TenCore Partners LP Has $14.78 Million Position in DoorDash, Inc. $DASH

Key Points

• TenCore Partners LP reduced its holdings in DoorDash by 7.9%, now owning 80,854 shares, valued at approximately $14.8 million.
• Multiple hedge funds, including Teza Capital Management and UniSuper Management, increased their stakes significantly, with UniSuper raising its position by 342.5%.
• DoorDash's stock saw a positive price target adjustment from analysts, with Truist Financial raising the target from $272 to $326 and maintaining a "buy" rating.

TenCore Partners LP decreased its position in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 80,854 shares of the company's stock after selling 6,970 shares during the period. DoorDash accounts for 7.8% of TenCore Partners LP's investment portfolio, making the stock its 6th biggest holding. TenCore Partners LP's holdings in DoorDash were worth $14,778,000 at the end of the most recent quarter.

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

DoorDash Stock Down 1.4%

NASDAQ DASH traded down $3.69 during trading hours on Friday, reaching $256.51. 748,116 shares of the company's stock traded hands, compared to its average volume of 4,553,125. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.07 and a quick ratio of 2.07. The firm has a market cap of $109.58 billion, a PE ratio of 142.85 and a beta of 1.70. The firm has a 50-day simple moving average of $247.83 and a 200 day simple moving average of $215.48. DoorDash, Inc. has a 52-week low of $126.90 and a 52-week high of $278.15.

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

Analyst Upgrades and Downgrades

DASH has been the topic of a number of recent research reports. Needham & Company LLC set a $300.00 price objective on DoorDash and gave the stock a "buy" rating in a report on Thursday, August 7th. UBS Group raised their price target on shares of DoorDash from $260.00 to $280.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Benchmark boosted their price objective on DoorDash from $260.00 to $315.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Bank of America upped their price objective on shares of DoorDash from $230.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $260.00 target price (up from $210.00) on shares of DoorDash in a research report on Wednesday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat, DoorDash currently has an average rating of "Moderate Buy" and a consensus price target of $266.71.

Insider Activity

In other news, CEO Tony Xu sold 291,403 shares of the business's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $238.19, for a total value of $69,409,280.57. Following the completion of the transaction, the chief executive officer owned 229,047 shares in the company, valued at $54,556,704.93. The trade was a 55.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Prabir Adarkar sold 41,881 shares of the business's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $245.82, for a total value of $10,295,187.42. Following the completion of the transaction, the chief operating officer owned 914,547 shares of the company's stock, valued at $224,813,943.54. This represents a 4.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,019,042 shares of company stock valued at $248,122,219 in the last quarter. Insiders own 5.83% of the company's stock.

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.