DoorDash股价呈现持续下跌趋势，开盘当日估值过高？

北美送餐平台DoorDash于12月9日上市。首日收盘，DoorDash的股价上涨85.8%，每股189.51美元（远高于102美元的发行价），市值超600亿美元，成为美国外卖第一股。

但是，从12月11日开始，DoorDash股价就出现下跌趋势，一度跌超6%，报174美元。一直到本周三，DoorDash出现了自IPO当日以来的55%的涨幅。但是在本周四，也就是今天的跌幅一度到达5.1%。DoorDash方面拒绝就此事发表评论。

知名调查及做空机构Citron在一份研究报告中表示：DoorDash的直接竞争对手们，比如Grubhub Inc.、Uber Technologies Inc.和最近收购的Postmates的估值通常是销售额的3至6倍，而DoorDash的交易价格为19倍。Citron表示，DoorDash每股价值理应为40美元/股，因为食品配送市场竞争激烈、客户缺乏品牌忠诚度，而且该行业也缺乏政府监管。

As of Wednesday, DoorDash had gained 55% since its debut last week. It fell as much as 5.1% on Thursday. DoorDash declined to comment.

Direct competitors, including Grubhub Inc., Uber Technologies Inc. and the recently acquired Postmates, are typically valued at three to six times sales, Citron said in a research report. DoorDash was trading at 19 times. DoorDash should be worth $40 a share, Citron said, citing intense competition in the market for food delivery, lack of brand loyalty from customers and potential government regulation.   source

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