Short Interest in DoorDash, Inc. (NASDAQ:DASH) Declines By 9.3%

DoorDash, Inc. (NASDAQ:DASH) was the recipient of a large decline in short interest during the month of 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 daily volume of 3,090,000 shares, the days-to-cover ratio is currently 3.6 days.

DoorDash Stock Up 2.1 %

Shares of NASDAQ DASH traded up $3.64 during mid-day trading on Tuesday, hitting $176.37. The company had a trading volume of 1,837,233 shares, compared to its average volume of 3,800,979. DoorDash has a 12 month low of $92.56 and a 12 month high of $178.16. The business’s 50-day simple moving average is $149.97 and its 200-day simple moving average is $127.39.

DoorDash (NASDAQ:DASH) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.17. The company had revenue of $2.71 billion for the quarter, compared to analysts’ expectations of $2.66 billion. DoorDash had a negative return on equity of 2.41% and a negative net margin of 1.69%. The business’s revenue was up 25.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.19) EPS. On average, research analysts forecast that DoorDash will post 0.24 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on DASH shares. Oppenheimer lifted their target price on DoorDash from $145.00 to $160.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. UBS Group lifted their price objective on DoorDash from $143.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods upgraded shares of DoorDash from a “market perform” rating to an “outperform” rating and set a $177.00 target price for the company in a report on Wednesday, September 25th. Roth Mkm raised their price target on DoorDash from $118.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, The Goldman Sachs Group raised their price objective on shares of DoorDash from $142.00 to $161.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Ten analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $164.03.

Insider Transactions at DoorDash

In other news, CFO Ravi Inukonda sold 7,000 shares of DoorDash 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 sale, the chief financial officer now directly owns 396,152 shares in the company, valued at approximately $50,651,994.72. This trade represents a 1.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Tony Xu sold 54,166 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $140.06, for a total transaction of $7,586,489.96. The disclosure for this sale can be found here. Insiders have sold a total of 324,539 shares of company stock worth $46,439,330 in the last 90 days. Corporate insiders own 7.92% of the company’s stock.

Institutional Trading of DoorDash

A number of large investors have recently bought and sold shares of DASH. US Bancorp DE raised its stake in shares of DoorDash by 15.6% during the 1st quarter. US Bancorp DE now owns 7,948 shares of the company’s stock worth $1,095,000 after purchasing an additional 1,074 shares during the period. Orion Portfolio Solutions LLC boosted its stake in DoorDash by 37.3% during the 1st quarter. Orion Portfolio Solutions LLC now owns 6,490 shares of the company’s stock valued at $894,000 after purchasing an additional 1,762 shares during the last quarter. Jupiter Asset Management Ltd. bought a new stake in DoorDash during the first quarter valued at approximately $2,969,000. Acadian Asset Management LLC lifted its holdings in DoorDash by 36.8% during the first quarter. Acadian Asset Management LLC now owns 328,203 shares of the company’s stock valued at $45,183,000 after purchasing an additional 88,219 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board increased its stake in DoorDash by 1.8% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 25,398 shares of the company’s stock worth $3,498,000 after acquiring an additional 456 shares during the last quarter. 90.64% of the stock is currently owned by institutional investors and hedge funds.

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.