Market News

DoorDash Eyes Students Through Unique Deal

DoorDash (NYSE: DASH) unveiled a new membership plan for college students: DashPass for Students.

Founded in 2013, DoorDash is an American company that provides on-demand food delivery services in the United States, Canada, and Australia through its local logistics platform.

Details of the New Plan

Under the newly-launched plan that comes at $4.99 a month, students can avail the benefits of on-demand delivery from numerous eligible restaurants, convenience and grocery stores, as well as local and national retailers at affordable prices.

The Annual Student Plan option will cost students $48 for a year. Notably, the cost of the new plan is half that of the standard monthly DashPass membership.

Other benefits include unlimited $0 delivery fees on eligible orders over the minimum subtotal; plus 10% off order subtotals year-round from reduced service fees; 5% DoorDash credits back on every eligible pickup order; and members-only promotions and DashPass exclusive menu items.

All undergraduate and graduate students at accredited colleges and universities across the U.S. will be eligible for the DashPass for Students membership.

To promote the newly launched plan, DoorDash also launched a multi-platform marketing campaign titled “So Worth It” that will span across digital, social, and on-campus activations.

Analysts Recommendation

The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on nine Buys and seven Holds. The average DoorDash price target of $164.21 implies 56.81% upside potential to current levels.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into DoorDash’s performance.  

According to the tool, the DoorDash website has recorded year-to-date website growth of 26.75% so far this year. Furthermore, DoorDash saw an impressive 164.67% sequential increase to 156.5 million unique visitors to its website in March.

Key TakeAway

The newly launched membership plan, DashPass for students is aimed at capturing a lucrative segment of the delivery business: students. Offered at attractive pricing, this should help increase the company’s subscriber base, leading to top-line growth.

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