Truist Financial Forecasts Strong Price Appreciation for DoorDash (NASDAQ:DASH) Stock

DoorDash (NASDAQ:DASH) had its price target boosted by research analysts at Truist Financial from $180.00 to $217.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 31.21% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on DASH. JMP Securities lifted their price target on shares of DoorDash from $160.00 to $190.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. Evercore ISI lifted their target price on shares of DoorDash from $155.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Piper Sandler increased their price target on shares of DoorDash from $125.00 to $160.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Barclays upped their target price on DoorDash from $120.00 to $163.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Finally, Raymond James began coverage on DoorDash in a report on Tuesday, September 24th. They set an “outperform” rating and a $155.00 target price on the stock. Ten investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $168.39.

DoorDash Stock Down 6.6 %

Shares of DoorDash stock opened at $165.39 on Tuesday. The firm has a market cap of $68.70 billion, a price-to-earnings ratio of -367.53, a price-to-earnings-growth ratio of 13.56 and a beta of 1.70. DoorDash has a 52-week low of $93.33 and a 52-week high of $181.78. The company’s 50-day simple moving average is $166.69 and its 200-day simple moving average is $136.89.

DoorDash (NASDAQ:DASH) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.17. DoorDash had a negative return on equity of 2.41% and a negative net margin of 1.69%. The firm had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the prior year, the company posted ($0.19) earnings per share. DoorDash’s quarterly revenue was up 25.0% on a year-over-year basis. Equities research analysts anticipate that DoorDash will post 0.26 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Tony Xu sold 54,166 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $140.06, for a total value of $7,586,489.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andy Fang sold 50,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $176.66, for a total transaction of $8,833,000.00. Following the transaction, the director now directly owns 16,176 shares in the company, valued at approximately $2,857,652.16. The trade was a 75.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 951,528 shares of company stock valued at $159,212,079 over the last quarter. Insiders own 7.92% of the company’s stock.

Hedge Funds Weigh In On DoorDash

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rakuten Securities Inc. lifted its holdings 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 buying an additional 130 shares during the period. Meeder Asset Management Inc. lifted its holdings in DoorDash by 82.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 293 shares of the company’s stock valued at $32,000 after acquiring an additional 132 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of DoorDash during the 2nd quarter valued at about $32,000. Quest Partners LLC grew its stake in shares of DoorDash by 146.8% in the 2nd quarter. Quest Partners LLC now owns 343 shares of the company’s stock worth $37,000 after purchasing an additional 204 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its holdings in shares of DoorDash by 141.1% in the 2nd quarter. First Horizon Advisors Inc. now owns 352 shares of the company’s stock worth $38,000 after purchasing an additional 206 shares in the last quarter. 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.