Royal Bank of Canada Raises DoorDash (NASDAQ:DASH) Price Target to $230.00

DoorDash (NASDAQ:DASH) had its price target boosted by analysts at Royal Bank of Canada from $215.00 to $230.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 16.00% from the stock’s previous close.

Several other brokerages have also recently commented on DASH. UBS Group increased their price target on DoorDash from $182.00 to $200.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. JMP Securities reaffirmed a “market outperform” rating and issued a $200.00 price objective on shares of DoorDash in a research report on Thursday, February 6th. The Goldman Sachs Group increased their target price on DoorDash from $192.00 to $212.00 and gave the stock a “neutral” rating in a report on Wednesday. Loop Capital increased their price objective on shares of DoorDash from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Finally, Jefferies Financial Group raised their target price on shares of DoorDash from $155.00 to $180.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Nine investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $198.52.

DoorDash Price Performance

NASDAQ:DASH traded up $5.18 on Wednesday, hitting $198.27. 4,959,929 shares of the company’s stock were exchanged, compared to its average volume of 2,880,662. The firm has a 50-day moving average price of $177.52 and a 200-day moving average price of $156.06. DoorDash has a 52 week low of $99.32 and a 52 week high of $201.17. The company has a market cap of $82.36 billion, a P/E ratio of -440.60, a price-to-earnings-growth ratio of 2.04 and a beta of 1.72.

Insider Transactions at DoorDash

In other news, CEO Tony Xu sold 108,332 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $170.25, for a total value 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 trade represents a 98.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Keith Yandell sold 7,980 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $169.98, for a total value of $1,356,440.40. Following the sale, the insider now owns 124,221 shares in the company, valued at approximately $21,115,085.58. The trade was a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,040,758 shares of company stock valued at $181,434,201 in the last 90 days. 7.92% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Asset Management One Co. Ltd. boosted its stake in DoorDash by 10.6% during the third quarter. Asset Management One Co. Ltd. now owns 112,181 shares of the company’s stock valued at $16,012,000 after buying an additional 10,755 shares during the period. Swedbank AB increased its position in shares of DoorDash by 3.3% in the fourth quarter. Swedbank AB now owns 171,055 shares of the company’s stock worth $28,694,000 after purchasing an additional 5,539 shares during the last quarter. Forsta AP Fonden raised its stake in DoorDash by 18.6% in the third quarter. Forsta AP Fonden now owns 64,500 shares of the company’s stock valued at $9,206,000 after purchasing an additional 10,100 shares in the last quarter. Sanctuary Advisors LLC raised its stake in DoorDash by 48.8% in the third quarter. Sanctuary Advisors LLC now owns 10,663 shares of the company’s stock valued at $1,522,000 after purchasing an additional 3,498 shares in the last quarter. Finally, Baillie Gifford & Co. lifted its position in DoorDash by 13.2% during the third quarter. Baillie Gifford & Co. now owns 14,142,674 shares of the company’s stock valued at $2,018,584,000 after purchasing an additional 1,645,186 shares during the last quarter. Hedge funds and other institutional investors own 90.64% of the company’s stock.

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.