DoorDash Stock Shifts Lower After Mixed Earnings Report

No less than six analysts lifted their price targets, however

Deputy Editor
Aug 13, 2021 at 9:28 AM
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The shares of DoorDash Inc (NYSE:DASH) are sinking this morning, last seen down 4.2% at $180.40. While the food delivery company reported a 70% rise in revenue for its second quarter, topping analysts estimates, a wider-than-expected loss of 30 cents per share is putting weight on the stock this morning. DoorDash also lifted its annual gross order value (GOV) and EBITDA forecasts. 

A slew of analysts are chiming in after the event. No less than six lifted their price targets. The highest came from Wells Fargo to $235 from $215. Coming into today, the majority of analysts were cautious, with 10 saying "hold," compared to seven "buy" or better ratings. Meanwhile, the 12-month consensus price target of $189.05 is a slim 0.5% premium to last night's close. 

The equity has attempted to distance itself from its mid-May all-time lows near the $110 level. The 40-day moving average helped capture two recent pullbacks, though a ceiling at the $190 level rejected several run-ups during the past couple months. Despite this technical ceiling, DASH is up roughly 30% in 2021.

Shorts have a solid grip on DoorDash stock, with short interest rising 15.4% in the last two reporting periods. The 13.21 million shares sold short make up 10% of the stock's available float, or nearly four days at its average daily pace of trading. 

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