Norges Bank Makes New Investment in DoorDash, Inc. $DASH

Norges Bank bought a new position in shares of DoorDash, Inc. (NASDAQ:DASH) in the 4th quarter, HoldingsChannel.com reports. The fund bought 4,828,902 shares of the company’s stock, valued at approximately $1,093,650,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Physician Wealth Advisors Inc. grew its holdings in shares of DoorDash by 284.0% during the third quarter. Physician Wealth Advisors Inc. now owns 96 shares of the company’s stock worth $26,000 after purchasing an additional 71 shares during the last quarter. Eastern Bank grew its holdings in shares of DoorDash by 714.3% during the fourth quarter. Eastern Bank now owns 114 shares of the company’s stock worth $26,000 after purchasing an additional 100 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in shares of DoorDash by 124.1% during the third quarter. Sunbelt Securities Inc. now owns 121 shares of the company’s stock worth $33,000 after purchasing an additional 67 shares during the last quarter. ST Germain D J Co. Inc. bought a new stake in shares of DoorDash during the fourth quarter worth about $29,000. Finally, Morse Asset Management Inc bought a new stake in shares of DoorDash during the third quarter worth about $36,000. 90.64% of the stock is currently owned by institutional investors.

Key Stories Impacting DoorDash

Here are the key news stories impacting DoorDash this week:

• Positive Sentiment: DoorDash announced a partnership with Dollar Tree that will bring on-demand delivery to Dollar Tree’s full U.S. store footprint, opening access to more than 9,000 stores and over 10,000 products. Investors may view this as a meaningful expansion beyond restaurant delivery and a potential driver of order growth. DoorDash and Dollar Tree Partner to Bring Greater Value and Thrill of the Hunt Discovery On-Demand
• Positive Sentiment: Jim Cramer said he thinks DoorDash “is a buy,” adding another bullish media mention that can help sentiment around the stock. Jim Cramer Says He Thinks “DoorDash Is a Buy”
• Neutral Sentiment: Commentary about the food-delivery industry said the competitive battle is entering a more aggressive phase. That could support DoorDash’s scale advantages, but it also suggests continued pressure to defend market share and margins. The Food Delivery War Just Entered Its Final Phase
• Negative Sentiment: Several insider sales were disclosed, including trades by COO Prabir Adarkar, General Counsel Tia Sherringham, and insider Keith Yandell. The sales were made under pre-arranged 10b5-1 plans, but insider selling can still make some investors cautious. Prabir Adarkar insider trade

Insider Activity at DoorDash

In other DoorDash news, Director Stanley Tang sold 21,433 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $150.00, for a total value of $3,214,950.00. Following the completion of the transaction, the director owned 19,279 shares in the company, valued at $2,891,850. This trade represents a 52.65% decrease in their position. 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 Shona L. Brown sold 1,250 shares of the firm’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $176.61, for a total value of $220,762.50. Following the completion of the transaction, the director owned 31,002 shares of the company’s stock, valued at approximately $5,475,263.22. This represents a 3.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 69,808 shares of company stock worth $11,135,403 in the last three months. Corporate insiders own 5.83% of the company’s stock.

Analysts Set New Price Targets

DASH has been the topic of several research reports. Stifel Nicolaus reduced their price target on DoorDash from $215.00 to $185.00 and set a “hold” rating on the stock in a report on Monday, April 13th. Roth Mkm restated a “neutral” rating and set a $200.00 price target on shares of DoorDash in a report on Thursday, February 19th. UBS Group increased their price target on DoorDash from $206.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Guggenheim lowered their target price on DoorDash from $275.00 to $255.00 and set a “buy” rating on the stock in a research report on Thursday, February 19th. Finally, Citizens Jmp lowered their target price on DoorDash from $285.00 to $250.00 and set a “market outperform” rating on the stock in a research report on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $259.58.

DoorDash Trading Up 1.7%

Shares of DoorDash stock opened at $159.29 on Friday. DoorDash, Inc. has a 1 year low of $143.30 and a 1 year high of $285.50. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a fifty day moving average price of $162.21 and a 200-day moving average price of $187.31. The firm has a market cap of $69.41 billion, a PE ratio of 75.85 and a beta of 1.87.

DoorDash (NASDAQ:DASH) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. The business had revenue of $4.04 billion for the quarter, compared to the consensus estimate of $4.15 billion. DoorDash had a return on equity of 9.58% and a net margin of 6.29%.DoorDash’s revenue for the quarter was up 33.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.44 earnings per share. Equities research analysts anticipate that DoorDash, Inc. will post 2.45 EPS for the current year.

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.