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

DoorDash (NASDAQ:DASH) had its price target upped by equities researchers at Bank of America from $230.00 to $245.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 11.89% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. FBN Securities started coverage on DoorDash in a report on Friday, March 28th. They issued an “outperform” rating and a $230.00 price target for the company. Roth Mkm boosted their price target on DoorDash from $165.00 to $193.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Evercore ISI restated an “outperform” rating on shares of DoorDash in a research note on Monday, March 10th. Citigroup restated an “outperform” rating on shares of DoorDash in a research note on Monday, April 28th. Finally, Truist Financial upped their price objective on DoorDash from $217.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Eleven research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, DoorDash has an average rating of “Moderate Buy” and a consensus target price of $210.21.

DoorDash Trading Up 1.1%

Shares of NASDAQ DASH opened at $218.96 on Thursday. DoorDash has a twelve month low of $99.32 and a twelve month high of $220.88. The company has a market capitalization of $92.78 billion, a price-to-earnings ratio of 810.96 and a beta of 1.67. The business has a 50 day simple moving average of $196.51 and a 200-day simple moving average of $187.78.

DoorDash (NASDAQ:DASH) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. DoorDash had a return on equity of 1.67% and a net margin of 1.15%. The business had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the previous year, the business earned ($0.06) EPS. The business’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, equities analysts predict that DoorDash will post 2.22 earnings per share for the current year.

Insider Activity

In other news, CFO Ravi Inukonda sold 1,425 shares of the company’s stock in a transaction on Friday, April 25th. The stock was sold at an average price of $187.22, for a total transaction of $266,788.50. Following the completion of the sale, the chief financial officer now directly owns 337,430 shares of the company’s stock, valued at $63,173,644.60. This represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Keith Yandell sold 5,410 shares of the company’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $204.53, for a total value of $1,106,507.30. Following the sale, the insider now directly owns 104,922 shares of the company’s stock, valued at approximately $21,459,696.66. This represents a 4.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 298,030 shares of company stock worth $59,433,406 over the last 90 days. 5.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DoorDash

Several hedge funds have recently modified their holdings of DASH. Saudi Central Bank purchased a new stake in shares of DoorDash during the first quarter valued at $25,000. WPG Advisers LLC purchased a new stake in shares of DoorDash during the first quarter valued at $26,000. Pacific Center for Financial Services purchased a new stake in shares of DoorDash during the first quarter valued at $27,000. Pittenger & Anderson Inc. purchased a new stake in DoorDash in the 4th quarter worth about $29,000. Finally, Denver PWM LLC purchased a new stake in DoorDash in the 4th quarter worth about $30,000. 90.64% of the stock is owned by hedge funds and other institutional investors.

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.