Wedbush Issues Pessimistic Forecast for DoorDash (NASDAQ:DASH) Stock Price

DoorDash (NASDAQ:DASH) had its target price cut by equities research analysts at Wedbush from $280.00 to $260.00 in a note issued to investors on Thursday, November 6th, MarketBeat.com reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price target indicates a potential upside of 32.31% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. The Goldman Sachs Group started coverage on DoorDash in a report on Monday, October 27th. They issued a “buy” rating and a $315.00 price objective for the company. BMO Capital Markets raised their price target on DoorDash from $238.00 to $288.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Zacks Research raised shares of DoorDash from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. JMP Securities raised their target price on shares of DoorDash from $250.00 to $335.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 7th. Finally, Bank of America cut their target price on shares of DoorDash from $325.00 to $305.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, DoorDash has a consensus rating of “Moderate Buy” and a consensus target price of $279.74.

DoorDash Trading Down 2.1%

NASDAQ:DASH opened at $196.51 on Thursday. The firm has a market capitalization of $83.95 billion, a P/E ratio of 99.75 and a beta of 1.70. DoorDash has a 52 week low of $155.40 and a 52 week high of $285.50. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.29. The company has a fifty day moving average of $256.01 and a 200 day moving average of $237.98.

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 analysts’ consensus estimates of $0.68 by ($0.13). The firm had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.35 billion. DoorDash had a net margin of 6.83% and a return on equity of 9.97%. DoorDash’s revenue was up 27.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 EPS. On average, research analysts predict that DoorDash will post 2.22 earnings per share for the current year.

Insider Buying and Selling at DoorDash

In other DoorDash news, Director Shona L. Brown sold 1,250 shares of the company’s stock in a transaction dated Thursday, October 9th. The shares were sold at an average price of $277.47, for a total value of $346,837.50. Following the sale, the director owned 37,252 shares in the company, valued at approximately $10,336,312.44. This represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andy Fang sold 30,000 shares of DoorDash stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $244.39, for a total transaction of $7,331,700.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 825,277 shares of company stock valued at $205,015,591 over the last three months. 5.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DoorDash

Several institutional investors and hedge funds have recently modified their holdings of DASH. Night Squared LP bought a new stake in shares of DoorDash in the 1st quarter valued at approximately $2,780,000. Public Investment Fund increased its position in shares of DoorDash by 68.3% during the 1st 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. Mutual of America Capital Management LLC purchased a new stake in DoorDash during the 1st quarter valued at $7,200,000. Ardmore Road Asset Management LP lifted its position in DoorDash by 6.7% in 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 last quarter. Finally, Junto Capital Management LP bought a new stake in DoorDash in the first quarter worth $29,261,000. 90.64% of the stock is currently owned by 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.