Bank of Nova Scotia Has $8.08 Million Stock Position in DoorDash, Inc. $DASH

Bank of Nova Scotia lowered its stake in shares of DoorDash, Inc. (NASDAQ:DASH) by 73.3% in the first quarter, Holdings Channel reports. The institutional investor owned 53,794 shares of the company’s stock after selling 147,459 shares during the period. Bank of Nova Scotia’s holdings in DoorDash were worth $8,078,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. MV Capital Management Inc. acquired a new stake in shares of DoorDash in the 4th quarter valued at $26,000. Eastern Bank grew its holdings in shares of DoorDash by 714.3% in the 4th quarter. Eastern Bank now owns 114 shares of the company’s stock valued at $26,000 after buying an additional 100 shares during the period. Sunbelt Securities Inc. raised its holdings in DoorDash by 124.1% during the 3rd quarter. Sunbelt Securities Inc. now owns 121 shares of the company’s stock worth $33,000 after buying an additional 67 shares during the period. Swiss RE Ltd. bought a new stake in DoorDash in the 4th quarter valued at approximately $28,000. Finally, ST Germain D J Co. Inc. acquired a new stake in shares of DoorDash in the fourth quarter valued at about $29,000. 90.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and set a $265.00 target price on shares of DoorDash in a report on Thursday, May 7th. Weiss Ratings raised DoorDash from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. BTIG Research reduced their price objective on shares of DoorDash from $280.00 to $225.00 and set a “buy” rating for the company in a report on Friday, June 12th. Guggenheim reissued a “buy” rating and set a $255.00 target price on shares of DoorDash in a research report on Tuesday, June 23rd. Finally, The Goldman Sachs Group set a $280.00 target price on DoorDash in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $252.89.

Insider Activity

In related news, Director Stanley Tang sold 23,125 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $191.19, for a total value of $4,421,268.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andy Fang sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $180.00, for a total transaction of $900,000.00. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 74,927 shares of company stock valued at $13,241,532. 5.83% of the stock is owned by insiders.

DoorDash Price Performance

DASH stock opened at $172.91 on Monday. DoorDash, Inc. has a 52-week low of $143.30 and a 52-week high of $285.50. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a 50 day moving average price of $172.22 and a 200-day moving average price of $175.68. The firm has a market capitalization of $75.34 billion, a price-to-earnings ratio of 82.34 and a beta of 1.78.

DoorDash (NASDAQ:DASH) last issued its earnings results on Wednesday, May 6th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. DoorDash had a return on equity of 9.58% and a net margin of 6.29%.The business had revenue of $4.04 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same quarter in the previous year, the firm earned $0.44 EPS. DoorDash’s revenue was up 33.1% on a year-over-year basis. Equities research analysts forecast that DoorDash, Inc. will post 2.39 EPS for the current fiscal year.

DoorDash Company 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.