Fred Alger Management LLC Invests $6.46 Million in DoorDash, Inc. $DASH

Key Points

• Fred Alger Management LLC has acquired a new stake in DoorDash, Inc. by purchasing 35,365 shares valued at approximately $6.46 million.
• Major investors like Vanguard Group Inc. and Goldman Sachs have also increased their holdings in DoorDash, with institutional ownership now at 90.64%.
• Equities analysts expect positive growth, with DoorDash receiving an average rating of "Moderate Buy" and a target price of about $264.65 from various firms.

Fred Alger Management LLC acquired a new stake in DoorDash, Inc. (NASDAQ:DASH - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 35,365 shares of the company's stock, valued at approximately $6,464,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Saudi Central Bank purchased a new position in DoorDash in the 1st quarter valued at $25,000. WPG Advisers LLC acquired a new stake in shares of DoorDash in the 1st quarter worth $26,000. Pacific Center for Financial Services acquired a new position in shares of DoorDash during the 1st quarter valued at about $27,000. Harbour Investments Inc. grew its holdings in shares of DoorDash by 55.6% in the first quarter. Harbour Investments Inc. now owns 196 shares of the company's stock valued at $36,000 after purchasing an additional 70 shares during the period. Finally, SouthState Corp increased its position in DoorDash by 762.5% during the first quarter. SouthState Corp now owns 207 shares of the company's stock worth $38,000 after purchasing an additional 183 shares during the last quarter. Hedge funds and other institutional investors own 90.64% of the company's stock.

Insiders Place Their Bets

In other DoorDash news, Director Andy Fang sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $275.74, for a total value of $13,787,000.00. Following the completion of the sale, the director owned 22,545 shares in the company, valued at approximately $6,216,558.30. The trade was a 68.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stanley Tang sold 45,410 shares of the business'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 value of $10,929,732.90. Following the completion of the sale, the director owned 26,070 shares of the company's stock, valued at approximately $6,274,788.30. This represents a 63.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,019,042 shares of company stock valued at $248,122,219. 5.83% of the stock is owned by company insiders.

DoorDash Stock Down 0.8%

DASH traded down $2.21 on Friday, reaching $257.98. The company's stock had a trading volume of 2,215,886 shares, compared to its average volume of 4,561,936. The stock has a 50 day moving average of $247.83 and a two-hundred day moving average of $215.48. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $110.21 billion, a price-to-earnings ratio of 143.32 and a beta of 1.70. DoorDash, Inc. has a fifty-two week low of $126.90 and a fifty-two week high of $278.15.

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

Wall Street Analysts Forecast Growth

DASH has been the topic of several recent analyst reports. Bank of America boosted their target price on shares of DoorDash from $230.00 to $245.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Wedbush reiterated a "neutral" rating on shares of DoorDash in a report on Friday, August 8th. Truist Financial boosted their target price on shares of DoorDash from $272.00 to $326.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Needham & Company LLC set a $300.00 price objective on DoorDash and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada raised their price objective on DoorDash from $230.00 to $300.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat, DoorDash presently has a consensus rating of "Moderate Buy" and an average target price of $266.71.

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.