Needham & Company LLC Issues Positive Forecast for DoorDash (NASDAQ:DASH) Stock Price

DoorDash (NASDAQ:DASH) had its price objective upped by analysts at Needham & Company LLC from $180.00 to $225.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 16.53% from the company’s current price.

A number of other equities research analysts have also commented on the stock. Morgan Stanley increased their price objective on shares of DoorDash from $160.00 to $200.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Argus raised shares of DoorDash from a “hold” rating to a “buy” rating in a report on Friday, December 20th. Benchmark increased their price objective on shares of DoorDash from $180.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday. JMP Securities reissued a “market outperform” rating and set a $200.00 price objective on shares of DoorDash in a report on Thursday, February 6th. Finally, Piper Sandler increased their price objective on shares of DoorDash from $125.00 to $160.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Nine investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $184.55.

DoorDash Stock Up 0.2 %

DASH opened at $193.09 on Wednesday. The firm’s 50-day simple moving average is $177.52 and its 200-day simple moving average is $156.06. DoorDash has a twelve month low of $99.32 and a twelve month high of $199.17.

Insiders Place Their Bets

In related news, Director Andy Fang sold 50,000 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $168.32, for a total value of $8,416,000.00. Following the completion of the transaction, the director now directly owns 16,176 shares of the company’s stock, valued at approximately $2,722,744.32. This trade represents a 75.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Tony Xu sold 108,332 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $170.25, for a total transaction of $18,443,523.00. Following the completion of the transaction, the chief executive officer now directly owns 1,500 shares of the company’s stock, valued at $255,375. This represents a 98.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,040,758 shares of company stock worth $181,434,201. Company insiders own 7.92% of the company’s stock.

Hedge Funds Weigh In On DoorDash

Several hedge funds and other institutional investors have recently made changes to their positions in the company. IFP Advisors Inc grew its stake in shares of DoorDash by 31.8% in the fourth quarter. IFP Advisors Inc now owns 224 shares of the company’s stock valued at $37,000 after buying an additional 54 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of DoorDash by 34.0% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 272 shares of the company’s stock valued at $46,000 after buying an additional 69 shares in the last quarter. Avestar Capital LLC boosted its position in DoorDash by 1.1% during the fourth quarter. Avestar Capital LLC now owns 6,618 shares of the company’s stock worth $1,110,000 after purchasing an additional 75 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in DoorDash by 0.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 11,744 shares of the company’s stock worth $1,970,000 after purchasing an additional 84 shares during the period. Finally, Pallas Capital Advisors LLC boosted its position in DoorDash by 3.7% during the fourth quarter. Pallas Capital Advisors LLC now owns 2,465 shares of the company’s stock worth $414,000 after purchasing an additional 88 shares during the period. 90.64% of the stock is owned by institutional investors.

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.