BOCHK Asset Management Ltd Purchases New Position in DoorDash, Inc. $DASH

Key Points

• BOCHK Asset Management Ltd acquired a new position in DoorDash, Inc., purchasing 2,180 shares valued at approximately $537,000, which constitutes 0.2% of its overall portfolio.
• In the past 90 days, insiders at DoorDash sold 891,841 shares worth over $220 million, with 5.83% of the company currently owned by insiders.
• Analysts have raised price targets for DoorDash, with BMO Capital Markets and Royal Bank of Canada increasing targets to $288.00 and $300.00, respectively, while maintaining an "outperform" rating.

BOCHK Asset Management Ltd acquired a new stake in DoorDash, Inc. (NASDAQ:DASH - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,180 shares of the company's stock, valued at approximately $537,000. DoorDash makes up about 0.2% of BOCHK Asset Management Ltd's portfolio, making the stock its 22nd largest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in DASH. Saudi Central Bank acquired a new stake in shares of DoorDash in the 1st quarter valued at about $25,000. WPG Advisers LLC acquired a new stake in shares of DoorDash in the first quarter valued at approximately $26,000. Pacific Center for Financial Services acquired a new stake in shares of DoorDash in the first quarter valued at approximately $27,000. Harbour Investments Inc. increased 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 valued at $36,000 after acquiring an additional 70 shares during the period. Finally, SouthState Corp increased its holdings in shares of DoorDash by 762.5% in the 1st quarter. SouthState Corp now owns 207 shares of the company's stock valued at $38,000 after acquiring an additional 183 shares during the period. Institutional investors and hedge funds own 90.64% of the company's stock.

Insider Activity at DoorDash

In related news, Director Stanley Tang sold 45,410 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $243.31, for a total value of $11,048,707.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Tia Sherringham sold 2,924 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $250.00, for a total value of $731,000.00. Following the completion of the transaction, the general counsel directly owned 112,782 shares of the company's stock, valued at $28,195,500. The trade was a 2.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 891,841 shares of company stock worth $220,178,742. 5.83% of the stock is currently owned by company insiders.

DoorDash Price Performance

Shares of NASDAQ DASH opened at $267.64 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.07 and a current ratio of 2.07. DoorDash, Inc. has a one year low of $140.62 and a one year high of $278.15. The firm has a market capitalization of $114.34 billion, a P/E ratio of 148.69 and a beta of 1.71. The company's fifty day moving average is $254.56 and its two-hundred day moving average is $222.77.

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

Analysts Set New Price Targets

Several research analysts have issued reports on DASH shares. Zacks Research raised shares of DoorDash to a "hold" rating in a research report on Tuesday, August 12th. BMO Capital Markets increased their target price on shares of DoorDash from $238.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Royal Bank Of Canada boosted their price target on DoorDash from $230.00 to $300.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Truist Financial increased their price objective on DoorDash from $272.00 to $326.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, Wells Fargo & Company lifted their target price on DoorDash from $280.00 to $306.00 and gave the company an "equal weight" rating in a research note on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat, DoorDash currently has a consensus rating of "Moderate Buy" and a consensus target price of $275.42.

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.

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