DoorDash, Inc. (NASDAQ:DASH) Sees Large Growth in Short Interest

DoorDash, Inc. (NASDAQ:DASH) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 11,730,000 shares, an increase of 8.2% from the August 15th total of 10,840,000 shares. Based on an average daily trading volume, of 4,050,000 shares, the days-to-cover ratio is currently 2.9 days.

Insider Activity

In other news, CEO Tony Xu sold 54,166 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $107.75, for a total value of $5,836,386.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Andy Fang sold 50,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $105.57, for a total value of $5,278,500.00. Following the completion of the transaction, the director now owns 19,982 shares of the company’s stock, valued at approximately $2,109,499.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tony Xu sold 54,166 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $107.75, for a total value of $5,836,386.50. The disclosure for this sale can be found here. Insiders sold a total of 304,769 shares of company stock valued at $34,760,113 in the last quarter. 7.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in DASH. Spire Wealth Management acquired a new position in DoorDash during the first quarter worth $25,000. Meeder Asset Management Inc. raised its stake in shares of DoorDash by 82.0% in the second quarter. Meeder Asset Management Inc. now owns 293 shares of the company’s stock valued at $32,000 after acquiring an additional 132 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of DoorDash in the second quarter valued at $32,000. Versant Capital Management Inc raised its stake in shares of DoorDash by 340.8% in the second quarter. Versant Capital Management Inc now owns 335 shares of the company’s stock valued at $36,000 after acquiring an additional 259 shares in the last quarter. Finally, ORG Partners LLC raised its stake in shares of DoorDash by 2,108.3% in the first quarter. ORG Partners LLC now owns 265 shares of the company’s stock valued at $37,000 after acquiring an additional 253 shares in the last quarter. 90.64% of the stock is currently owned by institutional investors and hedge funds.

DoorDash Stock Performance

Shares of DoorDash stock opened at $132.48 on Thursday. The stock has a 50 day moving average of $119.51 and a 200 day moving average of $121.34. DoorDash has a fifty-two week low of $69.90 and a fifty-two week high of $143.34. The firm has a market capitalization of $54.17 billion, a price-to-earnings ratio of -122.67, a PEG ratio of 275.59 and a beta of 1.69.

DoorDash (NASDAQ:DASH) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). DoorDash had a negative return on equity of 5.91% and a negative net margin of 4.24%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the company earned ($0.44) earnings per share. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. Analysts forecast that DoorDash will post 0.01 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Wedbush reaffirmed a “neutral” rating and issued a $115.00 price target on shares of DoorDash in a report on Friday, August 2nd. Wells Fargo & Company boosted their price objective on DoorDash from $125.00 to $127.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Evercore ISI boosted their price objective on DoorDash from $145.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. DA Davidson boosted their price objective on DoorDash from $110.00 to $119.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Finally, Argus assumed coverage on DoorDash in a research note on Tuesday, July 23rd. They set a “hold” rating for the company. Eleven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, DoorDash presently has a consensus rating of “Moderate Buy” and an average target price of $143.00.

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.