DoorDash DASH -1.67% is a newly minted $65 billion public food-delivery company trading near its highs just as the coronavirus is beginning to wane and restaurants are opening back up. What could possibly go wrong?

The nearest catalyst could be deceiving. The company is set to dish out fourth-quarter results on Thursday, its first report as a public company. All signs point to a capstone end to a phenomenal year for the platform, which now commands a seemingly untouchable 53% of the market, according to data released Friday by Edison Trends.

The fourth quarter is seasonally strong for food-delivery players, given cold weather and holidays, but Covid-19 has made 2020 a particular boon. Earlier this month, Grubhub said it grew sales 48% year over year in the fourth quarter, while Uber Technologies said its Uber Eats business grew revenue 224% in the same period. It makes sense, then, based on competitors’ performance, that investors would be bidding up DoorDash’s stock ahead of its earnings.

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