PDT Partners LLC Sells 1,998 Shares of DoorDash, Inc. $DASH

Key Points

• PDT Partners LLC reduced its stake in DoorDash, Inc. by 5.2%, selling 1,998 shares, while its total holdings now amount to $6.68 million.
• Insiders, including CEO Tony Xu and Director Andy Fang, sold a combined total of 887,533 shares valued at over $215 million in the last three months, indicating significant insider selling.
• Analysts have recently raised price targets for DoorDash, with an average target price of $263.88 and many rating the stock as a "buy" or "outperform."

PDT Partners LLC cut its stake in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 5.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,554 shares of the company's stock after selling 1,998 shares during the quarter. DoorDash accounts for 0.5% of PDT Partners LLC's holdings, making the stock its 27th biggest position. PDT Partners LLC's holdings in DoorDash were worth $6,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in DASH. Brighton Jones LLC boosted its holdings in shares of DoorDash by 24.0% in the 4th quarter. Brighton Jones LLC now owns 9,336 shares of the company's stock valued at $1,566,000 after buying an additional 1,807 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in DoorDash in the fourth quarter valued at about $237,000. The Manufacturers Life Insurance Company grew its position in DoorDash by 11.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 72,700 shares of the company's stock valued at $12,195,000 after acquiring an additional 7,195 shares during the last quarter. Comerica Bank grew its holdings in shares of DoorDash by 6.1% during the fourth quarter. Comerica Bank now owns 19,764 shares of the company's stock worth $3,315,000 after purchasing an additional 1,136 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of DoorDash by 77.0% in the 4th quarter. Ameriprise Financial Inc. now owns 643,352 shares of the company's stock valued at $107,928,000 after buying an additional 279,809 shares during the last quarter. 90.64% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Andy Fang sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $275.74, for a total value of $13,787,000.00. Following the completion of the sale, the director owned 22,545 shares in the company, valued at $6,216,558.30. The trade was a 68.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Tony Xu sold 291,403 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $238.19, for a total value of $69,409,280.57. Following the completion of the sale, the chief executive officer owned 229,047 shares of the company's stock, valued at $54,556,704.93. The trade was a 55.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 887,533 shares of company stock worth $215,154,500 over the last three months. Company insiders own 5.83% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on DASH shares. Evercore ISI reiterated an "outperform" rating and issued a $360.00 target price (up from $240.00) on shares of DoorDash in a report on Friday, August 8th. Bank of America boosted their price target on DoorDash from $230.00 to $245.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. JMP Securities upped their target price on DoorDash from $250.00 to $335.00 and gave the stock a "market outperform" rating in a research report on Thursday, August 7th. Sanford C. Bernstein upped their target price on DoorDash from $210.00 to $265.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $260.00 target price (up from $210.00) on shares of DoorDash in a research report on Wednesday, June 25th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $263.88.

DoorDash Trading Down 0.8%

Shares of DoorDash stock opened at $245.25 on Monday. DoorDash, Inc. has a 12-month low of $122.32 and a 12-month high of $278.15. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.30. The company has a market cap of $104.77 billion, a price-to-earnings ratio of 136.25 and a beta of 1.70. The company's 50-day moving average price is $245.52 and its 200-day moving average price is $212.84.

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 return on equity of 9.56% and a net margin of 6.57%.The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the previous year, the firm earned ($0.38) earnings per share. DoorDash's revenue was up 24.9% on a year-over-year basis. On average, equities analysts expect 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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