Patron Partners LLC Makes New Investment in DoorDash, Inc. $DASH

Key Points

• Patron Partners LLC has acquired a new stake in DoorDash, purchasing 1,153 shares valued at approximately $284,000 in the second quarter.
• Analyst ratings for DoorDash show a consensus target price of $271.55, with multiple brokerages raising their price targets, including Evercore ISI increasing it to $360.00.
• Insider activity has been significant, with major sales from directors, including Stanley Tang selling 45,410 shares valued at over $10 million.

Patron Partners LLC purchased a new stake in DoorDash, Inc. (NASDAQ:DASH - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,153 shares of the company's stock, valued at approximately $284,000.

Several other large investors have also modified their holdings of DASH. Saudi Central Bank acquired a new position in DoorDash during the first quarter worth approximately $25,000. WPG Advisers LLC purchased a new stake in shares of DoorDash during the 1st quarter valued at $26,000. Pacific Center for Financial Services acquired a new stake in shares of DoorDash during the 1st quarter worth $27,000. Harbour Investments Inc. raised its position in shares of DoorDash by 55.6% in the 1st quarter. Harbour Investments Inc. now owns 196 shares of the company's stock worth $36,000 after buying an additional 70 shares during the period. Finally, SouthState Corp boosted its holdings in DoorDash by 762.5% in the first quarter. SouthState Corp now owns 207 shares of the company's stock valued at $38,000 after acquiring an additional 183 shares during the last quarter. 90.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on DASH. Susquehanna upped their price target on DoorDash from $235.00 to $300.00 and gave the stock a "positive" rating in a research note on Monday, August 11th. Raymond James Financial reissued a "strong-buy" rating and set a $325.00 target price (up previously from $275.00) on shares of DoorDash in a research report on Thursday, August 7th. Wells Fargo & Company raised their price target on shares of DoorDash from $280.00 to $306.00 and gave the company an "equal weight" rating in a report on Friday, September 5th. Sanford C. Bernstein boosted their price objective on shares of DoorDash from $210.00 to $265.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. Finally, Evercore ISI reissued an "outperform" rating and issued a $360.00 price objective (up previously from $240.00) on shares of DoorDash in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and thirteen have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $271.55.

Insider Activity

In related news, Director Stanley Tang sold 45,410 shares of DoorDash stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $240.69, for a total value of $10,929,732.90. Following the completion of the sale, the director owned 26,070 shares in the company, valued at approximately $6,274,788.30. The trade was a 63.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andy Fang sold 50,000 shares of the company's stock in a transaction 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 sale, the director directly owned 22,545 shares in the company, valued at $6,216,558.30. This represents a 68.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 990,055 shares of company stock valued at $243,008,391. Corporate insiders own 5.83% of the company's stock.

DoorDash Stock Up 0.5%

Shares of NASDAQ:DASH opened at $262.08 on Friday. 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, Inc. has a 52-week low of $140.53 and a 52-week high of $278.15. The company has a 50 day moving average of $252.27 and a two-hundred day moving average of $220.42. The company has a market capitalization of $111.96 billion, a price-to-earnings ratio of 145.60 and a beta of 1.70.

DoorDash (NASDAQ:DASH - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.23. The business had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.16 billion. DoorDash had a net margin of 6.57% and a return on equity of 9.56%. The business's revenue for the quarter was up 24.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.38) earnings per share. As a group, analysts forecast that DoorDash, Inc. will post 2.22 earnings per share for the current fiscal year.

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.

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