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

DoorDash, Inc. (NASDAQ:DASH) was the target of a large drop in short interest in 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 trading volume of 3,090,000 shares, the short-interest ratio is currently 3.6 days.

DoorDash Stock Performance

DoorDash stock traded up $3.53 on Tuesday, hitting $176.26. 1,767,699 shares of the stock traded hands, compared to its average volume of 3,800,669. The business’s fifty day simple moving average is $149.97 and its 200 day simple moving average is $127.39. DoorDash has a 1 year low of $92.56 and a 1 year high of $178.16.

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

Insider Transactions at DoorDash

In other DoorDash news, COO Prabir Adarkar sold 32,124 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $147.99, for a total value of $4,754,030.76. Following the transaction, the chief operating officer now directly owns 963,094 shares of the company’s stock, valued at $142,528,281.06. This trade represents a 3.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Ravi Inukonda sold 7,000 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $127.86, for a total transaction of $895,020.00. Following the completion of the transaction, the chief financial officer now owns 396,152 shares in the company, valued at $50,651,994.72. This represents a 1.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 324,539 shares of company stock valued at $46,439,330. Corporate insiders own 7.92% of the company’s stock.

Hedge Funds Weigh In On DoorDash

Large investors have recently bought and sold shares of the business. Rakuten Securities Inc. grew its position in shares of DoorDash by 302.3% in the third quarter. Rakuten Securities Inc. now owns 173 shares of the company’s stock valued at $25,000 after purchasing an additional 130 shares during the period. Meeder Asset Management Inc. increased its position in DoorDash by 82.0% during the second quarter. Meeder Asset Management Inc. now owns 293 shares of the company’s stock worth $32,000 after buying an additional 132 shares during the period. Headlands Technologies LLC purchased a new stake in shares of DoorDash during the second quarter worth approximately $32,000. Versant Capital Management Inc raised its position 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 acquiring an additional 259 shares in the last quarter. Finally, Quest Partners LLC raised its position in DoorDash by 146.8% in the second quarter. Quest Partners LLC now owns 343 shares of the company’s stock worth $37,000 after acquiring an additional 204 shares in the last quarter. Institutional investors own 90.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on DASH shares. DA Davidson lifted their target price on DoorDash from $119.00 to $150.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. The Goldman Sachs Group raised their price objective on shares of DoorDash from $142.00 to $161.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Morgan Stanley boosted their price objective on DoorDash from $145.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Keefe, Bruyette & Woods raised DoorDash from a “market perform” rating to an “outperform” rating and set a $177.00 target price on the stock in a research report on Wednesday, September 25th. Finally, Susquehanna raised their price objective on shares of DoorDash from $140.00 to $180.00 and gave the stock a “positive” rating in a report on Friday, November 1st. Ten equities 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 MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $164.03.

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.