Mackenzie Financial Corp Cuts Position in DoorDash, Inc. (NASDAQ:DASH)

Key Points

• Mackenzie Financial Corp has trimmed its holdings in DoorDash by 55.6%, reducing its stake to 70,857 shares valued at approximately $12.95 million.
• Several institutional investors significantly increased their positions in DoorDash, with ORG Partners LLC lifting its holdings by 404% during the same quarter.
• Analyst upgrades have led to varied target prices for DoorDash, with Truist Financial raising its target price from $230.00 to $272.00 and a consensus rating of "Moderate Buy" among analysts.

Mackenzie Financial Corp reduced its holdings in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 55.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 70,857 shares of the company's stock after selling 88,604 shares during the quarter. Mackenzie Financial Corp's holdings in DoorDash were worth $12,951,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ORG Partners LLC boosted its position in shares of DoorDash by 404.0% during the 1st quarter. ORG Partners LLC now owns 252 shares of the company's stock worth $46,000 after purchasing an additional 202 shares in the last quarter. Rothschild Investment LLC raised its holdings in shares of DoorDash by 1,452.9% in the first quarter. Rothschild Investment LLC now owns 264 shares of the company's stock valued at $48,000 after purchasing an additional 247 shares during the last quarter. Mizuho Securities Co. Ltd. lifted its position in shares of DoorDash by 150.0% during the first quarter. Mizuho Securities Co. Ltd. now owns 300 shares of the company's stock valued at $55,000 after purchasing an additional 180 shares in the last quarter. Washington Trust Advisors Inc. purchased a new position in DoorDash during the first quarter worth about $56,000. Finally, Cromwell Holdings LLC bought a new stake in DoorDash in the 1st quarter worth about $58,000. 90.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at DoorDash

In related news, COO Prabir Adarkar sold 30,000 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $243.02, for a total transaction of $7,290,600.00. Following the sale, the chief operating officer directly owned 942,554 shares in the company, valued at approximately $229,059,473.08. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tony Xu sold 4,042 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $250.28, for a total value of $1,011,631.76. Following the completion of the transaction, the chief executive officer directly owned 520,450 shares of the company's stock, valued at $130,258,226. This trade represents a 0.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 508,127 shares of company stock worth $115,087,539 over the last 90 days. 5.83% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

DASH has been the topic of a number of research analyst reports. JMP Securities boosted their target price on DoorDash from $235.00 to $250.00 and gave the stock a "market outperform" rating in a research note on Tuesday, July 15th. Roth Capital upped their price objective on DoorDash from $191.00 to $225.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Oppenheimer lifted their target price on DoorDash from $220.00 to $280.00 and gave the stock an "outperform" rating in a research note on Monday, June 30th. JPMorgan Chase & Co. lowered their target price on DoorDash from $205.00 to $175.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Finally, Morgan Stanley restated an "overweight" rating and set a $275.00 price objective (up previously from $220.00) on shares of DoorDash in a report on Monday, July 21st. Eleven equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $235.56.

DoorDash Stock Down 0.8%

Shares of DASH traded down $1.90 during mid-day trading on Friday, reaching $248.35. The company had a trading volume of 2,945,040 shares, compared to its average volume of 2,699,196. DoorDash, Inc. has a 52-week low of $106.21 and a 52-week high of $252.87. The stock has a 50 day moving average of $230.64 and a two-hundred day moving average of $203.69. The stock has a market capitalization of $105.24 billion, a P/E ratio of 322.54 and a beta of 1.70.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.05. DoorDash had a net margin of 3.02% and a return on equity of 4.39%. The business had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same quarter last year, the business earned ($0.06) earnings per share. The company's revenue for the quarter was up 20.7% compared to the same quarter last year. On average, sell-side analysts expect that DoorDash, Inc. will post 2.22 earnings per share for the current year.

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.