Illinois Municipal Retirement Fund Sells 13,444 Shares of DoorDash, Inc. $DASH

Key Points

• Illinois Municipal Retirement Fund reduced its DoorDash stake by 16.6% in Q1, selling 13,444 shares and leaving it with 67,536 shares valued at about $10.1 million.
• Several other large institutional investors remain heavily invested in DoorDash, and 90.64% of the stock is held by institutions, suggesting continued strong Wall Street interest despite the trim by one fund.
• DoorDash reported Q1 earnings of $0.42 per share, topping estimates, while revenue rose 33.1% year over year; analysts currently rate the stock a Moderate Buy with an average price target of $252.89.

Illinois Municipal Retirement Fund cut its position in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 16.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 67,536 shares of the company's stock after selling 13,444 shares during the period. Illinois Municipal Retirement Fund's holdings in DoorDash were worth $10,141,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in DASH. Norges Bank purchased a new stake in DoorDash in the 4th quarter worth about $1,093,650,000. Wellington Management Group LLP boosted its position in shares of DoorDash by 593.1% during the fourth quarter. Wellington Management Group LLP now owns 5,481,693 shares of the company's stock valued at $1,241,494,000 after buying an additional 4,690,744 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of DoorDash by 32.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,958,114 shares of the company's stock valued at $3,161,234,000 after buying an additional 3,447,754 shares during the last quarter. Coatue Management LLC raised its holdings in shares of DoorDash by 77.8% in the fourth quarter. Coatue Management LLC now owns 4,365,365 shares of the company's stock worth $988,668,000 after buying an additional 1,910,488 shares during the period. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of DoorDash in the fourth quarter worth approximately $372,128,000. 90.64% of the stock is currently owned by institutional investors.

Insider Transactions at DoorDash

In related news, CFO Ravi Inukonda sold 19,095 shares of the company's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $188.04, for a total transaction of $3,590,623.80. Following the transaction, the chief financial officer directly owned 252,443 shares of the company's stock, valued at $47,469,381.72. This represents a 7.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stanley Tang sold 23,125 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $191.19, for a total value of $4,421,268.75. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 84,927 shares of company stock worth $15,124,932. 5.83% of the stock is currently owned by corporate insiders.

DoorDash Trading Down 2.0%

NASDAQ:DASH opened at $186.36 on Friday. DoorDash, Inc. has a 52 week low of $143.30 and a 52 week high of $285.50. The firm has a 50 day moving average of $169.36 and a 200 day moving average of $177.63. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $81.20 billion, a price-to-earnings ratio of 88.74 and a beta of 1.78.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.06. The company had revenue of $4.04 billion during the quarter, compared to the consensus estimate of $4.15 billion. DoorDash had a net margin of 6.29% and a return on equity of 9.58%. DoorDash's revenue was up 33.1% compared to the same quarter last year. During the same period last year, the firm earned $0.44 earnings per share. As a group, sell-side analysts anticipate that DoorDash, Inc. will post 2.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on DASH shares. KeyCorp dropped their price objective on DoorDash from $280.00 to $275.00 and set an "overweight" rating for the company in a report on Tuesday. Moffett Nathanson set a $276.00 target price on DoorDash in a research note on Wednesday, April 15th. UBS Group lifted their target price on DoorDash from $206.00 to $214.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Wedbush initiated coverage on shares of DoorDash in a research note on Thursday. They set a "neutral" rating and a $205.00 target price for the company. Finally, Argus set a $190.00 price target on shares of DoorDash in a report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, DoorDash has an average rating of "Moderate Buy" and a consensus price target of $252.89.

Key Stories Impacting DoorDash

Here are the key news stories impacting DoorDash this week:

• Positive Sentiment: DoorDash unveiled new developer-focused tools, including a macOS command-line product and an AI-agent ordering feature, which could highlight innovation and broaden how users interact with the platform. Yes, you can now order DoorDash from the command line
• Positive Sentiment: A new Wedbush coverage initiation with a $205 price target suggests Wall Street sees upside from current levels, which can support sentiment around the stock. DoorDash is now covered by Wedbush
• Positive Sentiment: DoorDash also expanded its merchant reach through a Shopify integration, which could help drive more delivery volume from brick-and-mortar retailers. DoorDash-Shopify Integration Creates On-Demand Delivery for Brick-and-Mortar Retailers
• Neutral Sentiment: Reports about DoorDash’s move into robots and autonomous delivery highlight long-term innovation, but the near-term financial impact is still unclear. Delivery company DoorDash wants to roll out robots on New Mexico roads
• Negative Sentiment: Fresh lawsuit headlines alleging DoorDash allowed an unlicensed driver to make deliveries add legal and reputational risk, which can weigh on shares. Former shipyard worker sues DoorDash for $25M, saying it allowed unlicensed driver to make deliveries
• Negative Sentiment: Broader competition may also be a concern after Uber’s acquisition of Delivery Hero, which could intensify pressure in global food delivery. Move over DoorDash, Uber's latest deal would make it the world's largest food delivery player outside China

DoorDash Profile

DoorDash, Inc operates a technology-driven logistics and food-delivery marketplace that connects consumers, merchants and independent delivery contractors. The company's core service enables customers to order from local restaurants and retailers through its app and website while DoorDash handles last-mile fulfillment via its network of drivers, known as “Dashers.” Over time the platform has broadened beyond restaurant deliveries to include groceries, convenience items and retail deliveries, positioning DoorDash as a broader on-demand logistics provider for consumer goods.

In addition to its marketplace, DoorDash offers a suite of products and services for consumers and businesses.

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