Royal Bank of Canada Acquires 287,950 Shares of DoorDash, Inc. $DASH

Key Points

• Royal Bank of Canada has increased its stake in DoorDash by 40.8%, owning approximately 994,389 shares worth about $181.7 million as of the end of the recent quarter.
• Insider trading has seen significant activity, with Director Andy Fang selling 50,000 shares and COO Prabir Adarkar selling 41,881 shares in August, indicating a decrease in their ownership stakes.
• Analysts have raised their price targets for DoorDash, with several firms assigning “buy” ratings and an overall consensus price target of $263.88.

Royal Bank of Canada lifted its stake in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 40.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 994,389 shares of the company's stock after acquiring an additional 287,950 shares during the period. Royal Bank of Canada owned approximately 0.24% of DoorDash worth $181,744,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in DoorDash by 25.8% during the first quarter. Vanguard Group Inc. now owns 39,397,286 shares of the company's stock worth $7,200,642,000 after buying an additional 8,073,882 shares in the last quarter. Invesco Ltd. boosted its stake in DoorDash by 41.9% during the first quarter. Invesco Ltd. now owns 4,799,851 shares of the company's stock worth $877,269,000 after buying an additional 1,416,194 shares in the last quarter. Nuveen LLC acquired a new stake in DoorDash during the first quarter worth $211,415,000. Deutsche Bank AG boosted its stake in DoorDash by 111.3% during the first quarter. Deutsche Bank AG now owns 2,009,699 shares of the company's stock worth $367,313,000 after buying an additional 1,058,731 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in DoorDash by 38.2% during the first quarter. Northern Trust Corp now owns 3,309,237 shares of the company's stock worth $604,829,000 after buying an additional 915,512 shares in the last quarter. Institutional investors own 90.64% of the company's stock.

Insider Transactions at DoorDash

In related news, COO Prabir Adarkar sold 41,881 shares of the firm's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $245.82, for a total value of $10,295,187.42. Following the transaction, the chief operating officer owned 914,547 shares in the company, valued at $224,813,943.54. This trade represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stanley Tang sold 45,410 shares of the stock in a transaction dated 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 transaction, the director directly owned 26,070 shares in the company, valued at $6,274,788.30. The trade was a 63.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,019,042 shares of company stock worth $248,122,219 in the last ninety days. 5.83% of the stock is currently owned by insiders.

DoorDash Price Performance

Shares of NASDAQ:DASH traded down $1.93 during midday trading on Friday, reaching $246.85. The company's stock had a trading volume of 2,195,370 shares, compared to its average volume of 2,950,347. DoorDash, Inc. has a fifty-two week low of $122.32 and a fifty-two week high of $278.15. The company has a market capitalization of $105.45 billion, a P/E ratio of 137.14 and a beta of 1.70. 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 business's fifty day simple moving average is $246.58 and its 200-day simple moving average is $214.09.

DoorDash (NASDAQ:DASH - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 9.56% and a net margin of 6.57%.The firm's quarterly revenue was up 24.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.38) earnings per share. As a group, equities research analysts expect that DoorDash, Inc. will post 2.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

DASH has been the topic of a number of recent research reports. Morgan Stanley lifted their price target on shares of DoorDash from $275.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Stifel Nicolaus lifted their price target on shares of DoorDash from $214.00 to $239.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Wall Street Zen raised DoorDash from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Oppenheimer boosted their target price on shares of DoorDash from $280.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, Evercore ISI restated an "outperform" rating and issued a $360.00 target price (up previously from $240.00) on shares of DoorDash in a research note on Friday, August 8th. One research 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's stock. According to data from MarketBeat.com, DoorDash currently has a consensus rating of "Moderate Buy" and a consensus price target of $264.65.

DoorDash 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.