DoorDash (NASDAQ:DASH) Shares Gap Down on Disappointing Earnings

DoorDash, Inc. (NASDAQ:DASH) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $238.00, but opened at $211.26. DoorDash shares last traded at $203.4320, with a volume of 5,761,157 shares traded.

The company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.13). The company had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.35 billion. DoorDash had a return on equity of 9.56% and a net margin of 6.57%.The firm’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 earnings per share.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on DASH shares. DA Davidson boosted their price objective on DoorDash from $190.00 to $260.00 and gave the company a “neutral” rating in a research note on Wednesday, September 10th. Morgan Stanley upped their price objective on DoorDash from $300.00 to $330.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Wells Fargo & Company dropped their target price on DoorDash from $306.00 to $301.00 and set an “equal weight” rating on the stock in a research report on Friday, October 3rd. Zacks Research upgraded DoorDash from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Finally, Susquehanna increased their price objective on DoorDash from $235.00 to $300.00 and gave the stock a “positive” rating in a research report on Monday, August 11th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $290.85.

Insider Buying and Selling at DoorDash

In other DoorDash news, Director Stanley Tang sold 45,410 shares of DoorDash stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $244.39, for a total transaction of $11,097,749.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Ravi Inukonda sold 1,425 shares of DoorDash stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $263.86, for a total value of $376,000.50. Following the sale, the chief financial officer directly owned 214,147 shares in the company, valued at approximately $56,504,827.42. The trade was a 0.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 876,464 shares of company stock worth $218,114,855. Insiders own 5.83% of the company’s stock.

Hedge Funds Weigh In On DoorDash

Several large investors have recently made changes to their positions in DASH. Vanguard Group Inc. lifted its holdings in shares of DoorDash by 25.8% during the first quarter. Vanguard Group Inc. now owns 39,397,286 shares of the company’s stock valued at $7,200,642,000 after purchasing an additional 8,073,882 shares during the last quarter. Norges Bank purchased a new position in shares of DoorDash during the second quarter valued at approximately $1,185,576,000. AQR Capital Management LLC lifted its holdings in shares of DoorDash by 442.5% during the first quarter. AQR Capital Management LLC now owns 1,836,122 shares of the company’s stock valued at $321,799,000 after purchasing an additional 1,497,636 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of DoorDash by 41.9% during the first quarter. Invesco Ltd. now owns 4,799,851 shares of the company’s stock valued at $877,269,000 after purchasing an additional 1,416,194 shares during the last quarter. Finally, Nuveen LLC purchased a new position in DoorDash in the 1st quarter worth approximately $211,415,000. 90.64% of the stock is currently owned by hedge funds and other institutional investors.

DoorDash Stock Performance

The company has a market capitalization of $86.58 billion, a PE ratio of 112.59 and a beta of 1.70. The business’s fifty day moving average is $260.58 and its two-hundred day moving average is $237.30. 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 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.