DoorDash, Inc. (NASDAQ:DASH) Sees Large Increase in Short Interest

DoorDash, Inc. (NASDAQ:DASH) was the recipient of a significant growth in short interest during the month of June. As of June 30th, there was short interest totalling 16,590,000 shares, a growth of 14.7% from the June 15th total of 14,460,000 shares. Based on an average trading volume of 4,140,000 shares, the days-to-cover ratio is currently 4.0 days.

Analysts Set New Price Targets

Several research firms have issued reports on DASH. JMP Securities cut their target price on DoorDash from $160.00 to $140.00 and set a “market outperform” rating for the company in a research note on Thursday, May 2nd. Truist Financial reduced their price target on shares of DoorDash from $155.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. KeyCorp initiated coverage on shares of DoorDash in a research report on Thursday, July 11th. They set a “sector weight” rating for the company. Wells Fargo & Company boosted their target price on DoorDash from $100.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, April 4th. Finally, Benchmark lowered their price target on DoorDash from $165.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Nine equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DoorDash has a consensus rating of “Moderate Buy” and an average target price of $134.60.

DoorDash Stock Performance

NASDAQ DASH traded down $5.58 during trading on Wednesday, reaching $103.16. 4,117,992 shares of the company’s stock were exchanged, compared to its average volume of 3,925,237. The company has a 50 day moving average price of $111.35 and a two-hundred day moving average price of $117.84. The stock has a market cap of $42.18 billion, a P/E ratio of -95.52, a price-to-earnings-growth ratio of 30.85 and a beta of 1.67. DoorDash has a 1 year low of $69.90 and a 1 year high of $143.34.

DoorDash (NASDAQ:DASH) last posted its earnings results on Wednesday, May 1st. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $2.51 billion during the quarter, compared to analysts’ expectations of $2.45 billion. DoorDash had a negative return on equity of 6.28% and a negative net margin of 4.61%. The firm’s revenue was up 23.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.41) earnings per share. Research analysts forecast that DoorDash will post 0.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Tony Xu sold 54,166 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $104.96, for a total value of $5,685,263.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Tony Xu sold 54,166 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $104.96, for a total transaction of $5,685,263.36. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Keith Yandell sold 12,088 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $111.84, for a total transaction of $1,351,921.92. Following the completion of the sale, the insider now directly owns 161,651 shares of the company’s stock, valued at approximately $18,079,047.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 459,016 shares of company stock worth $50,495,566. 7.92% of the stock is owned by insiders.

Institutional Trading of DoorDash

Several institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC increased its position in shares of DoorDash by 11,416.7% during the first quarter. Janus Henderson Group PLC now owns 3,455,116 shares of the company’s stock worth $475,837,000 after purchasing an additional 3,425,115 shares in the last quarter. Norges Bank acquired a new stake in shares of DoorDash during the fourth quarter worth about $264,806,000. Vanguard Group Inc. increased its position in shares of DoorDash by 8.4% during the fourth quarter. Vanguard Group Inc. now owns 29,303,496 shares of the company’s stock worth $2,897,823,000 after purchasing an additional 2,259,976 shares in the last quarter. Franklin Resources Inc. raised its stake in DoorDash by 294.5% during the 4th quarter. Franklin Resources Inc. now owns 1,607,776 shares of the company’s stock valued at $158,993,000 after acquiring an additional 1,200,181 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in DoorDash by 1,725.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,113,175 shares of the company’s stock valued at $110,082,000 after acquiring an additional 1,052,198 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.