DoorDash, Inc. (NASDAQ:DASH) Position Lowered by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System has reduced its holdings in DoorDash, Inc. by 12.5%, now owning 16,525 shares valued at $3,020,000.
• DoorDash's stock price is currently down 4.4%, with a market cap of $109.83 billion and shares having a one-year range between $121.44 and $278.15.
• Analysts have raised their target prices for DoorDash, with Benchmark setting a price target of $315.00 and several others adjusting their targets into the high $260s.

Maryland State Retirement & Pension System lessened its holdings in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 12.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,525 shares of the company's stock after selling 2,351 shares during the quarter. Maryland State Retirement & Pension System's holdings in DoorDash were worth $3,020,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Harbour Investments Inc. boosted its stake in shares of DoorDash by 55.6% during the 1st quarter. Harbour Investments Inc. now owns 196 shares of the company's stock worth $36,000 after acquiring an additional 70 shares in the last quarter. ORG Partners LLC lifted its stake in DoorDash by 404.0% in the 1st quarter. ORG Partners LLC now owns 252 shares of the company's stock valued at $46,000 after buying an additional 202 shares in the last quarter. Rothschild Investment LLC lifted its stake in DoorDash by 1,452.9% in the 1st quarter. Rothschild Investment LLC now owns 264 shares of the company's stock valued at $48,000 after buying an additional 247 shares in the last quarter. Mizuho Securities Co. Ltd. lifted its stake in DoorDash by 150.0% in the 1st quarter. Mizuho Securities Co. Ltd. now owns 300 shares of the company's stock valued at $55,000 after buying an additional 180 shares in the last quarter. Finally, Washington Trust Advisors Inc. purchased a new stake in DoorDash in the 1st quarter valued at approximately $56,000. Hedge funds and other institutional investors own 90.64% of the company's stock.

DoorDash Stock Down 4.6%

DoorDash stock traded down $12.21 during trading on Wednesday, reaching $252.11. 2,327,355 shares of the company's stock were exchanged, compared to its average volume of 4,764,810. The company's 50-day moving average is $237.98 and its two-hundred day moving average is $207.72. 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 52-week low of $122.32 and a 52-week high of $278.15. The firm has a market cap of $106.83 billion, a price-to-earnings ratio of 140.40 and a beta of 1.70.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.16 billion. During the same period in the prior year, the company earned ($0.38) EPS. The firm's revenue was up 24.9% on a year-over-year basis. On average, analysts predict that DoorDash, Inc. will post 2.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on DASH. Needham & Company LLC set a $300.00 target price on DoorDash and gave the company a "buy" rating in a research note on Thursday, August 7th. Oppenheimer upped their target price on DoorDash from $280.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Jefferies Financial Group upped their target price on DoorDash from $250.00 to $265.00 and gave the company a "hold" rating in a research note on Monday. Piper Sandler upped their target price on DoorDash from $210.00 to $290.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada upped their target price on DoorDash from $230.00 to $300.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Twelve equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, DoorDash currently has a consensus rating of "Moderate Buy" and an average target price of $263.88.

Insider Activity

In related news, CFO Ravi Inukonda sold 1,425 shares of the company's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $244.78, for a total transaction of $348,811.50. Following the completion of the sale, the chief financial officer directly owned 244,905 shares of the company's stock, valued at approximately $59,947,845.90. This represents a 0.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tony Xu sold 4,042 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $250.28, for a total transaction of $1,011,631.76. Following the completion of the transaction, the chief executive officer directly owned 520,450 shares of the company's stock, valued at approximately $130,258,226. The trade was a 0.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 635,187 shares of company stock worth $147,955,804 in the last quarter. Insiders own 5.83% of the company's stock.

DoorDash Company 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.