BMO Capital Markets Reaffirms Outperform Rating for DoorDash (NASDAQ:DASH)

BMO Capital Markets reissued their outperform rating on shares of DoorDash (NASDAQ:DASH) in a research note released on Wednesday,Benzinga reports. BMO Capital Markets currently has a $240.00 price target on the stock, up from their previous price target of $180.00.

A number of other brokerages have also issued reports on DASH. Citigroup lifted their price target on DoorDash from $211.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday. Mizuho upped their target price on shares of DoorDash from $200.00 to $222.00 and gave the stock an “outperform” rating in a report on Wednesday. Morgan Stanley raised their price target on shares of DoorDash from $160.00 to $200.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. UBS Group boosted their price target on shares of DoorDash from $182.00 to $200.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Finally, Jefferies Financial Group increased their price objective on shares of DoorDash from $155.00 to $180.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Nine equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $202.67.

DoorDash Stock Performance

Shares of DoorDash stock opened at $200.89 on Wednesday. The business has a 50-day moving average price of $178.00 and a 200 day moving average price of $156.37. DoorDash has a twelve month low of $99.32 and a twelve month high of $201.17.

Insider Transactions at DoorDash

In other DoorDash news, CEO Tony Xu sold 108,332 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $170.25, for a total transaction of $18,443,523.00. Following the completion of the sale, the chief executive officer now directly owns 1,500 shares of the company’s stock, valued at approximately $255,375. This trade represents a 98.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ravi Inukonda sold 1,425 shares of the business’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 completion of the transaction, the chief financial officer now directly owns 366,993 shares in the company, valued at approximately $67,233,117.60. The trade was a 0.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,040,758 shares of company stock worth $181,434,201. Company insiders own 7.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in DASH. Norges Bank purchased a new stake in shares of DoorDash during the 4th quarter worth approximately $597,443,000. Arrowstreet Capital Limited Partnership increased its stake in DoorDash by 67.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,654,891 shares of the company’s stock valued at $780,858,000 after purchasing an additional 1,869,866 shares in the last quarter. Baillie Gifford & Co. raised its holdings in DoorDash by 13.2% during the third quarter. Baillie Gifford & Co. now owns 14,142,674 shares of the company’s stock worth $2,018,584,000 after purchasing an additional 1,645,186 shares during the last quarter. Franklin Resources Inc. boosted its position in DoorDash by 25.0% during 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 in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in DoorDash in the fourth quarter valued at $146,094,000. 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.