Maryland State Retirement & Pension System Increases Stock Position in DoorDash, Inc. $DASH

Key Points

• The Maryland State Retirement & Pension System increased its stake in DoorDash, Inc. by 5.5%, owning a total of 17,439 shares valued at approximately $4.3 million.
• Institutional investors control 90.64% of DoorDash's stock, with significant recent investments from firms like Saudi Central Bank and Harbour Investments.
• DoorDash reported a 24.9% increase in revenue year-over-year, reaching $3.28 billion, and surpassed earnings expectations with EPS of $0.65.

Maryland State Retirement & Pension System increased its position in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 5.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,439 shares of the company's stock after purchasing an additional 914 shares during the quarter. Maryland State Retirement & Pension System's holdings in DoorDash were worth $4,299,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Saudi Central Bank purchased a new position in shares of DoorDash in the first quarter valued at $25,000. WPG Advisers LLC purchased a new position in shares of DoorDash in the first quarter valued at $26,000. Pacific Center for Financial Services purchased a new position in shares of DoorDash in the first quarter valued at $27,000. Harbour Investments Inc. boosted its stake in DoorDash by 55.6% during the 1st quarter. Harbour Investments Inc. now owns 196 shares of the company's stock valued at $36,000 after acquiring an additional 70 shares during the last quarter. Finally, SouthState Corp boosted its stake in DoorDash by 762.5% during the 1st quarter. SouthState Corp now owns 207 shares of the company's stock valued at $38,000 after acquiring an additional 183 shares during the last quarter. 90.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on DASH shares. Loop Capital reiterated a "buy" rating on shares of DoorDash in a research note on Tuesday, July 15th. Susquehanna increased their price objective on shares of DoorDash from $235.00 to $300.00 and gave the company a "positive" rating in a research note on Monday, August 11th. Sanford C. Bernstein increased their price objective on shares of DoorDash from $210.00 to $265.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Citigroup reiterated an "outperform" rating on shares of DoorDash in a research note on Thursday, August 7th. Finally, BMO Capital Markets increased their price objective on shares of DoorDash from $238.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $275.27.

DoorDash Trading Down 2.0%

DoorDash stock opened at $275.44 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.07 and a current ratio of 2.07. DoorDash, Inc. has a 1 year low of $141.76 and a 1 year high of $285.08. The firm's 50-day moving average is $258.06 and its 200-day moving average is $226.27. The company has a market cap of $117.67 billion, a P/E ratio of 153.02 and a beta of 1.71.

DoorDash (NASDAQ:DASH - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.65 earnings per share for the quarter, topping 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 business had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.16 billion. During the same quarter last year, the company earned ($0.38) EPS. The company's revenue for the quarter was up 24.9% compared to the same quarter last year. On average, equities analysts expect that DoorDash, Inc. will post 2.22 earnings per share for the current year.

Insider Activity at DoorDash

In other DoorDash news, 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 transaction, the chief operating officer owned 914,547 shares of the company's stock, valued at approximately $224,813,943.54. This trade represents a 4.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andy Fang sold 50,000 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $275.74, for a total transaction of $13,787,000.00. Following the transaction, the director directly owned 22,545 shares in the company, valued at approximately $6,216,558.30. The trade was a 68.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,001,054 shares of company stock worth $249,511,188 in the last 90 days. Corporate insiders own 5.83% of the company's stock.

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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