DoorDash (NASDAQ:DASH) Reaches New 52-Week High Following Analyst Upgrade

DoorDash, Inc. (NASDAQ:DASH) shares hit a new 52-week high during mid-day trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $155.00 to $205.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. DoorDash traded as high as $199.80 and last traded at $199.60, with a volume of 760352 shares changing hands. The stock had previously closed at $193.09.

Several other equities analysts have also issued reports on DASH. Mizuho lifted their price target on DoorDash from $200.00 to $222.00 and gave the company an “outperform” rating in a research note on Wednesday. Cantor Fitzgerald lifted their price target on DoorDash from $200.00 to $230.00 and gave the company an “overweight” rating in a research note on Wednesday. Royal Bank of Canada lifted their price target on DoorDash from $175.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. BMO Capital Markets lifted their price target on DoorDash from $140.00 to $180.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC lifted their price target on DoorDash from $180.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday. Nine investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, DoorDash has a consensus rating of “Moderate Buy” and a consensus price target of $189.70.

Insider Activity

In related news, General Counsel Tia Sherringham sold 12,950 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $169.98, for a total value of $2,201,241.00. Following the completion of the sale, the general counsel now directly owns 145,917 shares of the company’s stock, valued at $24,802,971.66. The trade was a 8.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Tony Xu sold 108,332 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $170.25, for a total value of $18,443,523.00. Following the completion of the sale, the chief executive officer now directly owns 1,500 shares of the company’s stock, valued at $255,375. The trade was a 98.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,040,758 shares of company stock valued at $181,434,201 in the last ninety days. 7.92% of the stock is owned by company insiders.

Institutional Trading of DoorDash

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DASH. Rakuten Securities Inc. increased its holdings in DoorDash by 302.3% during the 3rd quarter. Rakuten Securities Inc. now owns 173 shares of the company’s stock worth $25,000 after purchasing an additional 130 shares in the last quarter. Pittenger & Anderson Inc. bought a new stake in DoorDash during the 4th quarter worth approximately $29,000. Denver PWM LLC purchased a new position in shares of DoorDash in the 4th quarter worth approximately $30,000. Princeton Global Asset Management LLC purchased a new position in shares of DoorDash in the 4th quarter worth approximately $34,000. Finally, ORG Wealth Partners LLC purchased a new position in shares of DoorDash in the 4th quarter worth approximately $36,000. 90.64% of the stock is owned by institutional investors.

DoorDash Stock Performance

The business has a 50 day moving average price of $177.52 and a two-hundred day moving average price of $156.06. The stock has a market cap of $82.26 billion, a PE ratio of -439.47, a P/E/G ratio of 2.04 and a beta of 1.72.

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.