Fifth Third Bancorp Boosts Holdings in DoorDash, Inc. $DASH

Key Points

• Fifth Third Bancorp increased its stake in DoorDash by 31.7% in the second quarter, owning 20,056 shares valued at approximately $4.94 million.
• Several hedge funds have recently made new investments in DoorDash, with institutional investors now holding about 90.64% of the stock.
• Bank of America and Morgan Stanley have raised their price targets for DoorDash shares, with average expectations now around $271.55, reflecting strong market confidence.

Fifth Third Bancorp raised its holdings in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 31.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,056 shares of the company's stock after purchasing an additional 4,823 shares during the quarter. Fifth Third Bancorp's holdings in DoorDash were worth $4,944,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Sheets Smith Wealth Management purchased a new stake in DoorDash in the second quarter valued at $741,000. MFA Wealth Advisors LLC purchased a new stake in DoorDash in the second quarter valued at $216,000. Gries Financial LLC purchased a new stake in DoorDash in the second quarter valued at $223,000. GAMMA Investing LLC boosted its holdings in DoorDash by 123.5% in the second quarter. GAMMA Investing LLC now owns 4,295 shares of the company's stock valued at $1,059,000 after purchasing an additional 2,373 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. purchased a new stake in DoorDash in the second quarter valued at $52,000. 90.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Bank of America upped their price target on shares of DoorDash from $230.00 to $245.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Morgan Stanley upped their price target on shares of DoorDash from $275.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Sanford C. Bernstein increased their target price on shares of DoorDash from $210.00 to $265.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. Cantor Fitzgerald reissued an "overweight" rating and set a $330.00 target price on shares of DoorDash in a research note on Wednesday, September 17th. Finally, Piper Sandler increased their target price on shares of DoorDash from $210.00 to $290.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and thirteen have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $271.55.

DoorDash Trading Up 0.5%

Shares of DoorDash stock opened at $262.08 on Friday. The firm has a market capitalization of $111.96 billion, a PE ratio of 145.60 and a beta of 1.70. DoorDash, Inc. has a twelve month low of $140.53 and a twelve month high of $278.15. The firm's 50-day moving average price is $252.27 and its 200 day moving average price is $220.42. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.30.

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

Insider Activity at DoorDash

In related news, CEO Tony Xu sold 291,403 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $238.19, for a total value of $69,409,280.57. Following the transaction, the chief executive officer directly owned 229,047 shares of the company's stock, valued at approximately $54,556,704.93. This trade represents a 55.99% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Prabir Adarkar sold 41,881 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $245.82, for a total transaction of $10,295,187.42. Following the completion of the transaction, the chief operating officer directly owned 914,547 shares in the company, valued at $224,813,943.54. This represents a 4.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 990,055 shares of company stock valued at $243,008,391. 5.83% of the stock is owned by corporate insiders.

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.

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