Bank of America Has Lowered Expectations for DoorDash (NASDAQ:DASH) Stock Price

DoorDash (NASDAQ:DASH) had its target price decreased by Bank of America from $245.00 to $235.00 in a research report report published on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Oppenheimer restated a “hold” rating on shares of DoorDash in a research note on Monday, March 10th. Evercore ISI restated an “outperform” rating on shares of DoorDash in a research note on Monday, March 10th. Wolfe Research upped their price objective on shares of DoorDash from $210.00 to $220.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. JMP Securities reaffirmed a “market outperform” rating and issued a $200.00 target price on shares of DoorDash in a report on Thursday, February 6th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $240.00 price target (up from $180.00) on shares of DoorDash in a report on Wednesday, February 12th. Ten analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $206.12.

DoorDash Price Performance

DASH opened at $188.58 on Monday. The company’s 50 day simple moving average is $190.79 and its two-hundred day simple moving average is $174.83. DoorDash has a 1-year low of $99.32 and a 1-year high of $215.25. The firm has a market capitalization of $79.22 billion, a price-to-earnings ratio of 698.44 and a beta of 1.69.

Insider Activity

In related news, Director Andy Fang sold 50,000 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $168.32, for a total transaction of $8,416,000.00. Following the completion of the sale, the director now owns 16,176 shares of the company’s stock, valued at $2,722,744.32. This represents a 75.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Tia Sherringham sold 12,088 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $203.45, for a total value of $2,459,303.60. Following the transaction, the general counsel now directly owns 122,135 shares of the company’s stock, valued at approximately $24,848,365.75. The trade was a 9.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,523 shares of company stock worth $47,227,120 over the last ninety days. Insiders own 7.92% of the company’s stock.

Hedge Funds Weigh In On DoorDash

Large investors have recently modified their holdings of the company. Norges Bank bought a new stake in shares of DoorDash during the fourth quarter valued at about $597,443,000. Capital World Investors increased its holdings in shares of DoorDash by 26.4% during the fourth quarter. Capital World Investors now owns 12,153,265 shares of the company’s stock valued at $2,038,712,000 after acquiring an additional 2,538,160 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of DoorDash by 67.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,654,891 shares of the company’s stock valued at $780,858,000 after buying an additional 1,869,866 shares during the last quarter. Franklin Resources Inc. boosted its position in DoorDash by 25.0% in the fourth quarter. Franklin Resources Inc. now owns 4,749,810 shares of the company’s stock worth $796,781,000 after purchasing an additional 949,414 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of DoorDash in the fourth quarter worth about $146,094,000. 90.64% of the stock is currently owned by 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.