Why DoorDash Inc Stock Is Delivering Gains

DoorDash, Inc. DASH shares are trading higher Thursday after the company reported a year-over-year increase in third-quarter earnings per share and better-than-expected quarterly sales results.

The Details:

After the market close on Wednesday, DoorDash reported losses of 19 cents per share, beating estimates of losses of 40 cents and up from losses of 77 cents per share year-over-year.

The company also reported third-quarter revenue of $2.164 billion, beating the consensus estimate of $2.092 billion.

On Thursday, Wedbush analyst Scott Devitt maintained DoorDash with a Neutral and raised the price target from $85 to $92.

Shares of DASH are up on heavy trading volume Thursday. According to data from Benzinga Pro, more than 4 million shares have already been traded in the session, surpassing the stock's 100-day average of 3.351 million shares.

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DASH Price Action: According to Benzinga Pro, DoorDash shares are up more than 17% at $88.94 at the time of publication.

Image: Courtesy of DoorDash, Inc.