Lord Abbett & CO. LLC Sells 2,660 Shares of DoorDash, Inc. $DASH

Key Points

• Lord Abbett & CO. LLC has reduced its stake in DoorDash, Inc. by 0.3%, now owning approximately 0.19% of the company valued at $143.3 million after selling 2,660 shares.
• Several hedge funds increased their positions in DoorDash, with notable increases including Sit Investment Associates (+5%) and E Fund Management (+136.6%).
• Despite recent insider sales, DoorDash reported a quarterly earnings per share of $0.65, exceeding analysts' expectations, with revenues up 24.9% year-over-year.

Lord Abbett & CO. LLC cut its holdings in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 0.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 784,226 shares of the company's stock after selling 2,660 shares during the period. Lord Abbett & CO. LLC owned approximately 0.19% of DoorDash worth $143,333,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of DoorDash by 25.8% during the first quarter. Vanguard Group Inc. now owns 39,397,286 shares of the company's stock valued at $7,200,642,000 after purchasing an additional 8,073,882 shares in the last quarter. Capital World Investors increased its stake in DoorDash by 26.4% during the 4th quarter. Capital World Investors now owns 12,153,265 shares of the company's stock valued at $2,038,712,000 after buying an additional 2,538,160 shares during the period. Invesco Ltd. raised its position in shares of DoorDash by 41.9% during the 1st quarter. Invesco Ltd. now owns 4,799,851 shares of the company's stock worth $877,269,000 after buying an additional 1,416,194 shares in the last quarter. Nuveen LLC acquired a new position in shares of DoorDash during the first quarter valued at approximately $211,415,000. Finally, Deutsche Bank AG increased its stake in shares of DoorDash by 111.3% during the first quarter. Deutsche Bank AG now owns 2,009,699 shares of the company's stock valued at $367,313,000 after acquiring an additional 1,058,731 shares during the period. Institutional investors own 90.64% of the company's stock.

Analyst Upgrades and Downgrades

DASH has been the subject of a number of research reports. Raymond James Financial reaffirmed a "strong-buy" rating and set a $325.00 price target (up from $275.00) on shares of DoorDash in a research note on Thursday, August 7th. Cantor Fitzgerald restated an "overweight" rating and set a $260.00 price objective (up previously from $210.00) on shares of DoorDash in a research report on Wednesday, June 25th. Citigroup reaffirmed an "outperform" rating on shares of DoorDash in a research note on Thursday, August 7th. Loop Capital reissued a "buy" rating on shares of DoorDash in a research note on Tuesday, July 15th. Finally, Royal Bank Of Canada lifted their price target on shares of 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 given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $263.88.

DoorDash Stock Down 0.6%

Shares of NASDAQ DASH traded down $1.47 during mid-day trading on Tuesday, reaching $251.87. 762,643 shares of the company traded hands, compared to its average volume of 4,723,819. The stock has a market cap of $107.60 billion, a PE ratio of 140.27 and a beta of 1.70. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.07 and a current ratio of 2.07. The company's fifty day moving average is $240.60 and its two-hundred day moving average is $209.68. DoorDash, Inc. has a fifty-two week low of $122.32 and a fifty-two week high of $278.15.

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

Insider Activity

In other DoorDash news, CEO Tony Xu sold 51,250 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $255.89, for a total transaction of $13,114,362.50. Following the completion of the sale, the chief executive officer directly owned 520,450 shares in the company, valued at $133,177,950.50. This represents a 8.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stanley Tang sold 45,410 shares of DoorDash stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $240.69, for a total value of $10,929,732.90. Following the completion of the transaction, the director directly owned 26,070 shares in the company, valued at approximately $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 654,832 shares of company stock worth $154,752,327 in the last 90 days. Insiders own 5.83% of the company's stock.

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.