Nuveen LLC Acquires Shares of 1,156,727 DoorDash, Inc. (NASDAQ:DASH)

Key Points

• Nuveen LLC has made a significant investment of approximately $211.42 million in DoorDash, acquiring over 1.15 million shares during the 1st quarter.
• DoorDash reported a 24.9% increase in quarterly revenue year-over-year, achieving $3.28 billion, and earnings per share exceeded expectations at $0.65.
• Analysts have shown optimism for DoorDash, with several brokerages raising their price targets, resulting in a consensus rating of "Moderate Buy" and an average price target of approximately $263.88.

Nuveen LLC purchased a new position in DoorDash, Inc. (NASDAQ:DASH - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,156,727 shares of the company's stock, valued at approximately $211,415,000. Nuveen LLC owned about 0.28% of DoorDash at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in DASH. Virtu Financial LLC raised its holdings in shares of DoorDash by 283.1% during the first quarter. Virtu Financial LLC now owns 14,231 shares of the company's stock worth $2,601,000 after purchasing an additional 10,516 shares during the last quarter. Invesco Ltd. raised its holdings in shares of DoorDash by 41.9% during the first quarter. Invesco Ltd. now owns 4,799,851 shares of the company's stock worth $877,269,000 after purchasing an additional 1,416,194 shares during the last quarter. Mizuho Securities USA LLC purchased a new position in shares of DoorDash during the first quarter worth $4,965,000. Frank Rimerman Advisors LLC purchased a new position in shares of DoorDash during the first quarter worth $237,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of DoorDash during the first quarter worth $59,087,000. Hedge funds and other institutional investors own 90.64% of the company's stock.

Insider Activity

In related news, CEO Tony Xu sold 51,250 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $255.89, for a total transaction of $13,114,362.50. Following the sale, the chief executive officer directly owned 520,450 shares of the company's stock, valued at $133,177,950.50. This represents a 8.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ravi Inukonda sold 1,425 shares of the company's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $244.78, for a total transaction of $348,811.50. Following the sale, the chief financial officer directly owned 244,905 shares in the company, valued at approximately $59,947,845.90. The trade was a 0.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 686,437 shares of company stock worth $161,070,166 over the last 90 days. Company insiders own 5.83% of the company's stock.

Analysts Set New Price Targets

DASH has been the subject of several recent research reports. Morgan Stanley raised their target price on shares of DoorDash from $275.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Piper Sandler lifted their price objective on shares of DoorDash from $210.00 to $290.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Benchmark lifted their price objective on shares of DoorDash from $260.00 to $315.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Truist Financial lifted their price objective on shares of DoorDash from $272.00 to $326.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Wedbush reaffirmed a "neutral" rating on shares of DoorDash in a report on Friday, August 8th. Twelve investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, DoorDash presently has an average rating of "Moderate Buy" and an average target price of $263.88.

DoorDash Trading Down 3.8%

Shares of DASH stock traded down $10.12 during trading hours on Wednesday, hitting $254.20. The company had a trading volume of 4,378,093 shares, compared to its average volume of 3,483,383. The company's fifty day moving average is $238.66 and its 200 day moving average is $208.04. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.07 and a quick ratio of 2.07. DoorDash, Inc. has a fifty-two week low of $122.32 and a fifty-two week high of $278.15. The stock has a market capitalization of $107.71 billion, a PE ratio of 141.22 and a beta of 1.70.

DoorDash (NASDAQ:DASH - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.65 EPS for the quarter, topping 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 firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period in the prior year, the business posted ($0.38) EPS. The business's revenue for the quarter was up 24.9% compared to the same quarter last year. Research analysts expect that DoorDash, Inc. will post 2.22 earnings per share for the current fiscal year.

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.