The Goldman Sachs Group Cuts DoorDash (NASDAQ:DASH) Price Target to $279.00

DoorDash (NASDAQ:DASH) had its price objective reduced by research analysts at The Goldman Sachs Group from $315.00 to $279.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 36.56% from the company’s previous close.

A number of other brokerages also recently issued reports on DASH. Bank of America cut their price target on shares of DoorDash from $325.00 to $305.00 and set a “buy” rating for the company in a report on Thursday. Sanford C. Bernstein upped their target price on shares of DoorDash from $210.00 to $265.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. Barclays dropped their target price on shares of DoorDash from $272.00 to $238.00 and set an “equal weight” rating for the company in a report on Thursday. Morgan Stanley boosted their price target on DoorDash from $300.00 to $330.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Finally, Oppenheimer restated an “outperform” rating and issued a $280.00 price target on shares of DoorDash in a report on Thursday. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $280.62.

DoorDash Price Performance

Shares of DASH traded up $7.85 during mid-day trading on Friday, hitting $204.31. The company’s stock had a trading volume of 9,520,728 shares, compared to its average volume of 4,429,050. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.30. DoorDash has a 1-year low of $155.40 and a 1-year high of $285.50. The firm has a market capitalization of $87.28 billion, a P/E ratio of 103.71 and a beta of 1.70. The firm has a 50-day simple moving average of $259.57 and a 200 day simple moving average of $237.02.

DoorDash (NASDAQ:DASH) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.13). DoorDash had a return on equity of 10.31% and a net margin of 6.83%.The business had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter in the previous year, the company posted $0.38 EPS. The company’s revenue was up 27.3% compared to the same quarter last year. Analysts predict that DoorDash will post 2.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Stanley Tang sold 45,410 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $243.31, for a total value of $11,048,707.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Tony Xu sold 291,403 shares of the firm’s stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $238.19, for a total value of $69,409,280.57. Following the transaction, the chief executive officer directly owned 229,047 shares of the company’s stock, valued at $54,556,704.93. The trade was a 55.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 876,527 shares of company stock worth $218,129,954 in the last ninety days. Insiders own 5.83% of the company’s stock.

Institutional Investors Weigh In On DoorDash

Hedge funds have recently modified their holdings of the company. Night Squared LP acquired a new position in DoorDash in the 1st quarter valued at $2,780,000. Mutual of America Capital Management LLC purchased a new stake in shares of DoorDash in the first quarter valued at $7,200,000. Public Investment Fund increased its stake in DoorDash by 68.3% in the first quarter. Public Investment Fund now owns 821,389 shares of the company’s stock valued at $150,125,000 after purchasing an additional 333,369 shares during the last quarter. Ardmore Road Asset Management LP lifted its position in DoorDash by 6.7% during the first quarter. Ardmore Road Asset Management LP now owns 80,000 shares of the company’s stock worth $14,622,000 after buying an additional 5,000 shares during the period. Finally, Junto Capital Management LP acquired a new stake in DoorDash in the 1st quarter worth about $29,261,000. 90.64% of the stock is owned by institutional investors and hedge funds.

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.