DoorDash (NASDAQ:DASH) Sees Large Volume Increase – Still a Buy?

Shares of DoorDash, Inc. (NASDAQ:DASH) saw unusually-high trading volume on Wednesday . Approximately 2,855,532 shares changed hands during trading, a decline of 30% from the previous session’s volume of 4,106,646 shares.The stock last traded at $182.25 and had previously closed at $183.73.

Analysts Set New Price Targets

DASH has been the topic of several analyst reports. BMO Capital Markets reiterated an “outperform” rating and issued a $240.00 target price (up from $180.00) on shares of DoorDash in a report on Wednesday, February 12th. Roth Mkm upped their price objective on shares of DoorDash from $165.00 to $193.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. Citigroup reaffirmed a “buy” rating on shares of DoorDash in a research report on Saturday. Bank of America boosted their price objective on DoorDash from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, Susquehanna raised their target price on DoorDash from $180.00 to $235.00 and gave the stock a “positive” rating in a research note on Thursday, February 13th. Ten equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $206.52.

DoorDash Price Performance

The firm has a market capitalization of $78.19 billion, a P/E ratio of 687.70 and a beta of 1.70. The stock has a fifty day moving average of $187.26 and a 200 day moving average of $166.63.

Insider Buying and Selling

In related news, CEO Tony Xu sold 108,332 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $178.74, for a total transaction of $19,363,261.68. Following the sale, the chief executive officer now directly owns 1,500 shares in the company, valued at approximately $268,110. This represents a 98.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Andy Fang sold 50,000 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $176.66, for a total transaction of $8,833,000.00. Following the sale, the director now directly owns 16,176 shares in the company, valued at $2,857,652.16. The trade was a 75.56 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 572,062 shares of company stock valued at $101,051,440. 7.92% of the stock is owned by insiders.

Hedge Funds Weigh In On DoorDash

Several hedge funds have recently made changes to their positions in the stock. Rakuten Securities Inc. grew its holdings in DoorDash by 302.3% during the 3rd quarter. Rakuten Securities Inc. now owns 173 shares of the company’s stock valued at $25,000 after buying an additional 130 shares in the last quarter. Pittenger & Anderson Inc. purchased a new position in shares of DoorDash during the 4th quarter valued at $29,000. Denver PWM LLC bought a new position in shares of DoorDash in the fourth quarter worth $30,000. Princeton Global Asset Management LLC purchased a new stake in shares of DoorDash in the fourth quarter worth $34,000. Finally, ORG Wealth Partners LLC bought a new stake in DoorDash during the fourth quarter valued at $36,000. 90.64% of the stock is currently owned by hedge funds and other institutional investors.

DoorDash Company Profile

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.