NorthCrest Asset Manangement LLC Decreases Stake in DoorDash, Inc. $DASH

Key Points

• NorthCrest Asset Management LLC has sold 1,189 shares of DoorDash, Inc., reducing its position by 33.8% and bringing its total holdings to 2,329 shares, valued at approximately $556,000.
• Institutional investors hold about 90.64% of DoorDash's stock, with several firms, including Vanguard Group and Goldman Sachs, increasing their stakes significantly during the first quarter.
• Analysts have raised their price targets for DoorDash, with BMO Capital Markets and Royal Bank of Canada setting their targets at $288.00 and $300.00, respectively, while the stock has a current average target price of $268.76.

NorthCrest Asset Manangement LLC decreased its position in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 33.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,329 shares of the company's stock after selling 1,189 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in DoorDash were worth $556,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Saudi Central Bank acquired a new position in shares of DoorDash during the 1st quarter worth approximately $25,000. WPG Advisers LLC acquired a new position in shares of DoorDash during the 1st quarter worth approximately $26,000. Pacific Center for Financial Services acquired a new position in shares of DoorDash during the 1st quarter worth approximately $27,000. Harbour Investments Inc. raised its position 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 purchasing an additional 70 shares during the last quarter. Finally, SouthState Corp raised its position in shares of DoorDash by 762.5% during the 1st quarter. SouthState Corp now owns 207 shares of the company's stock worth $38,000 after purchasing an additional 183 shares during the last quarter. 90.64% of the stock is currently owned by institutional investors and hedge funds.

DoorDash Trading Up 1.1%

Shares of NASDAQ DASH traded up $3.01 during trading on Tuesday, hitting $265.76. 1,056,507 shares of the company traded hands, compared to its average volume of 4,531,447. DoorDash, Inc. has a 1 year low of $138.59 and a 1 year high of $278.15. The company has a 50-day moving average price of $250.63 and a 200-day moving average price of $219.23. The firm has a market capitalization of $113.53 billion, a P/E ratio of 147.58 and a beta of 1.70. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.30.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.23. DoorDash had a net margin of 6.57% and a return on equity of 9.56%. The company had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.16 billion. During the same period in the previous year, the company earned ($0.38) EPS. The business's quarterly revenue was up 24.9% compared to the same quarter last year. On average, equities analysts predict that DoorDash, Inc. will post 2.22 EPS for the current year.

Insider Activity

In related news, Director Andy Fang sold 30,000 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $243.32, for a total transaction of $7,299,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Keith Yandell sold 18,034 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $243.16, for a total transaction of $4,385,147.44. Following the sale, the insider directly owned 75,432 shares of the company's stock, valued at approximately $18,342,045.12. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,020,055 shares of company stock worth $250,222,491 in the last quarter. Insiders own 5.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on DASH shares. Piper Sandler boosted their price target on DoorDash from $210.00 to $290.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. BTIG Research boosted their price target on DoorDash from $225.00 to $265.00 and gave the company a "buy" rating in a report on Tuesday, July 1st. DA Davidson boosted their price target on DoorDash from $190.00 to $260.00 and gave the company a "neutral" rating in a report on Wednesday, September 10th. Truist Financial boosted their price target on DoorDash from $272.00 to $326.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Bank of America boosted their price target on DoorDash from $230.00 to $245.00 and gave the company a "buy" rating in a report on Thursday, June 12th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat, DoorDash currently has a consensus rating of "Moderate Buy" and an average target price of $268.76.

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.