DoorDash, Inc. (NASDAQ:DASH) Short Interest Up 8.0% in June

DoorDash, Inc. (NASDAQ:DASH) was the target of a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 14,460,000 shares, an increase of 8.0% from the May 31st total of 13,390,000 shares. Based on an average daily trading volume, of 3,870,000 shares, the short-interest ratio is currently 3.7 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DASH shares. Piper Sandler upgraded shares of DoorDash from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $53.00 to $127.00 in a report on Friday, March 15th. Loop Capital assumed coverage on shares of DoorDash in a report on Friday, April 19th. They issued a “buy” rating and a $170.00 price objective on the stock. Benchmark reduced their price objective on shares of DoorDash from $165.00 to $150.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Truist Financial reduced their price objective on shares of DoorDash from $155.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Finally, Roth Mkm reduced their price objective on shares of DoorDash from $121.00 to $118.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, DoorDash currently has an average rating of “Moderate Buy” and a consensus price target of $134.79.

DoorDash Stock Performance

DoorDash stock traded down $1.05 during midday trading on Tuesday, hitting $107.46. 2,616,990 shares of the company’s stock were exchanged, compared to its average volume of 3,944,690. DoorDash has a 12-month low of $69.90 and a 12-month high of $143.34. The stock has a market cap of $43.94 billion, a price-to-earnings ratio of -98.65, a price-to-earnings-growth ratio of 27.50 and a beta of 1.67. The firm’s 50 day simple moving average is $115.23 and its 200 day simple moving average is $117.40.

DoorDash (NASDAQ:DASH) last issued its earnings results on Wednesday, May 1st. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.45 billion. DoorDash had a negative net margin of 4.61% and a negative return on equity of 6.28%. The business’s quarterly revenue was up 23.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.41) earnings per share. On average, equities research analysts forecast that DoorDash will post 0.11 EPS for the current fiscal year.

Insider Activity

In related news, CEO Tony Xu sold 132,300 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $133.51, for a total transaction of $17,663,373.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other DoorDash news, CEO Tony Xu sold 132,300 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $133.51, for a total transaction of $17,663,373.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Shona L. Brown sold 700 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $141.60, for a total transaction of $99,120.00. Following the sale, the director now owns 70,111 shares in the company, valued at $9,927,717.60. The disclosure for this sale can be found here. Insiders sold a total of 478,325 shares of company stock valued at $58,347,361 in the last 90 days. Company insiders own 7.92% of the company’s stock.

Institutional Trading of DoorDash

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN raised its position in shares of DoorDash by 102.5% in the fourth quarter. Wells Fargo & Company MN now owns 199,152 shares of the company’s stock valued at $19,694,000 after buying an additional 100,787 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of DoorDash by 1,725.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,113,175 shares of the company’s stock valued at $110,082,000 after buying an additional 1,052,198 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of DoorDash in the fourth quarter valued at approximately $769,000. Bank of Nova Scotia increased its position in DoorDash by 298.3% during the fourth quarter. Bank of Nova Scotia now owns 186,201 shares of the company’s stock worth $18,413,000 after purchasing an additional 139,450 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in DoorDash by 294.5% during the fourth quarter. Franklin Resources Inc. now owns 1,607,776 shares of the company’s stock worth $158,993,000 after purchasing an additional 1,200,181 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.