1,074,069 Shares of DoorDash, Inc. $DASH Bought by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management initiated a DoorDash position, buying 1,074,069 shares valued at about $197.1 million. The stock represents 3.7% of its portfolio and is its third-largest holding.
• DoorDash reported quarterly EPS of $1.06, beating the $0.81 consensus, while revenue of $4.62 billion exceeded expectations and rose 34% year over year.
• Analysts’ average rating is “Moderate Buy,” with an average price target of $248.66; recent target changes were mixed, including cuts from Wells Fargo and UBS and an increase from Deutsche Bank.

Kornitzer Capital Management Inc. KS acquired a new stake in DoorDash, Inc. (NASDAQ:DASH - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,074,069 shares of the company's stock, valued at approximately $197,145,000. DoorDash makes up approximately 3.7% of Kornitzer Capital Management Inc. KS's holdings, making the stock its 3rd largest position. Kornitzer Capital Management Inc. KS owned about 0.25% of DoorDash as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Washington Trust Advisors Inc. grew its holdings in shares of DoorDash by 81.0% in the 2nd quarter. Washington Trust Advisors Inc. now owns 143 shares of the company's stock valued at $26,000 after acquiring an additional 64 shares in the last quarter. Activest Wealth Management grew its holdings in DoorDash by 892.9% during the third quarter. Activest Wealth Management now owns 139 shares of the company's stock worth $26,000 after purchasing an additional 125 shares during the period. City State Bank increased its position in DoorDash by 56.0% during the third quarter. City State Bank now owns 156 shares of the company's stock worth $29,000 after buying an additional 56 shares during the last quarter. Signature Equity Partners LLC increased its position in DoorDash by 213.5% during the third quarter. Signature Equity Partners LLC now owns 163 shares of the company's stock worth $30,000 after buying an additional 111 shares during the last quarter. Finally, Clark Wealth Partners raised its stake in DoorDash by 833.3% in the third quarter. Clark Wealth Partners now owns 196 shares of the company's stock valued at $36,000 after buying an additional 175 shares during the period. 90.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DASH has been the subject of a number of recent analyst reports. Wells Fargo & Company cut their price objective on DoorDash from $230.00 to $200.00 and set an "equal weight" rating for the company in a research report on Friday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price target on DoorDash from $255.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. KeyCorp lowered their target price on shares of DoorDash from $280.00 to $275.00 and set an "overweight" rating on the stock in a report on Tuesday, July 14th. Raymond James Financial reaffirmed a "buy" rating on shares of DoorDash in a report on Thursday, September 3rd. Finally, UBS Group cut their target price on DoorDash from $225.00 to $213.00 and set a "neutral" rating for the company in a research report on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $248.66.

DoorDash Stock Performance

NASDAQ DASH opened at $179.67 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.37 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $77.85 billion, a price-to-earnings ratio of 74.24 and a beta of 1.98. The firm's 50 day simple moving average is $193.38 and its 200 day simple moving average is $182.51. DoorDash, Inc. has a 1 year low of $143.30 and a 1 year high of $239.00.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.25. DoorDash had a net margin of 6.23% and a return on equity of 10.40%. The business had revenue of $4.62 billion for the quarter, compared to analysts' expectations of $4.56 billion. During the same period last year, the firm posted $0.55 earnings per share. The firm's quarterly revenue was up 34.0% compared to the same quarter last year. As a group, research analysts expect that DoorDash, Inc. will post 2.68 earnings per share for the current fiscal year.

Trending Headlines about DoorDash

Here are the key news stories impacting DoorDash this week:

• Positive Sentiment: DoorDash and Lyft launched Lyft Go, a $9.99 monthly membership that includes DashPass and 8% credits on Lyft rides for future rides or DoorDash orders. The bundle could help DoorDash attract and retain customers, though its financial impact is not yet known. Lyft Debuts Joint Membership Program With DoorDash
• Neutral Sentiment: Rosenblatt Securities lowered its DoorDash price target to $225 from $270 but maintained a Buy rating. The cut signals a more cautious outlook, although the new target remains above the cited share price. Rosenblatt Securities analyst ratings
• Negative Sentiment: Small grocers have questioned whether DoorDash’s proposed Instacart deal would benefit them, highlighting potential pushback as the transaction faces scrutiny and uncertainty. Grocers push back on DoorDash's Instacart deal
• Negative Sentiment: Director Stanley Tang sold 23,125 shares, cutting his direct holdings by about 69%. The sale was made under a pre-arranged trading plan, which may reduce its significance as a signal about his view of the stock. SEC filing for Stanley Tang share sale

Insider Buying and Selling

In other news, Director Stanley Tang sold 72,367 shares of the business's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $225.16, for a total transaction of $16,294,153.72. Following the completion of the transaction, the director owned 10,361 shares of the company's stock, valued at approximately $2,332,882.76. The trade was a 87.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Ravi Inukonda sold 19,505 shares of the company's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $220.62, for a total value of $4,303,193.10. Following the sale, the chief financial officer owned 232,938 shares of the company's stock, valued at approximately $51,390,781.56. This represents a 7.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 349,430 shares of company stock worth $76,644,002. 44.90% of the stock is owned by company insiders.

About DoorDash

DoorDash, Inc operates a local commerce platform that connects consumers with restaurants and other merchants, as well as with independent delivery workers. Through its app and website, customers can order restaurant meals, groceries, convenience items and products from other local retailers for delivery or pickup.

The company also provides services for merchants, including tools for online ordering, marketing and fulfillment. Its offerings include DoorDash Drive, which provides delivery logistics for merchants' own orders, and DashPass, a subscription program for eligible orders.

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