Royal Bank Of Canada Cuts DoorDash (NASDAQ:DASH) Price Target to $270.00

DoorDash (NASDAQ:DASH) had its price objective dropped by research analysts at Royal Bank Of Canada from $300.00 to $270.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 33.82% from the stock’s previous close.

DASH has been the topic of several other reports. Benchmark lifted their price objective on DoorDash from $315.00 to $320.00 and gave the company a “buy” rating in a research report on Tuesday. Truist Financial boosted their target price on DoorDash from $326.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Guggenheim raised DoorDash to a “strong-buy” rating in a research report on Wednesday, October 15th. JMP Securities boosted their price objective on shares of DoorDash from $250.00 to $335.00 and gave the company a “market outperform” rating in a research report on Thursday, August 7th. Finally, BTIG Research restated a “buy” rating and set a $315.00 target price on shares of DoorDash in a research note on Thursday. Four research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, DoorDash currently has an average rating of “Moderate Buy” and a consensus target price of $289.97.

DoorDash Price Performance

Shares of NASDAQ:DASH traded down $36.23 during trading on Thursday, reaching $201.77. The company had a trading volume of 6,866,598 shares, compared to its average volume of 4,346,275. The company has a fifty day moving average of $260.58 and a two-hundred day moving average of $237.30. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $86.20 billion, a P/E ratio of 111.98 and a beta of 1.70. DoorDash has a 12 month low of $155.40 and a 12 month high of $285.50.

DoorDash (NASDAQ:DASH) last issued its earnings results on Wednesday, November 5th. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.13). The firm had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.35 billion. DoorDash had a return on equity of 9.56% and a net margin of 6.57%.The firm’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 EPS. Equities research analysts forecast that DoorDash will post 2.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Andy Fang sold 30,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $244.39, for a total value of $7,331,700.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Prabir Adarkar sold 24,968 shares of the company’s stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $272.32, for a total value of $6,799,285.76. Following the transaction, the chief operating officer directly owned 909,579 shares in the company, valued at approximately $247,696,553.28. The trade was a 2.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 876,464 shares of company stock worth $218,114,855. 5.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DoorDash

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of DoorDash by 4.6% in the 2nd quarter. Vanguard Group Inc. now owns 41,190,085 shares of the company’s stock valued at $10,153,768,000 after acquiring an additional 1,792,799 shares during the last quarter. State Street Corp raised its stake in shares of DoorDash by 3.1% during the 2nd quarter. State Street Corp now owns 14,387,499 shares of the company’s stock worth $3,546,662,000 after buying an additional 427,722 shares during the period. Geode Capital Management LLC lifted its holdings in DoorDash by 2.9% during the second quarter. Geode Capital Management LLC now owns 7,951,230 shares of the company’s stock valued at $1,950,711,000 after purchasing an additional 223,188 shares in the last quarter. Invesco Ltd. increased its stake in DoorDash by 12.0% during the 2nd quarter. Invesco Ltd. now owns 5,375,480 shares of the company’s stock worth $1,325,110,000 after buying an additional 575,629 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in DoorDash by 15.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,970 shares of the company’s stock valued at $897,031,000 after purchasing an additional 641,601 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.