Wedbush Reiterates Neutral Rating for DoorDash (NASDAQ:DASH)

DoorDash (NASDAQ:DASH)‘s stock had its “neutral” rating restated by stock analysts at Wedbush in a research note issued on Thursday, Benzinga reports. They presently have a $115.00 target price on the stock. Wedbush’s price objective points to a potential upside of 1.05% from the stock’s current price. Wedbush also issued estimates for DoorDash’s Q3 2024 earnings at $0.04 EPS.

A number of other brokerages have also recently weighed in on DASH. Royal Bank of Canada raised shares of DoorDash from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $130.00 to $175.00 in a report on Monday, March 4th. Wells Fargo & Company lifted their target price on DoorDash from $100.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, April 4th. Loop Capital started coverage on DoorDash in a report on Friday, April 19th. They set a “buy” rating and a $170.00 target price for the company. Piper Sandler raised DoorDash from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $53.00 to $127.00 in a report on Friday, March 15th. Finally, The Goldman Sachs Group upped their price objective on DoorDash from $109.00 to $122.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Nine analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $129.96.

DoorDash Stock Performance

Shares of DASH stock traded down $0.50 during mid-day trading on Thursday, reaching $113.81. 6,210,790 shares of the company were exchanged, compared to its average volume of 4,293,060. The business’s 50 day simple moving average is $131.86 and its 200 day simple moving average is $110.13. The company has a market capitalization of $45.98 billion, a P/E ratio of -105.38, a P/E/G ratio of 13.13 and a beta of 1.78. DoorDash has a fifty-two week low of $60.36 and a fifty-two week high of $143.34.

DoorDash (NASDAQ:DASH) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.45 billion. DoorDash had a negative net margin of 4.61% and a negative return on equity of 6.28%. The firm’s revenue was up 23.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.41) EPS. On average, analysts forecast that DoorDash will post 0.21 EPS for the current year.

Insider Buying and Selling

In other DoorDash news, Director Shona L. Brown sold 700 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $109.71, for a total transaction of $76,797.00. Following the sale, the director now owns 71,514 shares in the company, valued at approximately $7,845,800.94. The transaction was disclosed in a filing with the SEC, which is available through this link. In other DoorDash news, Director Shona L. Brown sold 700 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $109.71, for a total transaction of $76,797.00. Following the sale, the director now directly owns 71,514 shares of the company’s stock, valued at approximately $7,845,800.94. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Tony Xu sold 132,300 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $131.96, for a total value of $17,458,308.00. The disclosure for this sale can be found here. Insiders have sold 487,782 shares of company stock worth $64,046,807 in the last three months. 9.59% of the stock is currently owned by insiders.

Institutional Trading of DoorDash

Several institutional investors have recently made changes to their positions in DASH. Vanguard Group Inc. increased its stake in DoorDash by 8.4% in the 4th quarter. Vanguard Group Inc. now owns 29,303,496 shares of the company’s stock valued at $2,897,823,000 after buying an additional 2,259,976 shares during the period. Baillie Gifford & Co. grew its holdings in shares of DoorDash by 6.4% during the 4th quarter. Baillie Gifford & Co. now owns 12,775,622 shares of the company’s stock valued at $1,263,381,000 after acquiring an additional 772,977 shares in the last quarter. Capital World Investors increased its stake in shares of DoorDash by 0.6% in the fourth quarter. Capital World Investors now owns 9,395,743 shares of the company’s stock worth $929,145,000 after acquiring an additional 60,033 shares during the last quarter. First Trust Advisors LP increased its stake in shares of DoorDash by 45.6% in the fourth quarter. First Trust Advisors LP now owns 3,079,083 shares of the company’s stock worth $304,490,000 after acquiring an additional 964,860 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of DoorDash during the fourth quarter worth $264,806,000. 90.64% of the stock is currently 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.