Acadian Asset Management LLC Cuts Position in DoorDash, Inc. $DASH

Key Points

• Acadian Asset Management LLC sold 571,535 shares of DoorDash, reducing its stake by 36.1%, leaving it with approximately $184.57 million worth of the stock.
• CEO Tony Xu sold 291,403 shares at an average price of $238.19, significantly decreasing his ownership by 55.99%.
• Wall Street analysts have raised their price targets for DoorDash, with a consensus price of $264.65 and a rating categorization of "Moderate Buy."

Acadian Asset Management LLC lessened its position in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 36.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,009,998 shares of the company's stock after selling 571,535 shares during the period. Acadian Asset Management LLC owned 0.24% of DoorDash worth $184,573,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Night Squared LP purchased a new position in shares of DoorDash during the 1st quarter valued at $2,780,000. Mutual of America Capital Management LLC purchased a new position in shares of DoorDash during the 1st quarter valued at $7,200,000. Ardmore Road Asset Management LP grew its stake in DoorDash by 6.7% in the 1st quarter. Ardmore Road Asset Management LP now owns 80,000 shares of the company's stock valued at $14,622,000 after buying an additional 5,000 shares in the last quarter. Public Investment Fund grew its stake in DoorDash by 68.3% in the 1st quarter. Public Investment Fund now owns 821,389 shares of the company's stock valued at $150,125,000 after buying an additional 333,369 shares in the last quarter. Finally, Junto Capital Management LP purchased a new position in DoorDash in the 1st quarter valued at approximately $29,261,000. Hedge funds and other institutional investors own 90.64% of the company's stock.

Insider Activity at DoorDash

In related news, COO Prabir Adarkar sold 41,881 shares of the company's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $245.82, for a total value of $10,295,187.42. Following the completion of the transaction, the chief operating officer directly owned 914,547 shares in the company, valued at approximately $224,813,943.54. The trade was a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tony Xu sold 291,403 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $238.19, for a total transaction of $69,409,280.57. Following the completion of the transaction, the chief executive officer owned 229,047 shares of the company's stock, valued at $54,556,704.93. This trade represents a 55.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,019,042 shares of company stock valued at $248,122,219 over the last ninety days. 5.83% of the stock is currently owned by insiders.

Analysts Set New Price Targets

DASH has been the subject of a number of recent research reports. Citigroup reiterated an "outperform" rating on shares of DoorDash in a research note on Thursday, August 7th. Wells Fargo & Company lifted their price objective on shares of DoorDash from $280.00 to $306.00 and gave the company an "equal weight" rating in a research note on Friday, September 5th. KeyCorp reiterated an "overweight" rating and issued a $325.00 price objective (up from $295.00) on shares of DoorDash in a research note on Thursday, August 7th. Wedbush reiterated a "neutral" rating on shares of DoorDash in a research note on Friday, August 8th. Finally, Morgan Stanley lifted their price objective on shares of DoorDash from $275.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat, DoorDash currently has a consensus rating of "Moderate Buy" and a consensus target price of $266.71.

DoorDash Price Performance

NASDAQ DASH traded down $2.21 during trading on Friday, reaching $257.98. The company's stock had a trading volume of 2,215,886 shares, compared to its average volume of 2,845,738. The stock has a market capitalization of $110.21 billion, a PE ratio of 143.32 and a beta of 1.70. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.07 and a quick ratio of 2.07. The firm has a fifty day moving average of $248.21 and a 200 day moving average of $215.94. DoorDash, Inc. has a one year low of $126.90 and a one year high of $278.15.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.23. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.16 billion. DoorDash had a return on equity of 9.56% and a net margin of 6.57%.The company's quarterly revenue was up 24.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.38) EPS. Analysts expect that DoorDash, Inc. will post 2.22 EPS for the current fiscal year.

DoorDash Profile

DoorDash, Inc, together with its subsidiaries, operates a commerce platform that connects merchants, consumers, and independent contractors in the United States and internationally. The company operates DoorDash Marketplace and Wolt Marketplace, which provide various services, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.