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

DoorDash, Inc. (NASDAQ:DASH)’s share price reached a new 52-week high during 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. The stock had previously closed at $193.09.

DASH has been the subject of a number of other research reports. Cantor Fitzgerald upped their price objective on DoorDash from $200.00 to $230.00 and gave the company an “overweight” rating in a report on Wednesday. KeyCorp upped their price objective on DoorDash from $180.00 to $225.00 and gave the company an “overweight” rating in a report on Thursday, January 9th. Evercore ISI upped their price objective on DoorDash from $200.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday. Susquehanna increased their price target on DoorDash from $140.00 to $180.00 and gave the stock a “positive” rating in a report on Friday, November 1st. Finally, Jefferies Financial Group increased their price target on DoorDash from $155.00 to $180.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Nine investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $189.70.

Insider Activity at DoorDash

In other news, CEO Tony Xu sold 108,332 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was 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. This trade represents a 98.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Andy Fang sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $168.32, for a total value of $8,416,000.00. Following the completion of the sale, the director now directly owns 16,176 shares of the company’s stock, valued at approximately $2,722,744.32. The trade was a 75.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,040,758 shares of company stock valued at $181,434,201. Insiders own 7.92% of the company’s stock.

Hedge Funds Weigh In On DoorDash

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of DoorDash by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 31,323,404 shares of the company’s stock worth $5,254,501,000 after purchasing an additional 317,502 shares during the period. Baillie Gifford & Co. increased its stake in shares of DoorDash by 13.2% during the third quarter. Baillie Gifford & Co. now owns 14,142,674 shares of the company’s stock worth $2,018,584,000 after purchasing an additional 1,645,186 shares during the period. State Street Corp increased its stake in DoorDash by 3.8% during the 3rd quarter. State Street Corp now owns 7,395,891 shares of the company’s stock worth $1,055,616,000 after acquiring an additional 272,659 shares during the period. Janus Henderson Group PLC increased its stake in DoorDash by 14.5% during the 3rd quarter. Janus Henderson Group PLC now owns 5,533,288 shares of the company’s stock worth $789,766,000 after acquiring an additional 700,465 shares during the period. Finally, Geode Capital Management LLC increased its stake in DoorDash by 6.4% during the 3rd quarter. Geode Capital Management LLC now owns 4,472,154 shares of the company’s stock worth $636,652,000 after acquiring an additional 267,855 shares during the period. Institutional investors own 90.64% of the company’s stock.

DoorDash Trading Up 2.6 %

The stock has a 50 day simple moving average of $177.52 and a 200 day simple moving average of $156.06. The stock has a market cap of $82.26 billion, a P/E ratio of -439.47, a price-to-earnings-growth 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.