Keep an eye on DoorDash Inc. (DASH).
The stock just broke out above double top resistance, and could soon test $210, we believe. All after it and Albertsons partner on same-day grocery delivery from about 2,000 stores. The partnership, according to CNBC, may help grocery stores, like Albertsons compete with companies like Amazon and Walmart, which already lead in online grocery delivery.
“As expectations for convenience, speed and ease continue to grow, consumers can now order groceries and essentials on-demand for delivery within an hour through DoorDash’s top-rated marketplace with no time slot, queues or minimum order size required. Albertsons will offer more than 40,000 grocery items from stores for delivery via DoorDash, including fresh and prepared food, core grocery, floral and convenience items at select stores,” as noted in a company press release.
Better, the grocery delivery market could be worth up to $99 billion by 2022, up from $55 billion in 2019, according to Payments Journal. If DASH is successful with Albertsons, the DASH stock could easily see higher highs.
In addition, DoorDash CEO Tony Xu believes the industry is still in its infancy.