Bank of New York Mellon Corp Boosts Stake in DoorDash, Inc. $DASH

Key Points

• Bank of New York Mellon increased its DoorDash stake by 10.3% in the fourth quarter, ending with 2.39 million shares valued at about $541.2 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 90.64% of DoorDash shares. Several firms, including Norges Bank, Vanguard, Invesco, and State Street, also boosted or initiated positions.
• Analysts remain mostly positive on DoorDash, with the stock carrying a “Moderate Buy” consensus and an average price target of $259.58, well above its recent trading price around $154.58.

Bank of New York Mellon Corp grew its stake in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 10.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,389,808 shares of the company's stock after buying an additional 223,926 shares during the period. Bank of New York Mellon Corp owned 0.55% of DoorDash worth $541,244,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank purchased a new position in shares of DoorDash during the fourth quarter worth $1,093,650,000. Vanguard Group Inc. increased its holdings in DoorDash by 3.7% in the third quarter. Vanguard Group Inc. now owns 42,712,908 shares of the company's stock valued at $11,617,484,000 after buying an additional 1,522,823 shares in the last quarter. Scge Management L.P. purchased a new position in DoorDash in the second quarter valued at $267,463,000. Invesco Ltd. grew its position in shares of DoorDash by 18.2% in the third quarter. Invesco Ltd. now owns 6,355,628 shares of the company's stock valued at $1,728,667,000 after purchasing an additional 980,148 shares during the period. Finally, State Street Corp grew its position in shares of DoorDash by 6.3% in the third quarter. State Street Corp now owns 15,296,624 shares of the company's stock valued at $4,160,529,000 after purchasing an additional 909,125 shares during the period. Hedge funds and other institutional investors own 90.64% of the company's stock.

Insiders Place Their Bets

In other news, General Counsel Tia Sherringham sold 2,743 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $160.79, for a total value of $441,046.97. Following the sale, the general counsel directly owned 128,216 shares of the company's stock, valued at approximately $20,615,850.64. The trade was a 2.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Prabir Adarkar sold 21,739 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.25, for a total transaction of $3,374,979.75. Following the completion of the sale, the chief operating officer directly owned 959,076 shares in the company, valued at $148,896,549. This trade represents a 2.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 69,808 shares of company stock worth $11,135,403. Insiders own 5.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on DASH shares. Roth Mkm reiterated a "neutral" rating and issued a $200.00 target price on shares of DoorDash in a research report on Thursday, February 19th. Bank of America lifted their target price on shares of DoorDash from $260.00 to $272.00 and gave the company a "buy" rating in a research report on Thursday, February 19th. DA Davidson dropped their target price on shares of DoorDash from $224.00 to $200.00 and set a "neutral" rating on the stock in a research report on Thursday, May 7th. Morgan Stanley reiterated an "overweight" rating and issued a $275.00 target price on shares of DoorDash in a research report on Thursday, February 19th. Finally, TD Cowen initiated coverage on shares of DoorDash in a research report on Monday, April 27th. They issued a "buy" rating and a $225.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, DoorDash currently has an average rating of "Moderate Buy" and an average price target of $259.58.

DoorDash Stock Performance

NASDAQ:DASH opened at $154.58 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market capitalization of $67.35 billion, a price-to-earnings ratio of 73.61 and a beta of 1.83. The company's 50-day moving average is $162.22 and its two-hundred day moving average is $186.38. DoorDash, Inc. has a 1-year low of $143.30 and a 1-year high of $285.50.

DoorDash (NASDAQ:DASH - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.06. The company had revenue of $4.04 billion for the quarter, compared to analyst estimates of $4.15 billion. DoorDash had a net margin of 6.29% and a return on equity of 9.58%. DoorDash's revenue was up 33.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.44 EPS. Analysts forecast that DoorDash, Inc. will post 2.45 EPS for the current year.

About DoorDash

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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