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

DoorDash (NASDAQ:DASH) had its price objective hoisted by Truist Financial from $180.00 to $217.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 21.34% from the company’s current price.

A number of other analysts have also weighed in on DASH. Wells Fargo & Company increased their target price on shares of DoorDash from $127.00 to $142.00 and gave the stock an “equal weight” rating in a report on Friday, October 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $160.00 price target on shares of DoorDash in a research note on Monday, October 7th. Keefe, Bruyette & Woods raised shares of DoorDash from a “market perform” rating to an “outperform” rating and set a $177.00 target price for the company in a research note on Wednesday, September 25th. Raymond James started coverage on shares of DoorDash in a research note on Tuesday, September 24th. They set an “outperform” rating and a $155.00 target price for the company. Finally, Jefferies Financial Group lifted their price target on shares of DoorDash from $155.00 to $180.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Ten research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $168.39.

DoorDash Stock Performance

Shares of DASH stock traded down $0.67 on Tuesday, hitting $178.83. 377,619 shares of the company’s stock traded hands, compared to its average volume of 3,710,545. The company’s fifty day simple moving average is $165.56 and its 200 day simple moving average is $136.22. DoorDash has a one year low of $93.33 and a one year high of $181.30. The stock has a market capitalization of $74.29 billion, a price-to-earnings ratio of -397.40, a P/E/G ratio of 13.56 and a beta of 1.70.

DoorDash (NASDAQ:DASH) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.17. DoorDash had a negative net margin of 1.69% and a negative return on equity of 2.41%. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same period in the prior year, the business posted ($0.19) earnings per share. The company’s revenue was up 25.0% on a year-over-year basis. As a group, sell-side analysts anticipate that DoorDash will post 0.26 earnings per share for the current fiscal year.

Insider Activity

In other DoorDash news, General Counsel Tia Sherringham sold 12,950 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $169.98, for a total transaction of $2,201,241.00. Following the completion of the transaction, the general counsel now owns 145,917 shares in the company, valued at $24,802,971.66. The trade was a 8.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Tony Xu sold 54,166 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $140.06, for a total transaction of $7,586,489.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 843,196 shares of company stock valued at $139,848,818. Company insiders own 7.92% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in DoorDash by 0.8% during the 2nd quarter. Brighton Jones LLC now owns 10,317 shares of the company’s stock worth $1,122,000 after buying an additional 82 shares during the last quarter. Everhart Financial Group Inc. increased its holdings in shares of DoorDash by 3.1% in the 2nd quarter. Everhart Financial Group Inc. now owns 3,267 shares of the company’s stock valued at $355,000 after purchasing an additional 99 shares in the last quarter. E Fund Management Co. Ltd. increased its holdings in shares of DoorDash by 3.5% in the 2nd quarter. E Fund Management Co. Ltd. now owns 3,263 shares of the company’s stock valued at $355,000 after purchasing an additional 111 shares in the last quarter. Venturi Wealth Management LLC increased its holdings in shares of DoorDash by 39.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 424 shares of the company’s stock valued at $61,000 after purchasing an additional 119 shares in the last quarter. Finally, Rakuten Securities Inc. increased its holdings in shares of DoorDash by 302.3% in the 3rd quarter. Rakuten Securities Inc. now owns 173 shares of the company’s stock valued at $25,000 after purchasing an additional 130 shares in the last quarter. Institutional investors and hedge funds 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.