DoorDash, Inc. (NASDAQ:DASH) Short Interest Up 34.2% in March

DoorDash, Inc. (NASDAQ:DASH) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 13,420,000 shares, a growth of 34.2% from the February 28th total of 10,000,000 shares. Based on an average daily volume of 5,320,000 shares, the short-interest ratio is currently 2.5 days. Approximately 3.5% of the company’s stock are short sold.

DoorDash Price Performance

Shares of NASDAQ DASH traded up $8.35 during mid-day trading on Wednesday, reaching $190.77. 3,327,827 shares of the company’s stock traded hands, compared to its average volume of 4,124,934. DoorDash has a 1-year low of $99.32 and a 1-year high of $215.25. The stock has a market cap of $80.14 billion, a P/E ratio of 706.56 and a beta of 1.70. The business has a 50-day simple moving average of $192.25 and a 200 day simple moving average of $173.12.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. The Goldman Sachs Group raised their price objective on DoorDash from $192.00 to $212.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. KeyCorp increased their target price on DoorDash from $180.00 to $225.00 and gave the company an “overweight” rating in a research note on Thursday, January 9th. Citigroup reaffirmed a “buy” rating on shares of DoorDash in a research report on Saturday, March 8th. Wedbush boosted their target price on shares of DoorDash from $160.00 to $210.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Finally, Barclays upped their price objective on shares of DoorDash from $163.00 to $200.00 and gave the company an “equal weight” rating in a research report on Thursday, February 13th. Ten analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $207.21.

Insider Activity

In other DoorDash news, Director Andy Fang sold 50,000 shares of the business’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 $2,722,744.32. The trade was a 75.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Tony Xu sold 108,332 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $170.35, for a total transaction of $18,454,356.20. Following the transaction, the chief executive officer now owns 1,500 shares in the company, valued at $255,525. This represents a 98.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 371,445 shares of company stock worth $65,969,730 in the last 90 days. Company insiders own 7.92% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Norges Bank bought a new stake in DoorDash in the 4th quarter worth about $597,443,000. Capital World Investors grew its holdings in shares of DoorDash by 26.4% in the fourth quarter. Capital World Investors now owns 12,153,265 shares of the company’s stock valued at $2,038,712,000 after acquiring an additional 2,538,160 shares in the last quarter. Arrowstreet Capital Limited Partnership grew 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 valued at $780,858,000 after acquiring an additional 1,869,866 shares in the last quarter. Franklin Resources Inc. increased its position in shares of DoorDash by 25.0% during the fourth quarter. Franklin Resources Inc. now owns 4,749,810 shares of the company’s stock valued at $796,781,000 after acquiring an additional 949,414 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in DoorDash during the fourth quarter worth $146,094,000. 90.64% of the stock is owned by institutional investors.

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.