DoorDash, Inc. $DASH Shares Sold by Quantitative Investment Management LLC

Key Points

• Quantitative Investment Management LLC reduced its stake in DoorDash by 54.6%, selling 23,720 shares and now holding 19,703 shares valued at approximately $3.6 million.
• DoorDash reported strong quarterly earnings with $3.28 billion in revenue and earnings per share (EPS) of $0.65, surpassing analysts' expectations.
• Research firms have adjusted price targets for DoorDash, with estimates ranging from $239 to $326 per share, indicating confidence in the company's growth potential.

Quantitative Investment Management LLC cut its holdings in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 54.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,703 shares of the company's stock after selling 23,720 shares during the period. Quantitative Investment Management LLC's holdings in DoorDash were worth $3,601,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in DoorDash by 24.0% during the fourth quarter. Brighton Jones LLC now owns 9,336 shares of the company's stock worth $1,566,000 after buying an additional 1,807 shares during the period. MML Investors Services LLC lifted its holdings in shares of DoorDash by 3.1% in the 4th quarter. MML Investors Services LLC now owns 22,625 shares of the company's stock worth $3,795,000 after acquiring an additional 682 shares during the last quarter. Stifel Financial Corp boosted its position in shares of DoorDash by 50.5% during the 4th quarter. Stifel Financial Corp now owns 32,692 shares of the company's stock worth $5,484,000 after purchasing an additional 10,968 shares during the period. Dark Forest Capital Management LP purchased a new position in shares of DoorDash during the 4th quarter worth approximately $237,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in DoorDash in the 4th quarter valued at approximately $237,000. 90.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on DASH. Benchmark raised their target price on DoorDash from $260.00 to $315.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Raymond James Financial restated a "strong-buy" rating and set a $325.00 price objective (up previously from $275.00) on shares of DoorDash in a research report on Thursday, August 7th. KeyCorp reissued an "overweight" rating and issued a $325.00 price target (up from $295.00) on shares of DoorDash in a research report on Thursday, August 7th. Susquehanna boosted their price objective on DoorDash from $235.00 to $300.00 and gave the company a "positive" rating in a research note on Monday, August 11th. Finally, Citigroup restated an "outperform" rating on shares of DoorDash in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $263.88.

Insider Buying and Selling at DoorDash

In related news, COO Prabir Adarkar sold 41,881 shares of DoorDash stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $245.82, for a total transaction of $10,295,187.42. Following the completion of the transaction, the chief operating officer directly owned 914,547 shares in the company, valued at $224,813,943.54. The trade was a 4.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andy Fang sold 50,000 shares of the firm's stock in a transaction 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 transaction, the director directly owned 22,545 shares of the company's stock, valued at $6,216,558.30. The trade was a 68.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 932,764 shares of company stock worth $224,714,524. 5.83% of the stock is currently owned by insiders.

DoorDash Price Performance

NASDAQ DASH traded up $1.68 during mid-day trading on Thursday, hitting $247.33. The stock had a trading volume of 1,857,246 shares, compared to its average volume of 4,666,459. The company has a 50 day simple moving average of $244.49 and a 200 day simple moving average of $211.97. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.30. The company has a market cap of $105.66 billion, a price-to-earnings ratio of 137.41 and a beta of 1.70. DoorDash, Inc. has a 52-week low of $122.32 and a 52-week high of $278.15.

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

DoorDash Company 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.