Bank of America Issues Positive Forecast for DoorDash (NASDAQ:DASH) Stock Price

DoorDash (NASDAQ:DASH) had its price objective hoisted by Bank of America from $205.00 to $245.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 23.78% from the stock’s previous close.

DASH has been the subject of a number of other reports. Needham & Company LLC increased their price target on DoorDash from $180.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday. Susquehanna raised their target price on DoorDash from $140.00 to $180.00 and gave the company a “positive” rating in a report on Friday, November 1st. Loop Capital increased their price target on DoorDash from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Royal Bank of Canada increased their price target on DoorDash from $215.00 to $230.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Barclays raised their target price on DoorDash from $120.00 to $163.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $202.67.

DoorDash Stock Performance

Shares of NASDAQ DASH traded up $4.84 during mid-day trading on Wednesday, reaching $197.93. 6,377,197 shares of the company’s stock were exchanged, compared to its average volume of 2,933,414. The firm has a market capitalization of $82.22 billion, a price-to-earnings ratio of -439.84, a PEG ratio of 2.04 and a beta of 1.72. DoorDash has a 52-week low of $99.32 and a 52-week high of $201.17. The company’s 50-day moving average is $177.52 and its 200-day moving average is $156.06.

Insider Activity at DoorDash

In related news, CEO Tony Xu sold 108,332 shares of DoorDash stock in a transaction on Friday, November 15th. The stock was sold at an average price of $170.25, for a total transaction of $18,443,523.00. Following the completion of the transaction, the chief executive officer now directly owns 1,500 shares of the company’s stock, valued at approximately $255,375. The trade was a 98.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Andy Fang sold 50,000 shares of DoorDash stock in a transaction on Monday, November 18th. The stock was sold at an average price of $172.67, for a total value of $8,633,500.00. Following the transaction, the director now directly owns 18,089 shares of the company’s stock, valued at approximately $3,123,427.63. This represents a 73.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,040,758 shares of company stock worth $181,434,201 over the last three months. 7.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DoorDash

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in 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 last quarter. Baillie Gifford & Co. raised its holdings in shares of DoorDash by 13.2% in the third quarter. Baillie Gifford & Co. now owns 14,142,674 shares of the company’s stock worth $2,018,584,000 after acquiring an additional 1,645,186 shares during the last quarter. State Street Corp raised its holdings in shares of DoorDash by 3.8% in the third 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 last quarter. Janus Henderson Group PLC raised its holdings in shares of DoorDash by 14.5% in the third 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 last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of DoorDash by 67.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,654,891 shares of the company’s stock worth $780,858,000 after acquiring an additional 1,869,866 shares during the last quarter. 90.64% of the stock is owned by institutional investors and hedge funds.

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.