11,416.7% during the 1st quarter. Janus Henderson Group PLC now owns 3,455,116 shares of the company’s stock worth $475,837,000 after acquiring an additional 3,425,115 shares during the period. Baillie Gifford & Co. raised its position in shares of DoorDash by 13.2% during the 3rd quarter. Baillie Gifford & Co. now owns 14,142,674 shares of the company’s stock valued at $2,018,584,000 after purchasing an additional 1,645,186 shares during the period. Dragoneer Investment Group LLC lifted its stake in shares of DoorDash by 77.9% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,847,537 shares of the company’s stock valued at $309,755,000 after buying an additional 1,246,567 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in DoorDash by 595.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 891,879 shares of the company’s stock worth $122,830,000 after buying an additional 763,579 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in DoorDash by 216.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,082,362 shares of the company’s stock worth $154,486,000 after buying an additional 739,961 shares in the last quarter. 90.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. BTIG Research raised shares of DoorDash from a “neutral” rating to a “buy” rating and set a $155.00 price target for the company in a research note on Thursday, September 19th. Roth Mkm raised their target price on DoorDash from $118.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Bank of America upped their price target on DoorDash from $168.00 to $172.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Oppenheimer raised their price objective on DoorDash from $145.00 to $160.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $115.00 target price on shares of DoorDash in a research report on Friday, August 2nd. Ten research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, DoorDash presently has an average rating of “Moderate Buy” and an average target price of $164.03.

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.