Provident Investment Management Inc. Takes $21.06 Million Position in DoorDash, Inc. $DASH

Key Points

• Provident Investment Management initiated a new position in DoorDash during the fourth quarter, buying 92,990 shares valued at about $21.06 million. The stake makes DoorDash roughly 1.9% of the firm’s portfolio.
• Wall Street sentiment remains broadly positive, with DoorDash carrying a Moderate Buy rating and an average price target of $257. Recent notes from BTIG, Bank of America, Evercore, and Needham all maintained bullish views or raised targets.
• DoorDash recently beat earnings expectations, reporting $0.42 EPS versus the expected $0.36, while revenue rose 33.1% year over year to $4.04 billion. Shares were down about 4% in Tuesday trading, and insiders have also been selling stock in recent months.

Provident Investment Management Inc. purchased a new position in DoorDash, Inc. (NASDAQ:DASH - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 92,990 shares of the company's stock, valued at approximately $21,060,000. DoorDash accounts for about 1.9% of Provident Investment Management Inc.'s portfolio, making the stock its 22nd largest position.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in DoorDash by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 42,712,908 shares of the company's stock worth $11,617,484,000 after acquiring an additional 1,522,823 shares during the period. Scge Management L.P. purchased a new stake in DoorDash in the 2nd quarter worth $267,463,000. Invesco Ltd. lifted its position in shares of DoorDash by 18.2% in the third quarter. Invesco Ltd. now owns 6,355,628 shares of the company's stock worth $1,728,667,000 after buying an additional 980,148 shares in the last quarter. State Street Corp raised its holdings in shares of DoorDash by 6.3% during the 3rd quarter. State Street Corp now owns 15,296,624 shares of the company's stock worth $4,160,529,000 after acquiring an additional 909,125 shares in the last quarter. Finally, Amundi raised its stake in DoorDash by 66.8% during the third quarter. Amundi now owns 1,700,112 shares of the company's stock valued at $478,990,000 after purchasing an additional 681,058 shares in the last quarter. Institutional investors own 90.64% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Weiss Ratings lowered DoorDash from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, April 29th. BTIG Research reissued a "buy" rating and issued a $280.00 price objective on shares of DoorDash in a research report on Thursday, May 7th. Bank of America upped their target price on DoorDash from $260.00 to $272.00 and gave the stock a "buy" rating in a report on Thursday, February 19th. Evercore set a $300.00 price objective on shares of DoorDash in a research note on Thursday, February 19th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $265.00 price objective on shares of DoorDash in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $257.00.

Insider Activity at DoorDash

In related news, Director Shona L. Brown sold 1,250 shares of DoorDash stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $176.61, for a total transaction of $220,762.50. Following the completion of the transaction, the director directly owned 31,002 shares in the company, valued at approximately $5,475,263.22. This trade represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Prabir Adarkar sold 10,000 shares of DoorDash stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $188.34, for a total transaction of $1,883,400.00. Following the transaction, the chief operating officer directly owned 843,678 shares of the company's stock, valued at approximately $158,898,314.52. This trade represents a 1.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 42,683 shares of company stock worth $6,908,813. 5.83% of the stock is owned by corporate insiders.

DoorDash Stock Down 4.0%

DoorDash stock opened at $157.33 on Tuesday. DoorDash, Inc. has a fifty-two week low of $143.30 and a fifty-two week high of $285.50. The business's 50-day simple moving average is $166.36 and its two-hundred day simple moving average is $195.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market cap of $68.35 billion, a PE ratio of 74.92 and a beta of 1.87.

DoorDash (NASDAQ:DASH - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.06. DoorDash had a net margin of 6.29% and a return on equity of 9.58%. The company had revenue of $4.04 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same period last year, the firm posted $0.44 EPS. DoorDash's revenue for the quarter was up 33.1% compared to the same quarter last year. Equities analysts anticipate that DoorDash, Inc. will post 2.53 EPS for the current year.

DoorDash Company Profile

DoorDash, Inc operates a technology-driven logistics and food-delivery marketplace that connects consumers, merchants and independent delivery contractors. The company's core service enables customers to order from local restaurants and retailers through its app and website while DoorDash handles last-mile fulfillment via its network of drivers, known as “Dashers.” Over time the platform has broadened beyond restaurant deliveries to include groceries, convenience items and retail deliveries, positioning DoorDash as a broader on-demand logistics provider for consumer goods.

In addition to its marketplace, DoorDash offers a suite of products and services for consumers and businesses.

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