Traders Purchase Large Volume of DoorDash Put Options (NASDAQ:DASH)

DoorDash, Inc. (NASDAQ:DASH) was the target of some unusual options trading activity on Thursday. Stock traders bought 98,966 put options on the stock. This is an increase of 530% compared to the average daily volume of 15,717 put options.

DoorDash Stock Performance

NASDAQ:DASH traded down $41.54 during midday trading on Thursday, reaching $196.46. The stock had a trading volume of 18,319,250 shares, compared to its average volume of 4,404,165. DoorDash has a 1-year low of $155.40 and a 1-year high of $285.50. The firm’s fifty day simple moving average is $260.58 and its 200-day simple moving average is $237.30. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.07 and a quick ratio of 2.07. The stock has a market capitalization of $83.93 billion, a P/E ratio of 109.15 and a beta of 1.70.

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

Insider Buying and Selling at DoorDash

In related news, Director Shona L. Brown sold 1,250 shares of the company’s stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $277.47, for a total value of $346,837.50. Following the completion of the sale, the director owned 37,252 shares in the company, valued at approximately $10,336,312.44. This represents a 3.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andy Fang sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $244.39, for a total transaction of $7,331,700.00. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 876,527 shares of company stock valued at $218,129,954. Corporate insiders own 5.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Physician Wealth Advisors Inc. grew its position in DoorDash by 284.0% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 96 shares of the company’s stock worth $26,000 after purchasing an additional 71 shares during the last quarter. GFG Capital LLC acquired a new stake in DoorDash in the 2nd quarter worth $30,000. Saudi Central Bank acquired a new stake in DoorDash in the 1st quarter worth $25,000. WPG Advisers LLC acquired a new stake in DoorDash in the 1st quarter worth $26,000. Finally, Sound Income Strategies LLC grew its position in DoorDash by 2,760.0% in the 3rd quarter. Sound Income Strategies LLC now owns 143 shares of the company’s stock worth $39,000 after purchasing an additional 138 shares during the last quarter. 90.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Evercore ISI reiterated an “outperform” rating and issued a $360.00 target price (up previously from $240.00) on shares of DoorDash in a research report on Friday, August 8th. Zacks Research upgraded shares of DoorDash from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Sanford C. Bernstein increased their target price on shares of DoorDash from $210.00 to $265.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. BTIG Research restated a “buy” rating and set a $315.00 price target on shares of DoorDash in a research note on Thursday. Finally, Jefferies Financial Group increased their price target on shares of DoorDash from $265.00 to $280.00 and gave the stock a “hold” rating in a research note on Friday, October 17th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $283.88.

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.