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Hartford Investment Management Co. Purchases New Shares in DoorDash, Inc. (NASDAQ:DASH)

DoorDash logo with Computer and Technology background

Key Points

  • Hartford Investment Management Co. has acquired a new stake in DoorDash, purchasing approximately 20,709 shares valued at around $3.79 million.
  • Institutional investors collectively own 90.64% of DoorDash's stock, with several firms significantly increasing their stakes during the last quarter.
  • Wall Street analysts have mixed ratings on DoorDash, with price targets ranging from $175.00 to $295.00, indicating a general expectation of growth despite varied assessments.
  • MarketBeat previews top five stocks to own in September.

Hartford Investment Management Co. bought a new position in DoorDash, Inc. (NASDAQ:DASH - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 20,709 shares of the company's stock, valued at approximately $3,785,000.

Several other institutional investors have also made changes to their positions in DASH. Harbour Investments Inc. increased its stake in shares of DoorDash by 55.6% in the first quarter. Harbour Investments Inc. now owns 196 shares of the company's stock worth $36,000 after acquiring an additional 70 shares during the last quarter. ORG Partners LLC lifted its stake in DoorDash by 404.0% in the first 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 last quarter. Rothschild Investment LLC lifted its stake in 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 acquiring an additional 247 shares during the last quarter. Mizuho Securities Co. Ltd. lifted its stake in DoorDash by 150.0% in the first quarter. Mizuho Securities Co. Ltd. now owns 300 shares of the company's stock valued at $55,000 after acquiring an additional 180 shares during the last quarter. Finally, Washington Trust Advisors Inc. acquired a new stake in DoorDash in the first quarter valued at approximately $56,000. 90.64% of the stock is owned by hedge funds and other institutional investors.

DoorDash Price Performance

Shares of DASH traded up $9.67 during midday trading on Monday, hitting $258.02. 3,349,917 shares of the company traded hands, compared to its average volume of 2,846,482. The stock has a 50-day moving average of $230.64 and a 200-day moving average of $203.92. DoorDash, Inc. has a one year low of $106.21 and a one year high of $258.73. The firm has a market cap of $109.33 billion, a P/E ratio of 335.10 and a beta of 1.70.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.05. DoorDash had a return on equity of 4.39% and a net margin of 3.02%. The firm had revenue of $3.03 billion for the quarter, compared to analysts' expectations of $3.10 billion. During the same period in the prior year, the business posted ($0.06) earnings per share. The company's revenue was up 20.7% on a year-over-year basis. Sell-side analysts forecast that DoorDash, Inc. will post 2.22 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Prabir Adarkar sold 62,267 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $202.67, for a total value of $12,619,652.89. Following the sale, the chief operating officer directly owned 942,554 shares of the company's stock, valued at $191,027,419.18. This trade represents a 6.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stanley Tang sold 45,410 shares of the firm'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 completion of the sale, the director directly owned 26,070 shares in the company, valued at $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 sold a total of 508,127 shares of company stock worth $115,087,539 over the last three months. Company insiders own 5.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on DASH. Loop Capital restated a "buy" rating on shares of DoorDash in a research note on Tuesday, July 15th. Sanford C. Bernstein boosted their price objective 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. Bank of America boosted their price objective on shares of DoorDash from $230.00 to $245.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Truist Financial boosted their price objective on shares of DoorDash from $230.00 to $272.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Finally, KeyCorp boosted their price objective on shares of DoorDash from $235.00 to $295.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Eleven research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $235.56.

View Our Latest Research Report on DASH

DoorDash Profile

(Free Report)

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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Institutional Ownership by Quarter for DoorDash (NASDAQ:DASH)

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