DoorDash, Inc. $DASH Shares Acquired by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. significantly increased its stake in DoorDash, Inc. by 316.2%, now owning 105,285 shares valued at approximately $19.24 million.
• Analysts have set a new range of price targets for DoorDash, increasing them as high as $300.00 and maintaining an average rating of "Moderate Buy" with a consensus target price of $263.88.
• CEO Tony Xu sold over 291,000 shares for approximately $69.41 million, marking a significant reduction of 55.99% in his ownership of the stock.

Corebridge Financial Inc. lifted its holdings in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 316.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,285 shares of the company's stock after purchasing an additional 79,989 shares during the period. Corebridge Financial Inc.'s holdings in DoorDash were worth $19,243,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Harbour Investments Inc. increased its stake 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 purchasing an additional 70 shares in the last quarter. SouthState Corp increased its stake 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 purchasing an additional 183 shares in the last quarter. ORG Partners LLC increased its stake in shares of DoorDash by 404.0% during the first quarter. ORG Partners LLC now owns 252 shares of the company's stock worth $46,000 after purchasing an additional 202 shares in the last quarter. Rothschild Investment LLC increased its stake in shares of DoorDash by 1,452.9% during the first quarter. Rothschild Investment LLC now owns 264 shares of the company's stock worth $48,000 after purchasing an additional 247 shares in the last quarter. Finally, Mizuho Securities Co. Ltd. increased its stake in shares of DoorDash by 150.0% during the first quarter. Mizuho Securities Co. Ltd. now owns 300 shares of the company's stock worth $55,000 after purchasing an additional 180 shares in the last quarter. Hedge funds and other institutional investors own 90.64% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on DASH shares. Needham & Company LLC set a $300.00 target price on shares of DoorDash and gave the stock a "buy" rating in a research note on Thursday, August 7th. BMO Capital Markets lifted 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. Wells Fargo & Company lifted their target price on shares of DoorDash from $239.00 to $280.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Loop Capital reiterated a "buy" rating on shares of DoorDash in a research report on Tuesday, July 15th. Finally, Piper Sandler lifted their price objective on DoorDash from $210.00 to $290.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $263.88.

Insider Buying and Selling at DoorDash

In other news, COO Prabir Adarkar sold 41,881 shares of the company's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $245.82, for a total transaction of $10,295,187.42. Following the sale, the chief operating officer owned 914,547 shares of the company's stock, valued at approximately $224,813,943.54. This represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andy Fang sold 50,000 shares of the business's stock in a transaction that occurred 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 transaction, the director owned 22,545 shares of the company's stock, valued at $6,216,558.30. This trade represents a 68.92% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 932,764 shares of company stock valued at $224,714,524. Insiders own 5.83% of the company's stock.

DoorDash Trading Down 0.8%

DASH traded down $2.08 during mid-day trading on Friday, hitting $245.25. 1,966,601 shares of the stock were exchanged, compared to its average volume of 3,884,752. The firm's fifty day moving average is $245.52 and its two-hundred day moving average is $212.79. DoorDash, Inc. has a 1-year low of $122.32 and a 1-year high of $278.15. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.30. The company has a market cap of $104.77 billion, a PE ratio of 136.25 and a beta of 1.70.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $3.16 billion. During the same period in the prior year, the firm earned ($0.38) EPS. The firm's revenue for the quarter was up 24.9% on a year-over-year basis. Equities analysts forecast that DoorDash, Inc. will post 2.22 earnings per share for the current fiscal year.

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.