Westpac Banking Corp Grows Position in DoorDash, Inc. $DASH

Westpac Banking Corp lifted its holdings in shares of DoorDash, Inc. (NASDAQ:DASH) by 111.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 15,704 shares of the company’s stock after acquiring an additional 8,294 shares during the quarter. Westpac Banking Corp’s holdings in DoorDash were worth $2,358,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Eastern Bank boosted its position in shares of DoorDash by 714.3% in the fourth quarter. Eastern Bank now owns 114 shares of the company’s stock valued at $26,000 after acquiring an additional 100 shares during the period. MV Capital Management Inc. purchased a new position in DoorDash in the fourth quarter worth $26,000. Swiss RE Ltd. purchased a new position in shares of DoorDash in the 4th quarter worth about $28,000. ST Germain D J Co. Inc. bought a new position in DoorDash during the fourth quarter valued at approximately $29,000. Finally, Kemnay Advisory Services Inc. bought a new position in shares of DoorDash during the 4th quarter valued at $32,000. Institutional investors own 90.64% of the company’s stock.

DoorDash Stock Down 5.5%

DoorDash stock opened at $177.73 on Thursday. DoorDash, Inc. has a one year low of $143.30 and a one year high of $285.50. The stock has a market cap of $77.44 billion, a PE ratio of 84.63 and a beta of 1.78. 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 stock has a fifty day moving average of $171.62 and a 200 day moving average of $176.41.

DoorDash (NASDAQ:DASH) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.06. DoorDash had a net margin of 6.29% and a return on equity of 9.58%. The firm had revenue of $4.04 billion for the quarter, compared to analysts’ expectations of $4.15 billion. During the same quarter in the prior year, the business earned $0.44 EPS. The business’s quarterly revenue was up 33.1% on a year-over-year basis. As a group, sell-side analysts predict that DoorDash, Inc. will post 2.39 EPS for the current year.

Insider Activity at DoorDash

In other DoorDash news, COO Prabir Adarkar sold 21,739 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.25, for a total transaction of $3,374,979.75. Following the completion of the sale, the chief operating officer owned 959,076 shares of the company’s stock, valued at approximately $148,896,549. The trade was a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Tia Sherringham sold 2,743 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $160.79, for a total value of $441,046.97. Following the completion of the sale, the general counsel owned 128,216 shares of the company’s stock, valued at approximately $20,615,850.64. The trade was a 2.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,927 shares of company stock valued at $13,241,532 in the last ninety days. Corporate insiders own 5.83% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on DASH. Guggenheim restated a “buy” rating and set a $255.00 price target on shares of DoorDash in a research report on Tuesday, June 23rd. Rothschild & Co Redburn set a $350.00 price objective on shares of DoorDash in a report on Tuesday, May 12th. Wells Fargo & Company lowered their target price on DoorDash from $200.00 to $199.00 and set an “equal weight” rating for the company in a research note on Monday, July 6th. Citigroup reissued a “market outperform” rating on shares of DoorDash in a research note on Monday, June 22nd. Finally, The Goldman Sachs Group set a $280.00 target price on DoorDash in a report on Thursday, May 7th. One 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $252.89.

About DoorDash

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.