DoorDash Stock Upgraded on Alcohol, Grocery Delivery

Mizuho lifted its rating on DASH to "buy" from "hold"

Digital Content Manager
Sep 18, 2023 at 10:03 AM
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DoorDash Inc (NYSE:DASH) is up 2.6% to $83.09 at last check, after the food delivery name attracted an upgrade from Mizuho. The analyst upgraded DASH to "buy" from "neutral" and hiked its price target to to $105 from $90, while D.A. Davidson also lifted its price objective to $85 from $72. This attention comes after the company expanded its partnership with Aldi to offer alcohol, and broadened its grocery selection with other partners.

The security has struggled with a ceiling at the $87 level since cooling down from its July 31, one-year high of $92.52. Its 80-day moving average remains as a reliable source of support, however. So far this year, DoorDash stock is up more than 67%.

Short-term options traders lean bullish. The equity's Schaeffer's put/call open interest ratio (SOIR) of 0.52 stands in the low 7th percentile annual readings. This means traders have been more optimistic than usual. 

Call volume is running at triple the intraday average volume today, with 1,770 bullish bets exchanged so far. Most popular is the weekly 9/22 85-strike call, where new positions are being opened.

The equity boasts affordably priced premiums, too, per its Schaeffer's Volatility Index (SVI) of 34% that ranks higher than only 6% of annual readings. In other words, the options pits are pricing in low volatility expectations right now.

 

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