DoorDash (NASDAQ:DASH) Shares Gap Down on Insider Selling

Shares of DoorDash, Inc. (NASDAQ:DASH) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $127.46, but opened at $117.25. DoorDash shares last traded at $112.21, with a volume of 5,822,627 shares changing hands.

Specifically, Director Shona L. Brown sold 700 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $109.71, for a total transaction of $76,797.00. Following the completion of the transaction, the director now directly owns 71,514 shares of the company’s stock, valued at approximately $7,845,800.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other DoorDash news, Director Andy Fang sold 67,000 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $110.57, for a total transaction of $7,408,190.00. Following the sale, the director now directly owns 40,969 shares of the company’s stock, valued at $4,529,942.33. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Shona L. Brown sold 700 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $109.71, for a total transaction of $76,797.00. Following the transaction, the director now owns 71,514 shares of the company’s stock, valued at approximately $7,845,800.94. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 487,782 shares of company stock valued at $64,046,807. Company insiders own 9.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. JMP Securities reduced their price objective on shares of DoorDash from $160.00 to $140.00 and set a “market outperform” rating for the company in a research note on Thursday. Jefferies Financial Group upgraded DoorDash from a “hold” rating to a “buy” rating and boosted their price objective for the company from $90.00 to $130.00 in a research note on Monday, January 8th. Deutsche Bank Aktiengesellschaft increased their price objective on DoorDash from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Royal Bank of Canada reduced their target price on DoorDash from $175.00 to $165.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $137.00 price target on shares of DoorDash in a report on Thursday. Nine research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $129.96.

DoorDash Price Performance

The firm has a market capitalization of $45.98 billion, a P/E ratio of -105.84, a P/E/G ratio of 14.18 and a beta of 1.78. The firm’s 50 day simple moving average is $132.02 and its two-hundred day simple moving average is $109.87.

DoorDash (NASDAQ:DASH) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.45 billion. DoorDash had a negative net margin of 4.61% and a negative return on equity of 6.38%. The firm’s revenue was up 23.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.41) EPS. As a group, equities research analysts forecast that DoorDash, Inc. will post 0.21 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Versor Investments LP bought a new position in DoorDash in the third quarter worth $556,000. Assenagon Asset Management S.A. boosted its holdings in DoorDash by 1,725.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,113,175 shares of the company’s stock worth $110,082,000 after purchasing an additional 1,052,198 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in DoorDash in the 4th quarter worth approximately $769,000. Angeles Investment Advisors LLC bought a new stake in DoorDash in the 3rd quarter worth approximately $336,000. Finally, Bank of Nova Scotia raised its stake in DoorDash by 685.9% during the 3rd quarter. Bank of Nova Scotia now owns 46,751 shares of the company’s stock valued at $3,715,000 after buying an additional 40,802 shares during the last quarter. Institutional investors own 90.64% of the company’s stock.

DoorDash Company Profile

DoorDash, Inc, together with its subsidiaries, operates a commerce platform that connects merchants, consumers, and independent contractors in the United States and internationally. The company operates DoorDash Marketplace and Wolt Marketplace, which provide various services, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.