Cypress Point Wealth Management LLC Makes New Investment in DoorDash, Inc. $DASH

Key Points

• Cypress Point Wealth Management LLC acquired a new position in DoorDash, purchasing 1,500 shares valued at approximately $370,000 in the 2nd quarter.
• Several institutional investors significantly increased their stakes in DoorDash, with ownership by institutional investors now standing at 90.64% of the company's stock.
• The company reported $3.28 billion in revenue for the last quarter, exceeding analysts' expectations, along with an earnings per share of $0.65, which beat the consensus estimate by $0.23.

Cypress Point Wealth Management LLC purchased a new position in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,500 shares of the company's stock, valued at approximately $370,000.

A number of other institutional investors also recently added to or reduced their stakes in DASH. Night Squared LP purchased a new stake in shares of DoorDash during the 1st quarter worth approximately $2,780,000. Mutual of America Capital Management LLC acquired a new position in shares of DoorDash during the 1st quarter worth approximately $7,200,000. Ardmore Road Asset Management LP raised its position in shares of DoorDash by 6.7% during the 1st quarter. Ardmore Road Asset Management LP now owns 80,000 shares of the company's stock worth $14,622,000 after purchasing an additional 5,000 shares during the last quarter. Public Investment Fund raised its position in shares of DoorDash by 68.3% during the 1st quarter. Public Investment Fund now owns 821,389 shares of the company's stock worth $150,125,000 after purchasing an additional 333,369 shares during the last quarter. Finally, Junto Capital Management LP acquired a new position in shares of DoorDash during the 1st quarter worth approximately $29,261,000. Hedge funds and other institutional investors own 90.64% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on DASH shares. 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. Benchmark boosted their price objective on shares of DoorDash from $260.00 to $315.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. BMO Capital Markets boosted their price objective on shares of DoorDash from $238.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. JMP Securities upped their price target on shares of DoorDash from $250.00 to $335.00 and gave the stock a "market outperform" rating in a research report on Thursday, August 7th. Finally, KeyCorp reissued an "overweight" rating and issued a $325.00 price objective (up from $295.00) on shares of DoorDash in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat.com, DoorDash has an average rating of "Moderate Buy" and an average target price of $268.76.

DoorDash Price Performance

NASDAQ:DASH traded down $2.78 during trading hours on Friday, reaching $265.29. 10,684,224 shares of the company's stock were exchanged, compared to its average volume of 2,651,273. The company has a market capitalization of $113.33 billion, a P/E ratio of 147.38 and a beta of 1.70. DoorDash, Inc. has a 12 month low of $136.53 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 business's 50-day simple moving average is $250.23 and its two-hundred day simple moving average is $218.21.

DoorDash (NASDAQ:DASH - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.65 EPS for the quarter, beating the consensus estimate 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 firm's quarterly revenue was up 24.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.38) EPS. Sell-side analysts expect that DoorDash, Inc. will post 2.22 EPS for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Tia Sherringham sold 2,924 shares of the firm's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $250.00, for a total transaction of $731,000.00. Following the transaction, the general counsel owned 112,782 shares in the company, valued at approximately $28,195,500. This trade represents a 2.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Tony Xu sold 51,250 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $258.26, for a total transaction of $13,235,825.00. Following the transaction, the chief executive officer owned 1,500 shares in the company, valued at $387,390. This represents a 97.16% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,026,048 shares of company stock worth $251,592,950. Insiders own 5.83% of the company's stock.

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.