Why DoorDash Soared 13% Last Week

·2 min read
Why DoorDash Soared 13% Last Week

Shares of DoorDash (NYSE: DASH) soared 12.9% last week on no particularly positive news for the third-party delivery app, but traders moved sharply into its stock because short interest on the stock surged 24% to 14.2 million shares, or 11% of its outstanding stock. DoorDash isn't one of those so-called meme stocks that trade more based on what's said in internet chat rooms than on business fundamentals, but traders have kept a close eye on any stock with a high level of short interest, hoping to rally around its shares and cause a short squeeze. DoorDash bucked the market trend last week.

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