Why DoorDash Stock Is Rising Today

DoorDash Inc DASH shares are trading higher Friday after the company reported mixed financial results and record high orders numbers. Several analysts also raised price targets on the stock following the company's results.

DoorDash said second-quarter revenue jumped 30% year-over-year to $1.61 billion, which beat the estimate of $1.52 billion, according to data from Benzinga Pro.

The online food delivery company reported a net loss of $263 million, or 72 cents per share, which missed the estimate for a loss of 41 cents per share and was down from a net loss of $102 million in the prior year's quarter.

DoorDash's total orders grew 23% year-over-year to an all-time high of 426 million.

DoorDash said it expects third-quarter marketplace GOV of $13 billion to $13.5 billion. Third-quarter adjusted EBITDA is expected to be between $25 million and $75 million. 

The company expects full-year marketplace GOV of $51 billion to $53 billion and sees full-year adjusted EBITDA of $200 million to $500 million. 

See Also: Western Digital, DoorDash And 3 Stocks To Watch Heading Into Friday

Analyst Assessment: 

• Citigroup analyst Ronald Josey maintained DoorDash with a Buy rating and raised the price target from $118 to $129.
• RBC Capital analyst Brad Erickson maintained DoorDash with an Outperform rating and raised the price target from $94 to $100.
• Barclays analyst Ross Sandler maintained DoorDash with an Equal-Weight rating and raised the price target from $80 to $90.
• Evercore ISI Group analyst Mark Mahaney maintained DoorDash with an Outperform rating and raised the price target from $98 to $122.

DASH Price Action: DoorDash has traded between $152.49 and $56.67 over a 52-week period.

The stock was up 11.2% at $90.48 at press time.

Photo: GoToVan from Flickr.