DoorDash, Inc. $DASH Stock Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its stake in DoorDash, Inc. (NASDAQ:DASH) by 26.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 728,403 shares of the company’s stock after selling 264,453 shares during the quarter. Pictet Asset Management Holding SA’s holdings in DoorDash were worth $133,698,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Janus Henderson Group PLC grew its holdings in shares of DoorDash by 40.2% during the 1st quarter. Janus Henderson Group PLC now owns 7,762,553 shares of the company’s stock worth $1,159,377,000 after purchasing an additional 2,225,954 shares in the last quarter. Temasek Holdings Private Ltd increased its position in shares of DoorDash by 49.4% in the first quarter. Temasek Holdings Private Ltd now owns 3,461,501 shares of the company’s stock worth $519,744,000 after purchasing an additional 1,145,078 shares during the period. Robeco Institutional Asset Management B.V. increased its position in shares of DoorDash by 2,304.0% in 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 purchasing an additional 3,308,512 shares during the period. Bank of America Corp DE increased its position in shares of DoorDash by 18.4% in the first quarter. Bank of America Corp DE now owns 3,449,266 shares of the company’s stock worth $517,907,000 after purchasing an additional 536,080 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in DoorDash by 372.0% in the third 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 in the last quarter. 90.64% of the stock is currently owned by institutional investors.

Trending Headlines about DoorDash

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. BTIG Research reaffirmed a “buy” rating and set a $225.00 price objective on shares of DoorDash in a research report on Wednesday, October 21st. Cantor Fitzgerald reiterated an “overweight” rating and set a $240.00 price objective on shares of DoorDash in a research note on Friday, October 30th. Needham & Company LLC decreased their target price on shares of DoorDash from $265.00 to $235.00 and set a “buy” rating on the stock in a report on Friday, October 30th. TD Cowen restated a “buy” rating on shares of DoorDash in a research report on Tuesday, October 27th. Finally, JPMorgan Chase & Co. boosted their target price on shares of DoorDash from $250.00 to $262.00 in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, DoorDash currently has a consensus rating of “Moderate Buy” and a consensus price target of $248.66.

Insider Transactions at DoorDash

In related news, COO Prabir Adarkar sold 55,289 shares of DoorDash stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $231.76, for a total transaction of $12,813,778.64. Following the sale, the chief operating officer directly owned 930,211 shares of the company’s stock, valued at approximately $215,585,701.36. The trade was a 5.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ravi Inukonda sold 19,505 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $220.62, for a total transaction of $4,303,193.10. Following the transaction, the chief financial officer owned 232,938 shares of the company’s stock, valued at approximately $51,390,781.56. This represents a 7.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 349,430 shares of company stock valued at $76,644,002. 44.90% of the stock is owned by company insiders.

DoorDash Stock Performance

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

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

DoorDash Profile

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.