Why DoorDash Shares Are Trading Higher

DoorDash Inc DASH shares are trading higher by 3.72% to $58.02 Tuesday afternoon after New York City decreased the proposed minimum delivery worker pay target for 2025.

Per a Tuesday report from Bloomberg, New York City cut the minimum pay for app-based food restaurant delivery workers to $19.96 an hour by 2025. An earlier proposal had otherwise cited a $23.82 an hour minimum pay rate by 2025.

The proposal now calls for a slightly higher 2023 rate of $17.96 in 2023 versus earlier proposal of $17.87, Bloomberg cites.

According to data from Benzinga Pro, DoorDash has a 52-week high of $130.20 and a 52-week low of $41.36.