DoorDash, Inc. $DASH Holdings Boosted by CIBC Asset Management Inc

Key Points

• CIBC Asset Management increased its DoorDash stake by 36% in the fourth quarter, buying 43,169 additional shares and bringing its total holdings to 162,970 shares worth about $36.9 million.
• DoorDash continues to draw heavy institutional interest, with 90.64% of the stock owned by hedge funds and other institutional investors.
• The company recently reported Q1 earnings of $0.42 per share, topping estimates, while revenue rose 33.1% year over year to $4.04 billion; analysts currently rate the stock a Moderate Buy with an average target price of $259.58.

CIBC Asset Management Inc boosted its position in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 36.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 162,970 shares of the company's stock after purchasing an additional 43,169 shares during the period. CIBC Asset Management Inc's holdings in DoorDash were worth $36,909,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Physician Wealth Advisors Inc. grew its position in DoorDash by 284.0% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 96 shares of the company's stock worth $26,000 after purchasing an additional 71 shares in the last quarter. Eastern Bank grew its position in DoorDash by 714.3% during the 4th quarter. Eastern Bank now owns 114 shares of the company's stock worth $26,000 after purchasing an additional 100 shares in the last quarter. Sunbelt Securities Inc. grew its position in DoorDash by 124.1% during the 3rd quarter. Sunbelt Securities Inc. now owns 121 shares of the company's stock worth $33,000 after purchasing an additional 67 shares in the last quarter. ST Germain D J Co. Inc. purchased a new position in DoorDash during the 4th quarter worth approximately $29,000. Finally, Morse Asset Management Inc purchased a new position in DoorDash during the 3rd quarter worth approximately $36,000. 90.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on DASH shares. Stifel Nicolaus decreased their target price on shares of DoorDash from $215.00 to $185.00 and set a "hold" rating for the company in a research note on Monday, April 13th. Citizens Jmp decreased their target price on shares of DoorDash from $285.00 to $250.00 and set a "market outperform" rating for the company in a research note on Friday, February 20th. Barclays decreased their target price on shares of DoorDash from $238.00 to $220.00 and set an "equal weight" rating for the company in a research note on Thursday, February 19th. Mizuho decreased their target price on shares of DoorDash from $320.00 to $255.00 and set an "outperform" rating for the company in a research note on Tuesday, March 3rd. Finally, Rothschild & Co Redburn set a $350.00 target price on shares of DoorDash in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $259.58.

DoorDash Stock Down 1.5%

DASH stock opened at $154.58 on Thursday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.27. DoorDash, Inc. has a 1 year low of $143.30 and a 1 year high of $285.50. The company has a fifty day simple moving average of $162.22 and a 200 day simple moving average of $186.38. The firm has a market cap of $67.35 billion, a PE ratio of 73.61 and a beta of 1.83.

DoorDash (NASDAQ:DASH - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.06. DoorDash had a net margin of 6.29% and a return on equity of 9.58%. The business had revenue of $4.04 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same quarter in the previous year, the business earned $0.44 EPS. DoorDash's quarterly revenue was up 33.1% compared to the same quarter last year. Sell-side analysts anticipate that DoorDash, Inc. will post 2.45 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Keith Yandell sold 2,643 shares of DoorDash stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.34, for a total value of $410,563.62. Following the completion of the sale, the insider owned 81,106 shares of the company's stock, valued at approximately $12,599,006.04. The trade was a 3.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Prabir Adarkar sold 21,739 shares of DoorDash stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.25, for a total transaction of $3,374,979.75. Following the completion of the sale, the chief operating officer directly owned 959,076 shares of the company's stock, valued at approximately $148,896,549. The trade was a 2.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 69,808 shares of company stock worth $11,135,403 in the last 90 days. 5.83% of the stock is owned by corporate insiders.

About DoorDash

DoorDash, Inc operates a technology-driven logistics and food-delivery marketplace that connects consumers, merchants and independent delivery contractors. The company's core service enables customers to order from local restaurants and retailers through its app and website while DoorDash handles last-mile fulfillment via its network of drivers, known as “Dashers.” Over time the platform has broadened beyond restaurant deliveries to include groceries, convenience items and retail deliveries, positioning DoorDash as a broader on-demand logistics provider for consumer goods.

In addition to its marketplace, DoorDash offers a suite of products and services for consumers and businesses.

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