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

Key Points

• Bank of New York Mellon trimmed its DoorDash stake by 1.6% in the first quarter, though it still held 2.35 million shares valued at about $353.3 million.
• Institutional ownership remains very high, with funds like Vanguard, Morgan Stanley, and Price T. Rowe adding to positions; overall, 90.64% of DoorDash shares are held by institutions.
• DoorDash is getting mixed signals from the market: Wedbush started coverage with a neutral rating and $205 target, while the company also faces a $25 million lawsuit and rising competition concerns tied to Uber’s Delivery Hero deal.

Bank of New York Mellon Corp reduced its stake in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 1.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,352,748 shares of the company's stock after selling 37,060 shares during the quarter. Bank of New York Mellon Corp owned about 0.54% of DoorDash worth $353,265,000 as of its most recent SEC filing.

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

Key Headlines Impacting DoorDash

Here are the key news stories impacting DoorDash this week:

• Positive Sentiment: Wedbush initiated coverage on DoorDash with a neutral rating and a $205 price target, implying upside from current levels and signaling Wall Street still sees value in the stock. Benzinga report on Wedbush coverage
• Positive Sentiment: DoorDash unveiled new developer-focused tools, including the dd-cli AI command-line tool for macOS, and also said it will let AI agents place real food orders, which could broaden usage and highlight the company’s push into AI-enabled commerce. TechCrunch article Yahoo Finance article
• Neutral Sentiment: DoorDash is also being mentioned in stories about robots on New Mexico roads and a DoorDash “index” on burger prices in California; these are more business-interest and brand-awareness items than direct stock drivers. Yahoo News article on robots Yahoo Finance article on DoorDash index
• Negative Sentiment: A new lawsuit seeking $25 million claims DoorDash allowed an unlicensed driver to make deliveries, adding to liability and regulatory risk around its delivery network. Daily Press lawsuit article
• Negative Sentiment: Uber’s planned Delivery Hero acquisition is fueling competition concerns, with some coverage saying the deal could make Uber the world’s largest food-delivery player outside China and strengthen a major rival to DoorDash. Business Insider article Zacks article

DoorDash Stock Performance

Shares of NASDAQ:DASH opened at $184.14 on Friday. The firm's 50 day simple moving average is $169.76 and its 200-day simple moving average is $177.68. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.43 and a current ratio of 1.43. DoorDash, Inc. has a one year low of $143.30 and a one year high of $285.50. The firm has a market cap of $80.23 billion, a PE ratio of 87.69 and a beta of 1.78.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.06. DoorDash had a return on equity of 9.58% and a net margin of 6.29%.The firm had revenue of $4.04 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same quarter in the previous year, the business earned $0.44 earnings per share. DoorDash's quarterly revenue was up 33.1% on a year-over-year basis. As a group, equities analysts predict that DoorDash, Inc. will post 2.4 EPS for the current year.

Insiders Place Their Bets

In other news, COO Prabir Adarkar sold 21,739 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $155.25, for a total transaction of $3,374,979.75. Following the transaction, the chief operating officer owned 959,076 shares in the company, valued at approximately $148,896,549. This trade represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ravi Inukonda sold 19,095 shares of DoorDash stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $188.04, for a total value of $3,590,623.80. Following the completion of the transaction, the chief financial officer owned 252,443 shares in the company, valued at $47,469,381.72. This trade represents a 7.03% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 84,927 shares of company stock worth $15,124,932. 5.83% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on DASH. Wells Fargo & Company dropped their price target on shares of DoorDash from $200.00 to $199.00 and set an "equal weight" rating for the company in a research note on Monday, July 6th. BTIG Research decreased their price objective on shares of DoorDash from $280.00 to $225.00 and set a "buy" rating for the company in a research note on Friday, June 12th. Wedbush began coverage on DoorDash in a research report on Thursday. They set a "neutral" rating and a $205.00 target price for the company. Weiss Ratings raised DoorDash from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, May 13th. Finally, Jefferies Financial Group increased their price target on DoorDash from $220.00 to $225.00 and gave the stock a "buy" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, DoorDash has a consensus rating of "Moderate Buy" and a consensus target price of $252.89.

DoorDash 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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