DoorDash (NASDAQ:DASH) Rating Increased to Strong-Buy at Scotiabank

DoorDash (NASDAQ:DASH) was upgraded by stock analysts at Scotiabank to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

Several other equities research analysts also recently weighed in on DASH. Citigroup reissued a “market outperform” rating on shares of DoorDash in a research note on Monday, August 24th. Argus set a $190.00 price target on shares of DoorDash in a report on Thursday, June 11th. Rothschild & Co Redburn set a $350.00 price target on shares of DoorDash in a report on Tuesday, May 12th. UBS Group reissued a “buy” rating and issued a $295.00 price objective on shares of DoorDash in a research report on Tuesday. Finally, Zacks Research raised shares of DoorDash from a “strong sell” rating to a “hold” rating in a research note on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, DoorDash has an average rating of “Moderate Buy” and a consensus target price of $257.47.

DoorDash Price Performance

NASDAQ:DASH opened at $197.24 on Wednesday. The firm has a market capitalization of $85.46 billion, a price-to-earnings ratio of 103.27 and a beta of 1.79. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. The business has a 50 day simple moving average of $204.83 and a 200-day simple moving average of $179.36. DoorDash has a 1 year low of $143.30 and a 1 year high of $285.50.

DoorDash (NASDAQ:DASH) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.01). The company had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.34 billion. DoorDash had a net margin of 5.29% and a return on equity of 8.48%. The business’s quarterly revenue was up 35.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 EPS. Equities analysts forecast that DoorDash will post 2.49 EPS for the current year.

Insider Transactions at DoorDash

In other DoorDash news, Director Stanley Tang sold 72,367 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $225.16, for a total transaction of $16,294,153.72. Following the transaction, the director directly owned 10,361 shares in the company, valued at $2,332,882.76. This trade represents a 87.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Ravi Inukonda sold 19,505 shares of DoorDash stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $220.62, for a total value of $4,303,193.10. Following the sale, the chief financial officer directly owned 232,938 shares of the company’s stock, valued at approximately $51,390,781.56. This trade represents a 7.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 399,553 shares of company stock worth $87,034,140 in the last ninety days. 44.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its position in DoorDash by 1,148.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 99,622 shares of the company’s stock valued at $18,383,000 after buying an additional 91,644 shares in the last quarter. MCF Advisors LLC boosted its holdings in DoorDash by 1,488.4% in the second quarter. MCF Advisors LLC now owns 2,462 shares of the company’s stock worth $454,000 after acquiring an additional 2,307 shares in the last quarter. Bienville Capital Management LLC grew its stake in shares of DoorDash by 17.3% during the second quarter. Bienville Capital Management LLC now owns 233,312 shares of the company’s stock worth $43,053,000 after acquiring an additional 34,470 shares during the last quarter. WINTON GROUP Ltd grew its stake in shares of DoorDash by 5,773.9% during the second quarter. WINTON GROUP Ltd now owns 396,961 shares of the company’s stock worth $73,251,000 after acquiring an additional 390,203 shares during the last quarter. Finally, Capital Analysts LLC increased its holdings in shares of DoorDash by 12,352.4% during the second quarter. Capital Analysts LLC now owns 5,230 shares of the company’s stock valued at $965,000 after acquiring an additional 5,188 shares in the last quarter. Hedge funds and other institutional investors own 90.64% of the company’s stock.

More DoorDash News

Here are the key news stories impacting DoorDash this week:

• Positive Sentiment: Retail expansion: DoorDash is partnering with fashion brands including SKIMS and Windsor to deliver last-minute clothing and wardrobe items. The deals support DoorDash’s strategy of expanding beyond restaurant delivery, potentially increasing order frequency and broadening its addressable market. Windsor DoorDash partnership SKIMS DoorDash partnership
• Positive Sentiment: Technology and marketing visibility: DoorDash Labs was named Innovation Team of the Year, while a new Jameis Winston advertising campaign and football-season rewards promotion could support brand awareness and customer engagement. These developments are strategically favorable but have limited immediate earnings impact. DoorDash Labs award Jameis Winston DoorDash advertisement
• Neutral Sentiment: Human-interest coverage involving DoorDash orders, tipping and recipes is unlikely to materially affect the company’s financial outlook. Chicken recipes and DoorDash
• Negative Sentiment: Director Andy Fang sold 15,000 DASH shares for approximately $3.42 million at an average price of $228.31. Because the sale was executed under a pre-arranged Rule 10b5-1 plan, it is a weaker bearish signal, but it may still weigh on sentiment given the stock’s premium valuation. DoorDash director insider sale

About DoorDash

DoorDash, Inc operates a local commerce platform that connects consumers with merchants and independent delivery workers. Its marketplace enables customers to order meals from restaurants as well as groceries, convenience items, alcohol where permitted, and products from other retail businesses through its websites and mobile applications.

The company also provides services designed to support merchants, including delivery logistics, online ordering, marketing, payment processing, and customer-engagement tools.