a16z Perennial Management L.P. Sells 10,806 Shares of DoorDash, Inc. $DASH

Key Points

• a16z Perennial Management cut its DoorDash stake by 78.3% in the first quarter, selling 10,806 shares and leaving it with 2,990 shares worth about $449,000.
• Institutional ownership remains high, with hedge funds and asset managers holding the vast majority of DoorDash shares; Vanguard, Morgan Stanley, State Street and others also increased positions recently.
• Analysts are still mostly positive on DoorDash, with a consensus rating of Moderate Buy and an average price target of $252.89, despite some recent rating cuts and lower targets.

a16z Perennial Management L.P. reduced its position in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 78.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,990 shares of the company's stock after selling 10,806 shares during the period. a16z Perennial Management L.P.'s holdings in DoorDash were worth $449,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in DASH. Vanguard Group Inc. boosted its stake in shares of DoorDash by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 43,426,479 shares of the company's stock valued at $9,835,229,000 after buying an additional 713,571 shares during the period. SC US Ttgp LTD. raised its stake in DoorDash by 1.6% in the fourth quarter. SC US Ttgp LTD. now owns 31,686,624 shares of the company's stock valued at $7,176,387,000 after purchasing an additional 506,358 shares in the last quarter. Morgan Stanley raised its position in shares of DoorDash by 2.3% in the 4th quarter. Morgan Stanley now owns 17,536,824 shares of the company's stock valued at $3,971,741,000 after buying an additional 391,596 shares in the last quarter. State Street Corp raised its position in shares of DoorDash by 3.0% in the 4th quarter. State Street Corp now owns 15,761,072 shares of the company's stock valued at $3,569,568,000 after buying an additional 464,448 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of DoorDash by 32.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,958,114 shares of the company's stock worth $3,161,234,000 after acquiring an additional 3,447,754 shares during the period. 90.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DASH has been the topic of several recent analyst reports. Zacks Research lowered DoorDash from a "hold" rating to a "strong sell" rating in a research note on Friday, July 17th. Stifel Nicolaus dropped their price objective on DoorDash from $215.00 to $185.00 and set a "hold" rating for the company in a research report on Monday, April 13th. DA Davidson reduced their price objective on DoorDash from $224.00 to $200.00 and set a "neutral" rating on the stock in a research note on Thursday, May 7th. The Goldman Sachs Group set a $280.00 price objective on DoorDash in a research note on Thursday, May 7th. Finally, Moffett Nathanson set a $276.00 target price on shares of DoorDash in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $252.89.

DoorDash Stock Performance

Shares of DoorDash stock opened at $188.04 on Wednesday. DoorDash, Inc. has a 1-year low of $143.30 and a 1-year high of $285.50. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average price of $171.05 and a two-hundred day moving average price of $176.75. The company has a market cap of $81.93 billion, a P/E ratio of 89.54 and a beta of 1.78.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.36 by $0.06. DoorDash had a net margin of 6.29% and a return on equity of 9.58%. The company had revenue of $4.04 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same quarter last year, the firm posted $0.44 EPS. The company's quarterly revenue was up 33.1% on a year-over-year basis. As a group, analysts anticipate that DoorDash, Inc. will post 2.39 EPS for the current year.

Insider Buying and Selling

In related news, Director Shona L. Brown sold 582 shares of the company's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $177.06, for a total transaction of $103,048.92. Following the transaction, the director directly owned 31,156 shares of the company's stock, valued at approximately $5,516,481.36. This represents a 1.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stanley Tang sold 23,125 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $191.19, for a total value of $4,421,268.75. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 74,927 shares of company stock worth $13,241,532 over the last 90 days. 5.83% of the stock is owned by company insiders.

DoorDash Company Profile

DoorDash, Inc operates a technology-driven logistics and food-delivery marketplace that connects consumers, merchants and independent delivery contractors. The company's core service enables customers to order from local restaurants and retailers through its app and website while DoorDash handles last-mile fulfillment via its network of drivers, known as “Dashers.” Over time the platform has broadened beyond restaurant deliveries to include groceries, convenience items and retail deliveries, positioning DoorDash as a broader on-demand logistics provider for consumer goods.

In addition to its marketplace, DoorDash offers a suite of products and services for consumers and businesses.

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