309,600 Shares in DoorDash, Inc. $DASH Bought by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. acquired 309,600 shares of DoorDash, Inc., representing a total value of approximately $56.6 million, and now owns about 0.07% of the company.
• In recent insider activity, CEO Tony Xu sold 291,403 shares for over $69 million, reducing his ownership by nearly 56%.
• Several analysts have boosted their price targets for DoorDash, with new targets including $315 from Benchmark and $325 from Raymond James, promoting a predominantly buy consensus rating.

Adage Capital Partners GP L.L.C. bought a new position in DoorDash, Inc. (NASDAQ:DASH - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 309,600 shares of the company's stock, valued at approximately $56,586,000. Adage Capital Partners GP L.L.C. owned about 0.07% of DoorDash as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DASH. Saudi Central Bank bought a new stake in shares of DoorDash in the 1st quarter worth approximately $25,000. WPG Advisers LLC bought a new stake in shares of DoorDash in the 1st quarter worth approximately $26,000. Harbour Investments Inc. raised its holdings in shares of DoorDash by 55.6% in the 1st quarter. Harbour Investments Inc. now owns 196 shares of the company's stock worth $36,000 after purchasing an additional 70 shares during the period. SouthState Corp raised its holdings in shares of DoorDash by 762.5% in the 1st quarter. SouthState Corp now owns 207 shares of the company's stock worth $38,000 after purchasing an additional 183 shares during the period. Finally, ORG Partners LLC raised its holdings in shares of DoorDash by 404.0% in the 1st quarter. ORG Partners LLC now owns 252 shares of the company's stock worth $46,000 after purchasing an additional 202 shares during the period. Hedge funds and other institutional investors own 90.64% of the company's stock.

Insider Activity

In related news, Director Stanley Tang sold 45,410 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $240.69, for a total value of $10,929,732.90. Following the completion of the transaction, the director directly owned 26,070 shares in the company, valued at approximately $6,274,788.30. The trade was a 63.53% 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, COO Prabir Adarkar sold 41,881 shares of the company's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $245.82, for a total transaction of $10,295,187.42. Following the completion of the transaction, the chief operating officer owned 914,547 shares of the company's stock, valued at $224,813,943.54. This trade represents a 4.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,019,042 shares of company stock valued at $248,122,219 over the last 90 days. Company insiders own 5.83% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on DASH shares. Loop Capital reaffirmed a "buy" rating on shares of DoorDash in a report on Tuesday, July 15th. Bank of America lifted their price target on shares of DoorDash from $230.00 to $245.00 and gave the stock a "buy" rating in a report on Thursday, June 12th. Stifel Nicolaus lifted their price target on shares of DoorDash from $214.00 to $239.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. BTIG Research lifted their price target on shares of DoorDash from $225.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, July 1st. Finally, Morgan Stanley boosted their target price on shares of DoorDash from $275.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $264.65.

DoorDash Price Performance

Shares of DASH traded down $1.93 during mid-day trading on Friday, reaching $246.85. 2,195,370 shares of the stock traded hands, compared to its average volume of 3,107,718. The firm has a fifty day moving average price of $246.58 and a 200 day moving average price of $214.01. The company has a market cap of $105.45 billion, a price-to-earnings ratio of 137.14 and a beta of 1.70. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.30. DoorDash, Inc. has a 1 year low of $122.32 and a 1 year high of $278.15.

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

DoorDash Company 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.