Why DoorDash Stock Is Dashing Higher Today

DoorDash Inc DASH is trading higher Friday following better-than-expected first-quarter revenue.

What Happened: DoorDash reported an earnings loss of 34 cents per share, which came in below the estimate for a loss of 26 cents per share. It reported quarterly revenue of $1.08 billion, which beat the estimate of $993.32 million. 

"We are proud of the progress we made in Q1, as we increased the number of partner merchants we support across multiple categories, generated more earnings for more Dashers than in any previous quarter, and served more consumers than we ever have," DoorDash stated in its letter to shareholders. 

Truist Securities analyst Youssef Squali upgraded DoorDash from Hold to Buy and raised the price target from $180 to $185.

Related Link: DoorDash Stock Jumps On Q1 Revenue Beat, Strong Marketplace GOV Guidance

Price Action: DoorDash traded as high as $256.09 and as low as $110.13 since its IPO on Dec. 9.

At last check Friday, the stock was up 8.67% in premarket trading at $125.50.

Photo by GoToVan from Flickr.