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    DoorDash Stocks: Website Traffic Shows Prospects

    DoorDash Stocks: Website Traffic Shows Prospects

    Drive More TrafficBy Drive More TrafficMay 27, 2022No Comments3 Mins Read
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    Founded in 2013, DoorDash Inc. (NYSE: dash) provides food ordering and delivery services through an online platform.

    The $102 per share company went public in December 2020. Astonishingly, the company’s stock jumped 85% on its first day of trading. Since then, however, the stock has fallen 63.9% to his $68.48.

    Recent development

    In its recently released annual Restaurant Online Ordering Trends Report, the company said: From last year. This is a good reflection of DASH’s short-term performance.

    On May 18, 2022, the company’s board of directors authorized a common stock repurchase program of up to $400 million to reduce share dilution.

    In early May, DoorDash reported results for the first quarter of 2022. The company managed to record a 23% year-over-year surge in total orders.

    Monthly active users (MAU) and DashPass members hit record highs. Adjusted EBITDA increased 25.6% year-over-year to $54 million and revenue increased 35% year-over-year to $1.5 billion.

    short-term outlook

    DoorDash continues to invest to expand into new markets and enter new shipping categories.

    According to Bringg.com, online food delivery sales are expected to grow to $220 billion by 2023, accounting for 40% of overall restaurant sales. We expect this to bode well for DoorDash’s bottom line.

    Conversely, rising gas prices and costs associated with purchasing and maintaining vehicles may continue to impact DoorDash’s profitability. Not only that, but advertising costs such as discounts and coupon offers can put pressure on your profit margins.

    Analyst view

    Recently, Wolfe Research analyst Deepak Mathivanan maintained his buy rating on DoorDash, but lowered his price target from $110 to $90. The new price target means he could rise 17.48% from current levels.

    On May 6, Needham analyst Bernie McTernan maintained a buy rating on the stock with a price target of $140, suggesting a potential upside of 82.62% from current levels.

    Overall, the consensus rating for this stock is medium buy, based on 11 buys and 6 holds. DoorDash’s average target price of $125.71 means a potential upside of 63.45% from current levels.

    TipRanks data

    According to TipRanks website traffic tool, doordash.com saw a 58.3% monthly increase in worldwide unique visits in April compared to the previous year. In addition, the company’s website visitors have increased by 102.9% year-to-date compared to the same period last year.

    The data also show that the company’s performance in the next quarter remains encouraging.

    Meanwhile, TipRanks’ insider trading activity tool shows that trust in DASH is currently neutral. In the past three months, corporate insiders say he has purchased shares worth $192.1 million.

    But TipRanks’ Hedge Fund Trading Activity tool shows that DoorDash’s hedge fund confidence is currently very low as cumulative holdings across all 15 active hedge funds fell by 3.1 million shares last quarter. .

    closing note

    The future looks bright for DoorDash. This is because the habit of ordering food among consumers is taking hold. Additionally, the acquisition of Wolt, which is likely to close this quarter, is expected to drive further growth for DoorDash. However, rising costs and tough competition remain a major drag on the company.

    Read full disclosure



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