Raymond James Financial Inc. Sells 345,012 Shares of DoorDash, Inc. $DASH

Key Points

• Raymond James Financial Inc. has reduced its stake in DoorDash by 39.6%, selling 345,012 shares and now holding 525,892 shares valued at approximately $96.1 million.
• Insiders, including directors Andy Fang and Stanley Tang, have significantly sold shares, with 688,999 shares worth over $163 million sold recently, decreasing their ownership by up to 68.92%.
• DoorDash's stock is currently experiencing a 2.0% decline and the company reported a quarterly earnings per share of $0.65, exceeding analysts' expectations of $0.42, alongside a 24.9% year-over-year revenue growth.

Raymond James Financial Inc. decreased its position in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 39.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 525,892 shares of the company's stock after selling 345,012 shares during the quarter. Raymond James Financial Inc. owned approximately 0.13% of DoorDash worth $96,117,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Kids Capital Management L.P. purchased a new position in shares of DoorDash in the first quarter valued at about $9,230,000. State of New Jersey Common Pension Fund D increased its position in shares of DoorDash by 5.8% in the first quarter. State of New Jersey Common Pension Fund D now owns 119,926 shares of the company's stock valued at $21,919,000 after acquiring an additional 6,540 shares during the period. Wealthedge Investment Advisors LLC purchased a new position in shares of DoorDash in the first quarter valued at about $790,000. Ethic Inc. increased its position in shares of DoorDash by 14.9% during the first quarter. Ethic Inc. now owns 40,225 shares of the company's stock valued at $7,338,000 after buying an additional 5,228 shares during the period. Finally, Aberdeen Group plc increased its position in shares of DoorDash by 193.2% during the first quarter. Aberdeen Group plc now owns 183,593 shares of the company's stock valued at $32,696,000 after buying an additional 120,974 shares during the period. Hedge funds and other institutional investors own 90.64% of the company's stock.

DoorDash Stock Up 0.9%

Shares of NASDAQ DASH traded up $2.14 during midday trading on Friday, hitting $247.32. The stock had a trading volume of 2,811,511 shares, compared to its average volume of 3,882,916. The business's 50 day moving average is $242.93 and its 200-day moving average is $211.02. The company has a market cap of $105.66 billion, a P/E ratio of 137.40 and a beta of 1.70. DoorDash, Inc. has a 52 week low of $122.32 and a 52 week 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.

DoorDash (NASDAQ:DASH - Get Free Report) last issued its 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 for 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 business's revenue was up 24.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.38) earnings per share. As a group, analysts predict that DoorDash, Inc. will post 2.22 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on DASH shares. Benchmark boosted their price target on shares of DoorDash from $260.00 to $315.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Bank of America boosted their price target on shares of DoorDash from $230.00 to $245.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Stifel Nicolaus upped their price objective on shares of DoorDash from $214.00 to $239.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Zacks Research upgraded shares of DoorDash to a "hold" rating in a report on Tuesday, August 12th. Finally, UBS Group upped their price objective on shares of DoorDash from $260.00 to $280.00 and gave the stock a "neutral" rating in a 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $263.88.

Insider Activity at DoorDash

In other DoorDash news, CEO Tony Xu sold 291,403 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $238.19, for a total transaction of $69,409,280.57. Following the completion of the sale, the chief executive officer directly owned 229,047 shares of the company's stock, valued at approximately $54,556,704.93. This represents a 55.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stanley Tang sold 45,410 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $240.69, for a total transaction of $10,929,732.90. Following the sale, the director directly owned 26,070 shares of the company's stock, valued at approximately $6,274,788.30. This represents a 63.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 905,179 shares of company stock worth $217,357,737 over the last quarter. Company 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.