The Manufacturers Life Insurance Company Sells 38,706 Shares of DoorDash, Inc. $DASH

The Manufacturers Life Insurance Company reduced its stake in DoorDash, Inc. (NASDAQ:DASH) by 12.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 260,434 shares of the company’s stock after selling 38,706 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in DoorDash were worth $39,104,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in DASH. Vanguard Group Inc. grew its holdings in shares of DoorDash by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 43,426,479 shares of the company’s stock worth $9,835,229,000 after purchasing an additional 713,571 shares in the last quarter. SC US Ttgp LTD. raised its stake in DoorDash by 1.6% in the fourth quarter. SC US Ttgp LTD. now owns 31,686,624 shares of the company’s stock valued at $7,176,387,000 after purchasing an additional 506,358 shares in the last quarter. Morgan Stanley raised its stake in DoorDash by 2.3% in the fourth quarter. Morgan Stanley now owns 17,536,824 shares of the company’s stock valued at $3,971,741,000 after purchasing an additional 391,596 shares in the last quarter. State Street Corp lifted its position in DoorDash by 3.0% during the fourth quarter. State Street Corp now owns 15,761,072 shares of the company’s stock worth $3,569,568,000 after purchasing an additional 464,448 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in DoorDash by 32.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,958,114 shares of the company’s stock worth $3,161,234,000 after purchasing an additional 3,447,754 shares during the period. Institutional investors own 90.64% of the company’s stock.

More DoorDash News

Here are the key news stories impacting DoorDash this week:

• Positive Sentiment: DoorDash launched DoorDash Air after receiving FAA Part 135 certification, allowing it to operate commercial drone deliveries in the United States. The company plans to develop its own aircraft and an end-to-end aerial delivery network within its app. DoorDash launches in-house drone delivery program after FAA certification
• Positive Sentiment: The certification could give DoorDash a regulatory and technology advantage over smaller delivery competitors. Shifting some short- and mid-range orders from gig couriers to drones could reduce variable labor costs, ease driver shortages and improve margins as delivery volume builds. DoorDash’s Drone Certification Could Reshape Its Delivery Margins
• Positive Sentiment: Drone logistics may expand DoorDash beyond restaurant delivery into faster fulfillment for pharmaceuticals, perishables and higher-margin retail products. DoorDash already works with Wing and Flytrex, so the in-house program could complement existing partnerships while increasing control over the delivery network. DoorDash is building its own drone delivery business
• Neutral Sentiment: The drone strategy requires substantial upfront investment in aircraft, infrastructure and operations. Benefits to earnings and free cash flow will depend on regulatory approvals, customer adoption, route density and the ability to scale safely.
• Negative Sentiment: One recent analyst preview warned that DoorDash may report declining earnings in its upcoming results, raising the risk that near-term fundamentals will not justify the company’s premium valuation. Safety concerns could also slow adoption, with a report citing widespread public worries about drone safety. Analysts Estimate DoorDash to Report a Decline in Earnings

Insiders Place Their Bets

In related news, General Counsel Tia Sherringham sold 2,743 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $160.79, for a total value of $441,046.97. Following the completion of the transaction, the general counsel owned 128,216 shares of the company’s stock, valued at $20,615,850.64. This represents a 2.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Prabir Adarkar sold 21,739 shares of the business’s stock in a transaction on 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 sale, the chief operating officer directly owned 959,076 shares in the company, valued at approximately $148,896,549. The trade was a 2.22% 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 have sold 74,927 shares of company stock worth $13,241,532 over the last 90 days. Insiders own 5.83% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on DASH shares. Wedbush started coverage on shares of DoorDash in a research note on Thursday, July 16th. They set a “neutral” rating and a $205.00 price objective on the stock. Zacks Research cut shares of DoorDash from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Citigroup reaffirmed a “market outperform” rating on shares of DoorDash in a report on Monday, June 22nd. KeyCorp reduced their price target on shares of DoorDash from $280.00 to $275.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. Finally, DA Davidson lowered their price objective on shares of DoorDash from $224.00 to $200.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, DoorDash currently has an average rating of “Moderate Buy” and an average target price of $252.89.

DoorDash Stock Up 2.1%

Shares of NASDAQ DASH opened at $197.53 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.27. The company has a market cap of $86.07 billion, a price-to-earnings ratio of 94.06 and a beta of 1.78. DoorDash, Inc. has a 12 month low of $143.30 and a 12 month high of $285.50. The stock has a 50-day moving average price of $174.89 and a two-hundred day moving average price of $174.77.

DoorDash (NASDAQ:DASH) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The company had revenue of $4.04 billion for the quarter, compared to the consensus estimate of $4.15 billion. DoorDash had a net margin of 6.29% and a return on equity of 9.58%. The firm’s quarterly revenue was up 33.1% compared to the same quarter last year. During the same period last year, the company posted $0.44 EPS. As a group, analysts forecast that DoorDash, Inc. will post 2.39 earnings per share 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.