Short Interest in DoorDash, Inc. (NASDAQ:DASH) Increases By 34.2%

DoorDash, Inc. (NASDAQ:DASH) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 13,420,000 shares, a growth of 34.2% from the February 28th total of 10,000,000 shares. Based on an average daily volume of 5,320,000 shares, the short-interest ratio is presently 2.5 days. Currently, 3.5% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of research firms have recently weighed in on DASH. Loop Capital upped their price objective on DoorDash from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, February 24th. Piper Sandler restated a “neutral” rating and issued a $210.00 price target (up from $160.00) on shares of DoorDash in a research note on Wednesday, February 12th. Wolfe Research lifted their price objective on shares of DoorDash from $210.00 to $220.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Roth Mkm upped their target price on shares of DoorDash from $165.00 to $193.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $200.00 price target on shares of DoorDash in a report on Thursday, February 6th. Ten research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DoorDash currently has an average rating of “Moderate Buy” and an average target price of $207.21.

Insider Activity at DoorDash

In other news, CEO Tony Xu sold 108,332 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $170.35, for a total value of $18,454,356.20. Following the completion of the sale, the chief executive officer now directly owns 1,500 shares of the company’s stock, valued at $255,525. This represents a 98.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Ravi Inukonda sold 15,198 shares of DoorDash stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $204.11, for a total transaction of $3,102,063.78. Following the transaction, the chief financial officer now owns 351,970 shares in the company, valued at approximately $71,840,596.70. This trade represents a 4.14 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 351,445 shares of company stock worth $62,258,130. Corporate insiders own 7.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Pittenger & Anderson Inc. purchased a new stake in DoorDash in the 4th quarter valued at about $29,000. Denver PWM LLC purchased a new stake in shares of DoorDash in the fourth quarter valued at approximately $30,000. Princeton Global Asset Management LLC bought a new position in DoorDash in the fourth quarter worth approximately $34,000. ORG Wealth Partners LLC purchased a new position in DoorDash during the 4th quarter worth $36,000. Finally, IFP Advisors Inc raised its position in DoorDash by 31.8% during the 4th quarter. IFP Advisors Inc now owns 224 shares of the company’s stock valued at $37,000 after purchasing an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 90.64% of the company’s stock.

DoorDash Stock Up 0.1 %

DASH stock opened at $182.77 on Tuesday. DoorDash has a twelve month low of $99.32 and a twelve month high of $215.25. The firm has a market cap of $76.78 billion, a price-to-earnings ratio of 676.93 and a beta of 1.70. The business’s fifty day simple moving average is $192.17 and its two-hundred day simple moving average is $172.76.

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.