Bank of America Issues Positive Forecast for DoorDash (NASDAQ:DASH) Stock Price

DoorDash (NASDAQ:DASH) had its price objective raised by Bank of America from $205.00 to $245.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on DASH. Royal Bank of Canada boosted their price objective on DoorDash from $215.00 to $230.00 and gave the stock an “outperform” rating in a research note on Wednesday. Loop Capital raised their price target on DoorDash from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Barclays lifted their price objective on shares of DoorDash from $120.00 to $163.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. UBS Group raised their target price on shares of DoorDash from $200.00 to $204.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Mizuho lifted their price target on shares of DoorDash from $200.00 to $222.00 and gave the stock an “outperform” rating in a research note on Wednesday. Nine investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $202.67.

DoorDash Stock Performance

Shares of DASH opened at $200.89 on Wednesday. The company’s fifty day moving average is $178.00 and its 200 day moving average is $156.37. DoorDash has a fifty-two week low of $99.32 and a fifty-two week high of $201.17.

Insider Buying and Selling at DoorDash

In other news, CFO Ravi Inukonda sold 1,425 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $183.20, for a total value of $261,060.00. Following the transaction, the chief financial officer now directly owns 366,993 shares in the company, valued at approximately $67,233,117.60. This represents a 0.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Prabir Adarkar sold 20,000 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $180.83, for a total transaction of $3,616,600.00. Following the transaction, the chief operating officer now directly owns 925,222 shares of the company’s stock, valued at $167,307,894.26. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,040,758 shares of company stock worth $181,434,201 over the last quarter. 7.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its stake in DoorDash by 6.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 92,012 shares of the company’s stock worth $15,435,000 after acquiring an additional 5,617 shares in the last quarter. Aviva PLC grew its holdings in DoorDash by 1,306.8% during the 4th quarter. Aviva PLC now owns 186,790 shares of the company’s stock worth $31,334,000 after acquiring an additional 173,512 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in shares of DoorDash in the 4th quarter valued at approximately $15,134,000. Prudential PLC raised its holdings in shares of DoorDash by 33.5% in the 4th quarter. Prudential PLC now owns 6,871 shares of the company’s stock valued at $1,153,000 after purchasing an additional 1,723 shares in the last quarter. Finally, ExodusPoint Capital Management LP lifted its position in shares of DoorDash by 39.8% during the 4th quarter. ExodusPoint Capital Management LP now owns 85,917 shares of the company’s stock worth $14,413,000 after purchasing an additional 24,466 shares during the last quarter. 90.64% of the stock is currently owned by hedge funds and other institutional investors.

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.