New York State Teachers Retirement System Raises Stake in DoorDash, Inc. $DASH

Key Points

• The New York State Teachers Retirement System increased its stake in DoorDash by 8.8%, holding approximately 269,583 shares worth about $66.5 million at the end of the last quarter.
• DoorDash reported a significant increase in revenue of 24.9% year-over-year, with earnings per share (EPS) of $0.65, exceeding analyst expectations of $0.42.
• Analysts have varied opinions on DoorDash, with ratings ranging from 4 Strong Buy and 21 Buy to 12 Hold, while the average price target is $282.47.

New York State Teachers Retirement System grew its stake in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 8.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 269,583 shares of the company's stock after purchasing an additional 21,838 shares during the quarter. New York State Teachers Retirement System owned approximately 0.06% of DoorDash worth $66,455,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Saudi Central Bank purchased a new stake in DoorDash in the first quarter worth about $25,000. WPG Advisers LLC purchased a new stake in DoorDash in the first quarter worth about $26,000. Pacific Center for Financial Services purchased a new stake in DoorDash in the first quarter worth about $27,000. GFG Capital LLC purchased a new stake in DoorDash in the second quarter worth about $30,000. Finally, Harbour Investments Inc. lifted its stake in 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 period. 90.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DASH has been the subject of a number of research reports. Zacks Research raised shares of DoorDash from a "hold" rating to a "strong-buy" rating in a research note on Monday. DA Davidson upped their price objective on shares of DoorDash from $190.00 to $260.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 10th. JPMorgan Chase & Co. raised shares of DoorDash from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $175.00 to $325.00 in a research note on Tuesday. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $325.00 price objective (up from $275.00) on shares of DoorDash in a research note on Thursday, August 7th. Finally, Wells Fargo & Company decreased their price target on shares of DoorDash from $306.00 to $301.00 and set an "equal weight" rating for the company in a research report on Friday, October 3rd. Four research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $282.47.

DoorDash Stock Performance

DASH stock opened at $266.67 on Friday. The firm has a market cap of $113.92 billion, a price-to-earnings ratio of 148.15 and a beta of 1.71. The firm has a 50-day simple moving average of $259.23 and a two-hundred day simple moving average of $229.01. DoorDash, Inc. has a one year low of $149.80 and a one year high of $285.50. 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 (NASDAQ:DASH - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.42 by $0.23. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.16 billion. DoorDash had a net margin of 6.57% and a return on equity of 9.56%. DoorDash's revenue was up 24.9% on a year-over-year basis. During the same period last year, the firm posted ($0.38) EPS. On average, equities analysts forecast that DoorDash, Inc. will post 2.22 EPS for the current fiscal year.

Insider Activity at DoorDash

In related news, COO Prabir Adarkar sold 41,881 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $245.82, for a total value of $10,295,187.42. Following the completion of the transaction, the chief operating officer directly owned 914,547 shares of the company's stock, valued at $224,813,943.54. This trade represents a 4.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andy Fang sold 50,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 22,545 shares of the company's stock, valued at $6,216,558.30. The trade was a 68.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 993,105 shares of company stock valued at $248,566,566. Company 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.

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