Morgan Stanley Has Lowered Expectations for DoorDash (NASDAQ:DASH) Stock Price

DoorDash (NASDAQ:DASH) had its target price cut by research analysts at Morgan Stanley from $245.00 to $210.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 16.81% from the company’s current price.

DASH has been the topic of several other research reports. Needham & Company LLC restated a “buy” rating on shares of DoorDash in a research report on Monday, March 3rd. Citigroup reiterated a “buy” rating on shares of DoorDash in a research report on Saturday, March 8th. KeyCorp reduced their price target on shares of DoorDash from $240.00 to $230.00 and set an “overweight” rating on the stock in a research report on Tuesday. Royal Bank of Canada increased their target price on shares of DoorDash from $215.00 to $230.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Evercore ISI restated an “outperform” rating on shares of DoorDash in a research report on Monday, March 10th. Ten investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $208.88.

DoorDash Stock Performance

DoorDash stock traded up $0.40 during mid-day trading on Thursday, reaching $179.79. The company’s stock had a trading volume of 635,190 shares, compared to its average volume of 4,235,409. DoorDash has a 12-month low of $99.32 and a 12-month high of $215.25. The firm’s fifty day moving average price is $189.36 and its two-hundred day moving average price is $175.90. The company has a market capitalization of $75.53 billion, a P/E ratio of 668.55 and a beta of 1.69.

Insiders Place Their Bets

In other news, Director Andy Fang sold 1,398 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $203.45, for a total value of $284,423.10. Following the transaction, the director now directly owns 14,778 shares in the company, valued at approximately $3,006,584.10. This represents a 8.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Prabir Adarkar sold 20,000 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $180.83, for a total transaction of $3,616,600.00. Following the completion of the transaction, the chief operating officer now owns 925,222 shares in the company, valued at $167,307,894.26. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 158,511 shares of company stock valued at $30,308,544 over the last 90 days. Insiders own 7.92% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of DASH. Vanguard Group Inc. increased its holdings in DoorDash by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 31,323,404 shares of the company’s stock worth $5,254,501,000 after buying an additional 317,502 shares during the period. Capital World Investors raised its stake in shares of DoorDash by 26.4% during the 4th quarter. Capital World Investors now owns 12,153,265 shares of the company’s stock valued at $2,038,712,000 after buying an additional 2,538,160 shares during the last quarter. Franklin Resources Inc. lifted its holdings in DoorDash by 25.0% in the fourth quarter. Franklin Resources Inc. now owns 4,749,810 shares of the company’s stock valued at $796,781,000 after acquiring an additional 949,414 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of DoorDash by 67.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,654,891 shares of the company’s stock valued at $780,858,000 after purchasing an additional 1,869,866 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of DoorDash by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 4,558,821 shares of the company’s stock valued at $763,198,000 after purchasing an additional 86,667 shares during the period. 90.64% of the stock is owned by institutional investors and hedge funds.

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.