DoorDash, Inc. (NASDAQ:DASH) Sees Significant Decline in Short Interest

DoorDash, Inc. (NASDAQ:DASH) saw a large decline in short interest in October. As of October 31st, there was short interest totalling 11,190,000 shares, a decline of 9.3% from the October 15th total of 12,340,000 shares. Based on an average trading volume of 3,090,000 shares, the days-to-cover ratio is presently 3.6 days.

DoorDash Price Performance

NASDAQ DASH traded up $3.52 during trading on Tuesday, reaching $176.25. The company’s stock had a trading volume of 971,400 shares, compared to its average volume of 3,796,976. The firm has a fifty day moving average of $149.97 and a 200 day moving average of $127.39. DoorDash has a one year low of $92.56 and a one year high of $178.16.

DoorDash (NASDAQ:DASH) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.17. DoorDash had a negative net margin of 1.69% and a negative return on equity of 2.41%. The business had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the previous year, the company earned ($0.19) EPS. The business’s quarterly revenue was up 25.0% compared to the same quarter last year. As a group, equities analysts anticipate that DoorDash will post 0.24 EPS for the current fiscal year.

Insider Activity

In other DoorDash news, CFO Ravi Inukonda sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $127.86, for a total value of $895,020.00. Following the completion of the sale, the chief financial officer now owns 396,152 shares of the company’s stock, valued at approximately $50,651,994.72. This trade represents a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Tony Xu sold 81,249 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $147.87, for a total value of $12,014,289.63. The disclosure for this sale can be found here. Insiders sold 324,539 shares of company stock worth $46,439,330 in the last quarter. 7.92% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DoorDash

Several hedge funds have recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in DoorDash by 0.8% in the 2nd quarter. Brighton Jones LLC now owns 10,317 shares of the company’s stock worth $1,122,000 after buying an additional 82 shares during the last quarter. Everhart Financial Group Inc. lifted its holdings in shares of DoorDash by 3.1% in the 2nd quarter. Everhart Financial Group Inc. now owns 3,267 shares of the company’s stock worth $355,000 after acquiring an additional 99 shares during the last quarter. E Fund Management Co. Ltd. boosted its stake in shares of DoorDash by 3.5% in the 2nd quarter. E Fund Management Co. Ltd. now owns 3,263 shares of the company’s stock valued at $355,000 after purchasing an additional 111 shares in the last quarter. SJS Investment Consulting Inc. grew its holdings in shares of DoorDash by 21.0% during the 2nd quarter. SJS Investment Consulting Inc. now owns 673 shares of the company’s stock valued at $73,000 after purchasing an additional 117 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its position in DoorDash by 39.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 424 shares of the company’s stock worth $61,000 after purchasing an additional 119 shares during the period. Institutional investors own 90.64% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on DASH. JMP Securities raised their price objective on shares of DoorDash from $160.00 to $190.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Cantor Fitzgerald reiterated an “overweight” rating and set a $160.00 price target on shares of DoorDash in a research note on Monday, October 7th. Benchmark lifted their target price on DoorDash from $152.00 to $173.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. KeyCorp upped their price target on DoorDash from $177.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Piper Sandler raised their price objective on DoorDash from $125.00 to $160.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Ten research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $164.03.

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.