Arrow Capital Management LLC acquired a new stake in DoorDash, Inc. (NASDAQ:DASH – Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 24,305 shares of the company’s stock, valued at approximately $5,505,000. DoorDash comprises approximately 3.2% of Arrow Capital Management LLC’s investment portfolio, making the stock its 13th largest position.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in DoorDash during the fourth quarter worth $1,093,650,000. Wellington Management Group LLP raised its stake in shares of DoorDash by 593.1% in the fourth quarter. Wellington Management Group LLP now owns 5,481,693 shares of the company’s stock valued at $1,241,494,000 after acquiring an additional 4,690,744 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of DoorDash by 32.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,958,114 shares of the company’s stock valued at $3,161,234,000 after acquiring an additional 3,447,754 shares during the period. Coatue Management LLC lifted its holdings in shares of DoorDash by 77.8% in the 4th quarter. Coatue Management LLC now owns 4,365,365 shares of the company’s stock worth $988,668,000 after acquiring an additional 1,910,488 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in shares of DoorDash in the 4th quarter worth about $372,128,000. Hedge funds and other institutional investors own 90.64% of the company’s stock.
DoorDash Stock Performance
DoorDash stock opened at $173.49 on Friday. The company has a 50 day moving average price of $163.81 and a 200-day moving average price of $183.38. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.43 and a current ratio of 1.43. DoorDash, Inc. has a fifty-two week low of $143.30 and a fifty-two week high of $285.50. The company has a market capitalization of $75.59 billion, a PE ratio of 82.61 and a beta of 1.83.
Analyst Ratings Changes
Several brokerages recently commented on DASH. Wells Fargo & Company upped their price target on shares of DoorDash from $198.00 to $200.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. TD Cowen assumed coverage on shares of DoorDash in a research note on Monday, April 27th. They issued a “buy” rating and a $225.00 price objective for the company. BTIG Research dropped their target price on DoorDash from $280.00 to $225.00 and set a “buy” rating for the company in a research report on Friday, June 12th. Zacks Research raised DoorDash from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, Piper Sandler decreased their price target on DoorDash from $220.00 to $205.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $256.11.
Read Our Latest Report on DASH
Key DoorDash News
Here are the key news stories impacting DoorDash this week:
- Positive Sentiment: DoorDash is drawing extra attention from a high-profile Brooklyn Beckham advertising campaign, which could boost brand awareness and consumer engagement. Brooklyn Beckham doubles down on family swipe in DoorDash ad
- Positive Sentiment: Unusual options activity showed heavy call buying in DASH, suggesting traders are positioning for further upside.
- Neutral Sentiment: DoorDash-related outage reports were resolved after thousands of users experienced issues, which may limit the damage if service stability holds going forward. DoorDash says ‘issue’ affecting thousands of customers has been resolved
- Neutral Sentiment: Coverage comparing DoorDash’s Q1 performance with other gig-economy names is mostly analytical and not a fresh company-specific catalyst. Q1 Earnings Highs And Lows: DoorDash (NASDAQ:DASH) Vs The Rest Of The Gig Economy Stocks
- Negative Sentiment: Multiple reports of app outages and user freezes could pressure sentiment if investors worry about reliability or customer retention. DoorDash faces outages: 36,000 users report issues in major cities
Insider Transactions at DoorDash
In other news, General Counsel Tia Sherringham sold 2,743 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $160.79, for a total transaction of $441,046.97. Following the transaction, the general counsel owned 128,216 shares in the company, valued at approximately $20,615,850.64. This trade represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Keith Yandell sold 2,643 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.34, for a total value of $410,563.62. Following the transaction, the insider owned 81,106 shares in the company, valued at approximately $12,599,006.04. This represents a 3.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 68,558 shares of company stock valued at $10,914,640. Company insiders own 5.83% of the company’s stock.
DoorDash 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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