Shares of DoorDash (NASDAQ: DASH) gained in pre-market trading after the food delivery platform’s orders jumped 24% year-over-year to 543 million in the third quarter. The company also raised its outlook and now expects marketplace gross order value (GOV) in the range of $17 billion to $17.4 billion in the fourth quarter while adjusted EBITDA is likely to be between $320 million and $380 million. For reference, analysts were expecting marketplace GOV to be $16.4 billion in Q4.
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DoorDash defines GOV as the “total dollar value of Marketplace orders.” In the third quarter, the company’s losses narrowed to $0.19 per share as compared to a loss of $0.77 per share in the same period last year. The company generated revenues of $2.16 billion, up by 27% year-over-year.
Is DoorDash Stock a Buy?
Analysts are cautiously optimistic about DASH stock with a Moderate Buy consensus rating based on 10 Buys and 13 Holds. The average DASH price target of $100.29 implies an upside potential of 32.1% at current levels.
