Kornitzer Capital Management Inc. KS Acquires 1,074,069 Shares of DoorDash, Inc. $DASH

Kornitzer Capital Management Inc. KS acquired a new position in shares of DoorDash, Inc. (NASDAQ:DASH) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,074,069 shares of the company’s stock, valued at approximately $197,145,000. DoorDash comprises approximately 3.7% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 3rd largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of DASH. Janus Henderson Group PLC raised its position in DoorDash by 40.2% in the first quarter. Janus Henderson Group PLC now owns 7,762,553 shares of the company’s stock valued at $1,159,377,000 after purchasing an additional 2,225,954 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of DoorDash by 2,304.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 3,452,110 shares of the company’s stock worth $633,635,000 after acquiring an additional 3,308,512 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of DoorDash by 372.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 3,137,719 shares of the company’s stock valued at $575,928,000 after purchasing an additional 2,472,980 shares during the period. Temasek Holdings Private Ltd lifted its stake in DoorDash by 49.4% in the first quarter. Temasek Holdings Private Ltd now owns 3,461,501 shares of the company’s stock valued at $519,744,000 after buying an additional 1,145,078 shares during the period. Finally, Bank of America Corp DE boosted its stake in DoorDash by 18.4% during the first quarter. Bank of America Corp DE now owns 3,449,266 shares of the company’s stock worth $517,907,000 after acquiring an additional 536,080 shares in the last quarter. Institutional investors and hedge funds own 90.64% of the company’s stock.

DoorDash News Roundup

Here are the key news stories impacting DoorDash this week:

• Positive Sentiment: DoorDash and Lyft launched Lyft Go, a $9.99 monthly membership that includes DashPass and 8% credits on Lyft rides for future rides or DoorDash orders. The bundle could help DoorDash attract and retain customers, though its financial impact is not yet known. Lyft Debuts Joint Membership Program With DoorDash
• Neutral Sentiment: Rosenblatt Securities lowered its DoorDash price target to $225 from $270 but maintained a Buy rating. The cut signals a more cautious outlook, although the new target remains above the cited share price. Rosenblatt Securities analyst ratings
• Negative Sentiment: Small grocers have questioned whether DoorDash’s proposed Instacart deal would benefit them, highlighting potential pushback as the transaction faces scrutiny and uncertainty. Grocers push back on DoorDash’s Instacart deal
• Negative Sentiment: Director Stanley Tang sold 23,125 shares, cutting his direct holdings by about 69%. The sale was made under a pre-arranged trading plan, which may reduce its significance as a signal about his view of the stock. SEC filing for Stanley Tang share sale

Insider Activity at DoorDash

In related news, COO Prabir Adarkar sold 8,738 shares of DoorDash stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $180.85, for a total value of $1,580,267.30. Following the sale, the chief operating officer owned 921,473 shares of the company’s stock, valued at approximately $166,648,392.05. The trade was a 0.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $183.69, for a total value of $918,450.00. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 349,430 shares of company stock worth $76,644,002 over the last 90 days. Corporate insiders own 44.90% of the company’s stock.

Analyst Upgrades and Downgrades

DASH has been the subject of a number of research reports. Citigroup reissued a “market outperform” rating on shares of DoorDash in a research note on Friday, October 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of DoorDash in a research note on Wednesday. Piper Sandler reissued a “neutral” rating and set a $220.00 target price (up from $205.00) on shares of DoorDash in a research report on Thursday, August 6th. Raymond James Financial restated a “buy” rating on shares of DoorDash in a research note on Thursday, September 3rd. Finally, Wedbush raised DoorDash from a “neutral” rating to an “outperform” rating and upped their target price for the company from $220.00 to $230.00 in a report on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $248.66.

DoorDash Stock Performance

Shares of DASH stock opened at $179.67 on Friday. The firm has a market cap of $77.85 billion, a price-to-earnings ratio of 74.24 and a beta of 1.98. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.37 and a current ratio of 1.46. DoorDash, Inc. has a 52 week low of $143.30 and a 52 week high of $239.00. The firm’s 50-day simple moving average is $193.38 and its two-hundred day simple moving average is $182.51.

DoorDash (NASDAQ:DASH) last released its earnings results on Thursday, October 29th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.25. DoorDash had a net margin of 6.23% and a return on equity of 10.40%. The firm had revenue of $4.62 billion for the quarter, compared to analysts’ expectations of $4.56 billion. During the same period in the previous year, the company earned $0.55 earnings per share. The company’s quarterly revenue was up 34.0% on a year-over-year basis. As a group, equities analysts forecast that DoorDash, Inc. will post 2.68 earnings per share for the current year.

About DoorDash

DoorDash, Inc operates a local commerce platform that connects consumers with restaurants and other merchants, as well as with independent delivery workers. Through its app and website, customers can order restaurant meals, groceries, convenience items and products from other local retailers for delivery or pickup.

The company also provides services for merchants, including tools for online ordering, marketing and fulfillment. Its offerings include DoorDash Drive, which provides delivery logistics for merchants’ own orders, and DashPass, a subscription program for eligible orders.