DoorDash (NASDAQ:DASH) Raised to Strong-Buy at Raymond James Financial

DoorDash (NASDAQ:DASH) was upgraded by research analysts at Raymond James Financial from an “outperform” rating to a “strong-buy” rating in a research note issued to investors on Monday,Finviz reports. The firm presently has a $260.00 target price on the stock. Raymond James Financial’s price target points to a potential upside of 17.94% from the stock’s current price.

A number of other brokerages have also weighed in on DASH. Citigroup reiterated an “outperform” rating on shares of DoorDash in a research note on Thursday, June 12th. Needham & Company LLC upped their price objective on DoorDash from $225.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. Royal Bank Of Canada reissued an “outperform” rating and issued a $230.00 target price on shares of DoorDash in a research report on Wednesday, May 7th. Wall Street Zen upgraded DoorDash from a “hold” rating to a “buy” rating in a research note on Saturday, June 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $210.00 price objective on shares of DoorDash in a research note on Wednesday, May 7th. Eleven equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, DoorDash currently has a consensus rating of “Moderate Buy” and an average target price of $213.29.

DoorDash Trading Down 0.1%

Shares of DASH opened at $220.46 on Monday. The company has a market cap of $93.42 billion, a price-to-earnings ratio of 286.32 and a beta of 1.67. The business’s fifty day simple moving average is $200.53 and its two-hundred day simple moving average is $189.43. DoorDash has a 12 month low of $99.32 and a 12 month high of $227.54.

DoorDash (NASDAQ:DASH) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. DoorDash had a return on equity of 4.39% and a net margin of 3.02%. The firm had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the prior year, the company posted ($0.06) earnings per share. The company’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, research analysts forecast that DoorDash will post 2.22 EPS for the current year.

Insider Activity

In other DoorDash news, COO Prabir Adarkar sold 62,267 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $202.67, for a total transaction of $12,619,652.89. Following the sale, the chief operating officer now directly owns 942,554 shares of the company’s stock, valued at $191,027,419.18. The trade was a 6.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Tony Xu sold 44,244 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $220.71, for a total value of $9,765,093.24. Following the completion of the sale, the chief executive officer now directly owns 520,450 shares of the company’s stock, valued at $114,868,519.50. The trade was a 7.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,559 shares of company stock worth $66,306,707 over the last 90 days. Corporate insiders own 5.83% of the company’s stock.

Hedge Funds Weigh In On DoorDash

A number of institutional investors and hedge funds have recently modified their holdings of DASH. GeoWealth Management LLC lifted its stake in DoorDash by 3.7% in the fourth quarter. GeoWealth Management LLC now owns 1,428 shares of the company’s stock worth $240,000 after purchasing an additional 51 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of DoorDash by 31.8% in the fourth quarter. IFP Advisors Inc now owns 224 shares of the company’s stock worth $37,000 after buying an additional 54 shares during the period. Palo Alto Wealth Advisors LLC lifted its stake in shares of DoorDash by 0.4% during the 1st quarter. Palo Alto Wealth Advisors LLC now owns 12,057 shares of the company’s stock worth $2,385,000 after acquiring an additional 54 shares during the last quarter. SageView Advisory Group LLC boosted its holdings in DoorDash by 5.1% during the 1st quarter. SageView Advisory Group LLC now owns 1,435 shares of the company’s stock valued at $262,000 after acquiring an additional 69 shares during the period. Finally, Harbour Investments Inc. grew its position in DoorDash by 55.6% in the 1st quarter. Harbour Investments Inc. now owns 196 shares of the company’s stock valued at $36,000 after acquiring an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 90.64% of the company’s stock.

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.