Short Interest in DoorDash, Inc. (NASDAQ:DASH) Drops By 9.3%

DoorDash, Inc. (NASDAQ:DASH) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 11,190,000 shares, a drop of 9.3% from the October 15th total of 12,340,000 shares. Based on an average daily trading volume, of 3,090,000 shares, the days-to-cover ratio is currently 3.6 days.

Analyst Ratings Changes

DASH has been the subject of a number of recent research reports. Susquehanna upped their price objective on DoorDash from $140.00 to $180.00 and gave the stock a “positive” rating in a research note on Friday, November 1st. BTIG Research upgraded shares of DoorDash from a “neutral” rating to a “buy” rating and set a $155.00 price target for the company in a report on Thursday, September 19th. Evercore ISI increased their target price on shares of DoorDash from $155.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Argus started coverage on DoorDash in a research note on Tuesday, July 23rd. They set a “hold” rating for the company. Finally, DA Davidson upped their price target on DoorDash from $119.00 to $150.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Ten equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $164.03.

Insider Buying and Selling

In other news, COO Prabir Adarkar sold 32,124 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $147.99, for a total value of $4,754,030.76. Following the transaction, the chief operating officer now directly owns 963,094 shares in the company, valued at approximately $142,528,281.06. This trade represents a 3.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Ravi Inukonda sold 7,000 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $127.86, for a total transaction of $895,020.00. Following the sale, the chief financial officer now directly owns 396,152 shares of the company’s stock, valued at approximately $50,651,994.72. This represents a 1.74 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 324,539 shares of company stock valued at $46,439,330. 7.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DoorDash

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky boosted its position in shares of DoorDash by 3.4% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 161,200 shares of the company’s stock worth $23,007,000 after acquiring an additional 5,250 shares in the last quarter. Coldstream Capital Management Inc. purchased a new position in DoorDash in the 3rd quarter valued at approximately $239,000. Geode Capital Management LLC boosted its position in shares of DoorDash by 6.4% in the 3rd quarter. Geode Capital Management LLC now owns 4,472,154 shares of the company’s stock worth $636,652,000 after buying an additional 267,855 shares in the last quarter. Sender Co & Partners Inc. purchased a new stake in shares of DoorDash in the 3rd quarter worth about $1,460,000. Finally, M&T Bank Corp boosted its position in shares of DoorDash by 8.5% in the 3rd quarter. M&T Bank Corp now owns 13,646 shares of the company’s stock worth $1,947,000 after buying an additional 1,074 shares in the last quarter. Institutional investors and hedge funds own 90.64% of the company’s stock.

DoorDash Stock Performance

NASDAQ:DASH traded up $3.53 during mid-day trading on Tuesday, hitting $176.26. 1,767,699 shares of the stock traded hands, compared to its average volume of 3,800,669. The firm’s 50 day moving average is $149.97 and its two-hundred day moving average is $127.39. DoorDash has a 52 week low of $92.56 and a 52 week high of $178.16.

DoorDash (NASDAQ:DASH) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.21 by $0.17. DoorDash had a negative net margin of 1.69% and a negative return on equity of 2.41%. The firm had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same period last year, the firm posted ($0.19) EPS. DoorDash’s revenue was up 25.0% on a year-over-year basis. Research analysts predict that DoorDash will post 0.24 EPS for the current year.

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.