Comerica Bank Grows Stock Position in DoorDash, Inc. $DASH

Key Points

• Comerica Bank has increased its position in DoorDash by 164%, now holding $9.54 million in shares after purchasing an additional 32,404 shares.
• Key insider sales include Director Stanley Tang selling 45,410 shares and CEO Tony Xu selling 291,403 shares, representing decreases in their positions of 63.53% and 55.99%, respectively.
• DoorDash reported $3.28 billion in revenue for the last quarter, exceeding analysts' expectations and marking a 24.9% year-over-year increase in revenue.

Comerica Bank boosted its position in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 164.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,168 shares of the company's stock after acquiring an additional 32,404 shares during the quarter. Comerica Bank's holdings in DoorDash were worth $9,535,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in DoorDash by 25.8% during the first quarter. Vanguard Group Inc. now owns 39,397,286 shares of the company's stock worth $7,200,642,000 after purchasing an additional 8,073,882 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in DoorDash by 15.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,907,970 shares of the company's stock worth $897,031,000 after purchasing an additional 641,601 shares in the last quarter. Invesco Ltd. raised its holdings in DoorDash by 41.9% during the first quarter. Invesco Ltd. now owns 4,799,851 shares of the company's stock worth $877,269,000 after purchasing an additional 1,416,194 shares in the last quarter. Northern Trust Corp raised its holdings in DoorDash by 38.2% during the first quarter. Northern Trust Corp now owns 3,309,237 shares of the company's stock worth $604,829,000 after purchasing an additional 915,512 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in DoorDash by 36.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,151,986 shares of the company's stock worth $576,089,000 after purchasing an additional 842,637 shares in the last quarter. Institutional investors and hedge funds own 90.64% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on DASH. Royal Bank Of Canada raised their price objective on shares of DoorDash from $230.00 to $300.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Zacks Research raised shares of DoorDash to a "hold" rating in a report on Tuesday, August 12th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $260.00 target price (up from $210.00) on shares of DoorDash in a report on Wednesday, June 25th. Oppenheimer lifted their target price on shares of DoorDash from $280.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $325.00 target price (up from $275.00) on shares of DoorDash in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and thirteen have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $263.88.

Insider Activity at DoorDash

In other DoorDash news, COO Prabir Adarkar sold 41,881 shares of the business's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $245.82, for a total transaction of $10,295,187.42. Following the sale, the chief operating officer directly owned 914,547 shares in the company, valued at approximately $224,813,943.54. The trade was a 4.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andy Fang sold 50,000 shares of the business's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $275.74, for a total transaction of $13,787,000.00. Following the sale, the director owned 22,545 shares in the company, valued at $6,216,558.30. The trade was a 68.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 932,764 shares of company stock worth $224,714,524. 5.83% of the stock is currently owned by insiders.

DoorDash Stock Performance

NASDAQ:DASH traded down $2.08 during midday trading on Friday, reaching $245.25. The stock had a trading volume of 1,966,601 shares, compared to its average volume of 3,884,752. The firm has a fifty day simple moving average of $245.52 and a two-hundred day simple moving average of $212.79. DoorDash, Inc. has a 12-month low of $122.32 and a 12-month high of $278.15. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.30. The stock has a market cap of $104.77 billion, a P/E ratio of 136.25 and a beta of 1.70.

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

DoorDash 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.