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DoorDash Stock Hits 16% Increase After Wolt Acquisition Announcement

DoorDash (NYSE: DASH) stock see 16% increase on Wednesday, after news of acquiring international food delivery firm Wolt.

Notably, the company goes into groceries and retail with The $8.1 billion all-stock deal. More so, DoorDash is to complete the acquisition while in the second half of next year.

Furthermore, The deal has Wolt CEO Miki Kuusi to handle DoorDash International.
Also, The acquisition offers DoorDash an avenue for expansion in the U.S. market, as Wolt focuses on the global market.

More so, The development has positive outlook for the stock after the company reveals its quarterly results.

Of course, with DoorDash recording a loss of 30% per share.
Also, it comes out as a beneficiary of the coronavirus pandemic registered a net loss of $101 million.

Recall, last month DASH trades between the range of $187 to $220.
Meanwhile, It is trading near the high of the range.
Generally, the stock is seeing an uptrend rally with catalysts pushing its stock to new highs.

Lastly, 16 Wall Street analysts offers a 12-month price target for DoorDash.

Notably, The analysts predicts an average price of $229.21 with a high forecast of $270.00 and a low forecast of $183.

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