Norges Bank Takes Position in DoorDash, Inc. $DASH

Key Points

• Norges Bank disclosed a new fourth-quarter stake in DoorDash, buying 4.83 million shares valued at about $1.09 billion and owning roughly 1.12% of the company.
• DoorDash reported Q1 EPS of $0.42, topping analyst expectations, while revenue rose 33.1% year over year to $4.04 billion, slightly below forecasts.
• Analysts remain broadly positive on DASH, with a consensus Moderate Buy rating and an average price target of $259.58, even as insiders have recently sold shares and the stock trades well below its 52-week high.

Norges Bank bought a new stake in DoorDash, Inc. (NASDAQ:DASH - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,828,902 shares of the company's stock, valued at approximately $1,093,650,000. Norges Bank owned about 1.12% of DoorDash at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Physician Wealth Advisors Inc. raised its position in shares of DoorDash by 284.0% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 96 shares of the company's stock valued at $26,000 after acquiring an additional 71 shares during the period. Eastern Bank raised its position in shares of DoorDash by 714.3% in the 4th quarter. Eastern Bank now owns 114 shares of the company's stock valued at $26,000 after acquiring an additional 100 shares during the period. ST Germain D J Co. Inc. acquired a new stake in shares of DoorDash in the 4th quarter valued at approximately $29,000. Sunbelt Securities Inc. raised its holdings in DoorDash by 124.1% during the 3rd quarter. Sunbelt Securities Inc. now owns 121 shares of the company's stock worth $33,000 after buying an additional 67 shares during the period. Finally, Morse Asset Management Inc acquired a new stake in DoorDash during the 3rd quarter worth approximately $36,000. 90.64% of the stock is currently owned by institutional investors and hedge funds.

DoorDash Trading Up 1.7%

Shares of DoorDash stock opened at $159.29 on Friday. The firm has a 50-day moving average of $162.21 and a 200-day moving average of $187.31. The stock has a market cap of $69.41 billion, a PE ratio of 75.85 and a beta of 1.87. DoorDash, Inc. has a 52-week low of $143.30 and a 52-week high of $285.50. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.43 and a current ratio of 1.43.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.06. The company had revenue of $4.04 billion during the quarter, compared to analysts' expectations of $4.15 billion. DoorDash had a net margin of 6.29% and a return on equity of 9.58%. DoorDash's quarterly revenue was up 33.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.44 earnings per share. As a group, sell-side analysts forecast that DoorDash, Inc. will post 2.45 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on DASH shares. Truist Financial dropped their target price on shares of DoorDash from $340.00 to $330.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. Roth Mkm reiterated a "neutral" rating and issued a $200.00 price objective on shares of DoorDash in a report on Thursday, February 19th. Needham & Company LLC reissued a "buy" rating and issued a $265.00 target price on shares of DoorDash in a research note on Thursday, May 7th. Wells Fargo & Company raised their target price on shares of DoorDash from $198.00 to $200.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. Finally, BTIG Research reissued a "buy" rating and issued a $280.00 target price on shares of DoorDash in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $259.58.

Insiders Place Their Bets

In other DoorDash news, General Counsel Tia Sherringham sold 2,743 shares of the business's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $160.79, for a total transaction of $441,046.97. Following the completion of the transaction, the general counsel owned 128,216 shares of the company's stock, valued at approximately $20,615,850.64. The trade was a 2.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shona L. Brown sold 1,250 shares of the business's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $176.61, for a total value of $220,762.50. Following the transaction, the director directly owned 31,002 shares of the company's stock, valued at approximately $5,475,263.22. The trade was a 3.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 69,808 shares of company stock valued at $11,135,403 over the last 90 days. 5.83% of the stock is owned by company insiders.

Key Stories Impacting DoorDash

Here are the key news stories impacting DoorDash this week:

• Positive Sentiment: DoorDash announced a partnership with Dollar Tree that will bring on-demand delivery to Dollar Tree’s full U.S. store footprint, opening access to more than 9,000 stores and over 10,000 products. Investors may view this as a meaningful expansion beyond restaurant delivery and a potential driver of order growth. DoorDash and Dollar Tree Partner to Bring Greater Value and Thrill of the Hunt Discovery On-Demand
• Positive Sentiment: Jim Cramer said he thinks DoorDash “is a buy,” adding another bullish media mention that can help sentiment around the stock. Jim Cramer Says He Thinks “DoorDash Is a Buy”
• Neutral Sentiment: Commentary about the food-delivery industry said the competitive battle is entering a more aggressive phase. That could support DoorDash’s scale advantages, but it also suggests continued pressure to defend market share and margins. The Food Delivery War Just Entered Its Final Phase
• Negative Sentiment: Several insider sales were disclosed, including trades by COO Prabir Adarkar, General Counsel Tia Sherringham, and insider Keith Yandell. The sales were made under pre-arranged 10b5-1 plans, but insider selling can still make some investors cautious. Prabir Adarkar insider trade

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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