Resona Asset Management Co. Ltd. Grows Stock Holdings in DoorDash, Inc. (NASDAQ:DASH)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in DoorDash, Inc. by 25.6%, owning $20.69 million worth of shares after acquiring an additional 23,106 shares.
• DoorDash reported $3.28 billion in revenue for the most recent quarter, exceeding expectations, while earnings per share were $0.65, beating the consensus estimate by $0.23.
• Multiple analysts are optimistic about DoorDash, with target price upgrades from firms like Piper Sandler and Morgan Stanley, highlighting a moderate buy consensus rating for the stock.

Resona Asset Management Co. Ltd. grew its holdings in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 25.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 113,215 shares of the company's stock after acquiring an additional 23,106 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in DoorDash were worth $20,689,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in DASH. Harbour Investments Inc. increased its position in shares of DoorDash by 55.6% during the first quarter. Harbour Investments Inc. now owns 196 shares of the company's stock worth $36,000 after purchasing an additional 70 shares in the last quarter. SouthState Corp lifted its stake 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 buying an additional 183 shares during the last quarter. ORG Partners LLC lifted its stake in DoorDash by 404.0% in the first quarter. ORG Partners LLC now owns 252 shares of the company's stock valued at $46,000 after buying an additional 202 shares during the last quarter. Rothschild Investment LLC lifted its stake in DoorDash by 1,452.9% in the first quarter. Rothschild Investment LLC now owns 264 shares of the company's stock valued at $48,000 after buying an additional 247 shares during the last quarter. Finally, Mizuho Securities Co. Ltd. lifted its stake in DoorDash by 150.0% in the first quarter. Mizuho Securities Co. Ltd. now owns 300 shares of the company's stock valued at $55,000 after buying an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 90.64% of the company's stock.

DoorDash Price Performance

Shares of DASH stock traded up $0.56 during midday trading on Friday, reaching $248.00. 3,084,637 shares of the company traded hands, compared to its average volume of 3,592,670. The firm's 50 day simple moving average is $239.89 and its two-hundred day simple moving average is $208.92. DoorDash, Inc. has a 1-year low of $122.32 and a 1-year high of $278.15. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.07 and a quick ratio of 2.07. The firm has a market cap of $105.95 billion, a PE ratio of 137.78 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 earnings per share (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 firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the previous year, the firm posted ($0.38) EPS. The company's quarterly revenue was up 24.9% compared to the same quarter last year. On average, equities research analysts expect that DoorDash, Inc. will post 2.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Tony Xu sold 51,250 shares of DoorDash stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $255.89, for a total transaction of $13,114,362.50. Following the completion of the transaction, the chief executive officer directly owned 520,450 shares in the company, valued at $133,177,950.50. The trade was a 8.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Prabir Adarkar sold 62,267 shares of DoorDash stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $202.67, for a total value of $12,619,652.89. Following the transaction, the chief operating officer owned 942,554 shares of the company's stock, valued at $191,027,419.18. This represents a 6.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 686,437 shares of company stock valued at $161,070,166. 5.83% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on DASH. Wall Street Zen upgraded DoorDash from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Raymond James Financial reissued a "strong-buy" rating and set a $325.00 price target (up previously from $275.00) on shares of DoorDash in a report on Thursday, August 7th. Sanford C. Bernstein raised their price target on DoorDash from $210.00 to $265.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Jefferies Financial Group raised their price target on DoorDash from $250.00 to $265.00 and gave the stock a "hold" rating in a report on Monday, August 11th. Finally, Evercore ISI reissued an "outperform" rating and set a $360.00 price target (up previously from $240.00) on shares of DoorDash in a report on Friday, August 8th. Thirteen equities research 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's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $263.88.

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.