Bank of Nova Scotia Has $111.49 Million Stock Position in DoorDash, Inc. (NASDAQ:DASH)

Key Points

• The Bank of Nova Scotia significantly increased its stake in DoorDash by 433.1%, acquiring a total of 610,002 shares valued at approximately $111.49 million.
• Institutional investors and hedge funds currently own about 90.64% of DoorDash's stock, reflecting strong institutional interest in the company.
• Recent analyst evaluations have been optimistic, with firms like Truist Financial and Morgan Stanley raising their price targets for DoorDash to between $272.00 and $275.00.

Bank of Nova Scotia increased its stake in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 433.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 610,002 shares of the company's stock after acquiring an additional 495,583 shares during the quarter. Bank of Nova Scotia owned about 0.15% of DoorDash worth $111,490,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of DoorDash by 24.0% during the 4th quarter. Brighton Jones LLC now owns 9,336 shares of the company's stock worth $1,566,000 after purchasing an additional 1,807 shares during the period. GAMMA Investing LLC grew its position in DoorDash by 70.4% during the first quarter. GAMMA Investing LLC now owns 1,922 shares of the company's stock worth $351,000 after buying an additional 794 shares in the last quarter. Flagship Harbor Advisors LLC increased its stake in DoorDash by 14.4% during the first quarter. Flagship Harbor Advisors LLC now owns 1,636 shares of the company's stock valued at $299,000 after acquiring an additional 206 shares during the period. Park Avenue Securities LLC increased its stake in DoorDash by 9.3% during the first quarter. Park Avenue Securities LLC now owns 10,017 shares of the company's stock valued at $1,831,000 after acquiring an additional 850 shares during the period. Finally, Sowell Financial Services LLC acquired a new position in DoorDash in the 1st quarter valued at approximately $222,000. 90.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at DoorDash

In other news, Director Andy Fang sold 30,000 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $217.52, for a total value of $6,525,600.00. Following the transaction, the director owned 22,545 shares of the company's stock, valued at approximately $4,903,988.40. This trade represents a 57.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Tony Xu sold 44,244 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $220.71, for a total transaction of $9,765,093.24. Following the sale, the chief executive officer directly owned 520,450 shares of the company's stock, valued at approximately $114,868,519.50. This trade represents a 7.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 508,127 shares of company stock worth $115,087,539 in the last ninety days. 5.83% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Royal Bank Of Canada reissued an "outperform" rating and set a $230.00 price objective on shares of DoorDash in a report on Wednesday, May 7th. Truist Financial raised their target price on DoorDash from $230.00 to $272.00 and gave the stock a "buy" rating in a research report on Tuesday. Morgan Stanley reiterated an "overweight" rating and set a $275.00 price target (up previously from $220.00) on shares of DoorDash in a research note on Monday, July 21st. Jefferies Financial Group restated a "hold" rating and issued a $250.00 price objective (up previously from $235.00) on shares of DoorDash in a research note on Tuesday, July 15th. Finally, Loop Capital reaffirmed a "buy" rating on shares of DoorDash in a report on Tuesday, July 15th. Eleven research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $235.56.

DoorDash Price Performance

Shares of DoorDash stock opened at $248.35 on Friday. The firm has a 50 day simple moving average of $230.64 and a 200 day simple moving average of $203.47. DoorDash, Inc. has a fifty-two week low of $106.21 and a fifty-two week high of $252.87. The firm has a market cap of $105.24 billion, a P/E ratio of 322.54 and a beta of 1.70.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.05. The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.10 billion. DoorDash had a return on equity of 4.39% and a net margin of 3.02%. The business's quarterly revenue was up 20.7% compared to the same quarter last year. During the same period last year, the company earned ($0.06) EPS. On average, sell-side analysts expect that DoorDash, Inc. will post 2.22 EPS for the current year.

About DoorDash

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.

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