Panagora Asset Management Inc. Sells 69,872 Shares of DoorDash, Inc. $DASH

Key Points

• Panagora Asset Management Inc. sold 69,872 shares of DoorDash, reducing its holdings by 22.9% to a total of 235,155 shares, valued at approximately $42.98 million.
• DoorDash reported a 24.9% year-over-year increase in revenue, totaling $3.28 billion, with earnings per share of $0.65 for the latest quarter, surpassing analysts' expectations.
• Analysts have raised their price targets for DoorDash, with Benchmark's target now at $315.00, reflecting general confidence in the company's performance.

Panagora Asset Management Inc. cut its position in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 22.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 235,155 shares of the company's stock after selling 69,872 shares during the quarter. Panagora Asset Management Inc. owned about 0.06% of DoorDash worth $42,979,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in DASH. WPG Advisers LLC purchased a new position in shares of DoorDash in the first quarter worth about $26,000. Harbour Investments Inc. grew its stake in 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 buying an additional 70 shares in the last quarter. SouthState Corp grew its stake in DoorDash by 762.5% in the 1st quarter. SouthState Corp now owns 207 shares of the company's stock valued at $38,000 after buying an additional 183 shares in the last quarter. ORG Partners LLC raised its holdings in DoorDash by 404.0% during the 1st quarter. ORG Partners LLC now owns 252 shares of the company's stock valued at $46,000 after acquiring an additional 202 shares during the period. Finally, Rothschild Investment LLC lifted its position 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 acquiring an additional 247 shares in the last quarter. Hedge funds and other institutional investors own 90.64% of the company's stock.

DoorDash Price Performance

NASDAQ:DASH traded down $1.15 during mid-day trading on Tuesday, reaching $244.10. The stock had a trading volume of 2,683,546 shares, compared to its average volume of 3,668,218. The stock has a market capitalization of $104.28 billion, a P/E ratio of 135.61 and a beta of 1.70. The firm has a 50 day moving average price of $245.98 and a two-hundred day moving average price of $213.27. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.07 and a current ratio of 2.07. DoorDash, Inc. has a one year low of $122.32 and a one year high of $278.15.

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 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 business had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.16 billion. During the same period last year, the business earned ($0.38) earnings per share. The business's quarterly revenue was up 24.9% on a year-over-year basis. As a group, analysts expect that DoorDash, Inc. will post 2.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

DASH has been the subject of several recent research reports. Benchmark lifted their price target on DoorDash from $260.00 to $315.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. KeyCorp reaffirmed an "overweight" rating and set a $325.00 target price (up previously from $295.00) on shares of DoorDash in a report on Thursday, August 7th. DA Davidson upped their price target on DoorDash from $150.00 to $190.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. JMP Securities raised their price objective on shares of DoorDash from $250.00 to $335.00 and gave the company a "market outperform" rating in a research report on Thursday, August 7th. Finally, Wells Fargo & Company upped their target price on shares of DoorDash from $239.00 to $280.00 and gave the stock an "equal weight" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $263.88.

Insiders Place Their Bets

In other news, Director Shona L. Brown sold 1,650 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $272.00, for a total transaction of $448,800.00. Following the completion of the sale, the director owned 41,827 shares of the company's stock, valued at approximately $11,376,944. This represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Andy Fang sold 50,000 shares of the firm'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 completion of the sale, the director directly owned 22,545 shares in the company, valued at approximately $6,216,558.30. This trade represents a 68.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 901,361 shares of company stock valued at $218,575,187 over the last three months. 5.83% of the stock is currently owned by company insiders.

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.