DoorDash (NASDAQ:DASH) Shares Gap Down on Insider Selling

DoorDash, Inc. (NASDAQ:DASH)’s stock price gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $127.46, but opened at $117.25. DoorDash shares last traded at $112.21, with a volume of 5,822,627 shares traded.

Specifically, Director Andy Fang sold 67,000 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $110.57, for a total value of $7,408,190.00. Following the transaction, the director now owns 40,969 shares in the company, valued at approximately $4,529,942.33. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Andy Fang sold 67,000 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $110.57, for a total value of $7,408,190.00. Following the transaction, the director now owns 40,969 shares in the company, valued at approximately $4,529,942.33. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Gordon S. Lee sold 1,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $124.50, for a total value of $124,500.00. Following the completion of the transaction, the chief accounting officer now owns 92,207 shares in the company, valued at approximately $11,479,771.50. The disclosure for this sale can be found here. Insiders have sold a total of 487,782 shares of company stock worth $64,046,807 in the last quarter. 9.59% of the stock is owned by company insiders.

Analysts Set New Price Targets

DASH has been the subject of several recent analyst reports. Roth Mkm reduced their price target on DoorDash from $121.00 to $118.00 and set a “neutral” rating for the company in a report on Thursday. Royal Bank of Canada reduced their price target on DoorDash from $175.00 to $165.00 and set an “outperform” rating for the company in a report on Thursday. Oppenheimer raised their price target on DoorDash from $140.00 to $150.00 and gave the company an “outperform” rating in a report on Monday. Loop Capital initiated coverage on DoorDash in a report on Friday, April 19th. They issued a “buy” rating and a $170.00 price target for the company. Finally, Mizuho raised their price target on DoorDash from $140.00 to $152.00 and gave the company a “buy” rating in a report on Friday, February 16th. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, DoorDash currently has a consensus rating of “Moderate Buy” and a consensus target price of $129.40.

DoorDash Price Performance

The firm has a market cap of $46.18 billion, a PE ratio of -79.94, a P/E/G ratio of 14.38 and a beta of 1.78. The stock has a 50-day moving average price of $132.16 and a 200 day moving average price of $109.84.

DoorDash (NASDAQ:DASH) last issued its earnings results on Wednesday, May 1st. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. DoorDash had a negative return on equity of 8.49% and a negative net margin of 6.46%. The firm had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.45 billion. During the same quarter last year, the firm earned ($0.41) earnings per share. The firm’s revenue for the quarter was up 23.5% compared to the same quarter last year. As a group, equities research analysts anticipate that DoorDash, Inc. will post 0.21 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DASH. Norges Bank acquired a new position in DoorDash in the fourth quarter valued at $264,806,000. Vanguard Group Inc. lifted its stake in shares of DoorDash by 8.4% during the fourth quarter. Vanguard Group Inc. now owns 29,303,496 shares of the company’s stock worth $2,897,823,000 after purchasing an additional 2,259,976 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of DoorDash by 294.5% during the fourth quarter. Franklin Resources Inc. now owns 1,607,776 shares of the company’s stock worth $158,993,000 after purchasing an additional 1,200,181 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of DoorDash by 1,725.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,113,175 shares of the company’s stock worth $110,082,000 after purchasing an additional 1,052,198 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in shares of DoorDash by 40,319.6% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,039,592 shares of the company’s stock worth $102,805,000 after purchasing an additional 1,037,020 shares in the last quarter. Institutional investors and hedge funds own 90.64% of the company’s stock.

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.