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

DoorDash (NASDAQ:DASH) had its price objective raised by investment analysts at Bank of America from $168.00 to $172.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 10.50% from the company’s previous close.

A number of other equities analysts have also issued reports on DASH. Benchmark increased their price objective on DoorDash from $152.00 to $173.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Needham & Company LLC lifted their price objective on shares of DoorDash from $145.00 to $180.00 and gave the company a “buy” rating in a research note on Thursday. Susquehanna increased their target price on shares of DoorDash from $135.00 to $140.00 and gave the company a “positive” rating in a research report on Monday, August 5th. Redburn Atlantic assumed coverage on shares of DoorDash in a research note on Friday, July 26th. They set a “buy” rating and a $170.00 target price on the stock. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $125.00 price target (up from $115.00) on shares of DoorDash in a research note on Friday, August 2nd. Ten research 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $163.12.

DoorDash Stock Performance

Shares of DASH opened at $155.66 on Thursday. DoorDash has a 1 year low of $83.58 and a 1 year high of $165.07. The firm has a fifty day moving average of $140.40 and a 200-day moving average of $124.21. The company has a market cap of $64.06 billion, a price-to-earnings ratio of -345.91, a price-to-earnings-growth ratio of 331.02 and a beta of 1.70.

DoorDash (NASDAQ:DASH) last posted its earnings results on Wednesday, October 30th. The company reported $0.38 EPS for the quarter, topping 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 2.46%. The firm had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the prior year, the firm earned ($0.19) EPS. DoorDash’s quarterly revenue was up 25.0% on a year-over-year basis. Analysts predict that DoorDash will post 0.01 EPS for the current year.

Insider Buying and Selling

In other DoorDash news, Director Shona L. Brown sold 5,005 shares of DoorDash 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 transaction, the director now owns 65,186 shares of the company’s stock, valued at $7,822,320. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Tony Xu sold 54,166 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $123.43, for a total value of $6,685,709.38. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Shona L. Brown sold 5,005 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $120.00, for a total value of $600,600.00. Following the sale, the director now owns 65,186 shares of the company’s stock, valued at approximately $7,822,320. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 383,710 shares of company stock valued at $53,725,640. Corporate insiders own 7.92% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of DASH. ORG Partners LLC grew its stake in shares of DoorDash by 2,108.3% in the 1st quarter. ORG Partners LLC now owns 265 shares of the company’s stock valued at $37,000 after buying an additional 253 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of DoorDash during the 2nd quarter worth $32,000. Meeder Asset Management Inc. raised its holdings in shares of DoorDash by 82.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 293 shares of the company’s stock valued at $32,000 after purchasing an additional 132 shares in the last quarter. Hollencrest Capital Management acquired a new stake in shares of DoorDash in the 1st quarter valued at $42,000. Finally, Versant Capital Management Inc boosted its holdings in DoorDash by 340.8% in the second quarter. Versant Capital Management Inc now owns 335 shares of the company’s stock worth $36,000 after purchasing an additional 259 shares in the last quarter. 90.64% of the stock is owned by institutional investors and hedge funds.

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.