DoorDash (NASDAQ:DASH) Sees Large Volume Increase – Here’s What Happened

Shares of DoorDash, Inc. (NASDAQ:DASH) saw strong trading volume on Wednesday . 2,855,532 shares traded 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.

Wall Street Analysts Forecast Growth

DASH has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on shares of DoorDash from $155.00 to $205.00 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 note on Saturday. Evercore ISI reissued an “outperform” rating on shares of DoorDash in a research note on Monday. JMP Securities reaffirmed a “market outperform” rating and set a $200.00 price target on shares of DoorDash in a research report on Thursday, February 6th. Finally, Wolfe Research lifted their price objective on DoorDash from $210.00 to $220.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Ten equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $206.52.

DoorDash Price Performance

The firm has a market cap of $78.19 billion, a P/E ratio of 687.70 and a beta of 1.70. The company’s 50-day moving average is $187.26 and its two-hundred day moving average is $166.63.

Insider Activity

In related news, CEO Tony Xu sold 108,332 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $178.74, for a total value of $19,363,261.68. Following the completion of the transaction, the chief executive officer now owns 1,500 shares of the company’s stock, valued at $268,110. This represents a 98.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Andy Fang sold 50,000 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $168.32, for a total value of $8,416,000.00. Following the completion of the transaction, the director now owns 16,176 shares of the company’s stock, valued at $2,722,744.32. The trade was a 75.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 572,062 shares of company stock worth $101,051,440. 7.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DoorDash

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of DoorDash by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 31,323,404 shares of the company’s stock worth $5,254,501,000 after purchasing an additional 317,502 shares during the last quarter. Baillie Gifford & Co. grew its holdings in DoorDash by 13.2% during the 3rd quarter. Baillie Gifford & Co. now owns 14,142,674 shares of the company’s stock worth $2,018,584,000 after acquiring an additional 1,645,186 shares during the last quarter. Capital World Investors raised its stake 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 during the last quarter. State Street Corp lifted its holdings in shares of DoorDash by 3.8% during the third quarter. State Street Corp now owns 7,395,891 shares of the company’s stock worth $1,055,616,000 after purchasing an additional 272,659 shares during the period. Finally, Janus Henderson Group PLC grew its stake in shares of DoorDash by 14.5% in the third quarter. Janus Henderson Group PLC now owns 5,533,288 shares of the company’s stock worth $789,766,000 after purchasing an additional 700,465 shares during the last quarter. Institutional investors and hedge funds own 90.64% of the company’s stock.

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.