NorthCrest Asset Manangement LLC Buys New Holdings in DoorDash, Inc. $DASH

Key Points

• NorthCrest Asset Management acquired 7,378 DoorDash shares worth approximately $1.35 million in the third quarter, while institutional investors collectively own 90.64% of the stock.
• DoorDash insiders sold 393,998 shares valued at about $85.9 million during the last quarter, including substantial sales by Director Andy Fang and COO Prabir Adarkar under pre-arranged trading plans.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $254.95 price target, despite DoorDash narrowly missing quarterly EPS estimates; revenue rose 35.6% year over year to $4.45 billion.

NorthCrest Asset Manangement LLC bought a new position in DoorDash, Inc. (NASDAQ:DASH - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,378 shares of the company's stock, valued at approximately $1,354,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Washington Trust Advisors Inc. increased its position in shares of DoorDash by 81.0% in the second quarter. Washington Trust Advisors Inc. now owns 143 shares of the company's stock valued at $26,000 after acquiring an additional 64 shares during the period. Premier Path Wealth Partners LLC raised its stake in shares of DoorDash by 2.7% during the second quarter. Premier Path Wealth Partners LLC now owns 2,520 shares of the company's stock valued at $465,000 after acquiring an additional 67 shares during the last quarter. V Square Quantitative Management LLC raised its stake in shares of DoorDash by 3.3% during the first quarter. V Square Quantitative Management LLC now owns 2,327 shares of the company's stock valued at $349,000 after acquiring an additional 74 shares during the last quarter. Rehmann Capital Advisory Group raised its stake in shares of DoorDash by 8.0% during the fourth quarter. Rehmann Capital Advisory Group now owns 1,107 shares of the company's stock valued at $251,000 after acquiring an additional 82 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of DoorDash by 14.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 850 shares of the company's stock worth $157,000 after purchasing an additional 105 shares during the period. 90.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Andy Fang sold 15,000 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $228.31, for a total value of $3,424,650.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Prabir Adarkar sold 55,289 shares of the company's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $231.76, for a total value of $12,813,778.64. Following the completion of the sale, the chief operating officer directly owned 930,211 shares in the company, valued at approximately $215,585,701.36. The trade was a 5.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 393,998 shares of company stock worth $85,861,330 over the last quarter. Company insiders own 44.90% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Scotiabank started coverage on DoorDash in a research note on Wednesday, September 9th. They issued a "sector outperform" rating and a $275.00 target price on the stock. Barclays downgraded DoorDash from an "equal weight" rating to a "strong sell" rating in a report on Monday, August 24th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of DoorDash in a research report on Friday, August 7th. Jefferies Financial Group upped their price target on DoorDash from $225.00 to $250.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of DoorDash in a report on Thursday, September 3rd. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $254.95.

DoorDash Stock Performance

Shares of DASH opened at $184.01 on Thursday. The company has a 50-day simple moving average of $205.78 and a two-hundred day simple moving average of $183.57. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a market capitalization of $79.73 billion, a PE ratio of 96.34 and a beta of 1.90. DoorDash, Inc. has a one year low of $143.30 and a one year high of $285.50.

DoorDash (NASDAQ:DASH - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.46 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.01). DoorDash had a return on equity of 8.48% and a net margin of 5.29%. The firm had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.34 billion. During the same quarter last year, the company posted $0.65 EPS. The firm's revenue was up 35.6% on a year-over-year basis. On average, analysts anticipate that DoorDash, Inc. will post 2.51 EPS for the current fiscal year.

DoorDash News Summary

Here are the key news stories impacting DoorDash this week:

• Positive Sentiment: DoorDash is partnering with Woolworths Group to bring BIG W to its Australian marketplace, offering more than 35,000 everyday products with delivery in as little as 60 minutes. The agreement expands DoorDash’s retail selection and supports its strategy of increasing order frequency beyond restaurant delivery. BIG W Lands on DoorDash App
• Positive Sentiment: DoorDash launched an on-demand delivery collaboration with SKIMS, giving customers access to apparel and related products. The partnership, supported by Kim Kardashian-focused marketing, could improve consumer awareness of DoorDash’s non-food offerings. SKIMS and DoorDash Partnership
• Positive Sentiment: DoorDash is expanding into Geraldton, Kalgoorlie and Horsham in Australia, indicating continued investment in regional coverage and potential long-term marketplace growth. DoorDash Regional Australian Expansion

DoorDash Profile

DoorDash, Inc is a technology company that operates a local commerce platform connecting consumers with restaurants, grocery stores, convenience retailers and other merchants. Through its DoorDash app and website, customers can discover businesses, place orders for delivery or pickup, and access related services. The company also provides merchants with tools for online ordering, logistics, customer engagement, advertising and business analytics.

DoorDash generates additional activity through subscription programs such as DashPass, which provides participating customers with delivery-related benefits, and through its logistics and commerce solutions for merchants.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.