CIBC Asset Management Inc Raises Holdings in DoorDash, Inc. (NASDAQ:DASH)

CIBC Asset Management Inc increased its position in DoorDash, Inc. (NASDAQ:DASH) by 4.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 76,203 shares of the company’s stock after buying an additional 3,380 shares during the period. CIBC Asset Management Inc’s holdings in DoorDash were worth $10,876,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. increased its holdings in DoorDash by 10.6% in the 3rd quarter. Asset Management One Co. Ltd. now owns 112,181 shares of the company’s stock valued at $16,012,000 after purchasing an additional 10,755 shares in the last quarter. Marshall Wace LLP increased its holdings in DoorDash by 930.5% in the 2nd quarter. Marshall Wace LLP now owns 675,988 shares of the company’s stock valued at $73,534,000 after purchasing an additional 610,388 shares in the last quarter. Forsta AP Fonden grew its stake in shares of DoorDash by 18.6% during the third quarter. Forsta AP Fonden now owns 64,500 shares of the company’s stock valued at $9,206,000 after acquiring an additional 10,100 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of DoorDash during the first quarter valued at about $2,969,000. Finally, CWM LLC grew its stake in shares of DoorDash by 97.1% during the third quarter. CWM LLC now owns 10,705 shares of the company’s stock valued at $1,528,000 after acquiring an additional 5,273 shares in the last quarter. 90.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DASH. DA Davidson raised their target price on DoorDash from $119.00 to $150.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. BTIG Research upgraded DoorDash from a “neutral” rating to a “buy” rating and set a $155.00 target price for the company in a research note on Thursday, September 19th. JPMorgan Chase & Co. lifted their price target on DoorDash from $137.00 to $155.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Wedbush reiterated a “neutral” rating and issued a $115.00 price target on shares of DoorDash in a research note on Friday, August 2nd. Finally, JMP Securities lifted their price target on DoorDash from $160.00 to $190.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Ten research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, DoorDash presently has a consensus rating of “Moderate Buy” and a consensus target price of $164.03.

Insiders Place Their Bets

In other news, Director Andy Fang sold 50,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $149.83, for a total transaction of $7,491,500.00. Following the transaction, the director now owns 18,089 shares in the company, valued at approximately $2,710,274.87. The trade was a 73.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Prabir Adarkar sold 32,124 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $147.99, for a total transaction of $4,754,030.76. Following the transaction, the chief operating officer now owns 963,094 shares in the company, valued at approximately $142,528,281.06. The trade was a 3.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 324,539 shares of company stock valued at $46,439,330 in the last quarter. Insiders own 7.92% of the company’s stock.

DoorDash Stock Performance

NASDAQ DASH opened at $169.43 on Friday. DoorDash, Inc. has a twelve month low of $92.56 and a twelve month high of $178.16. The stock has a market cap of $70.38 billion, a price-to-earnings ratio of -376.51, a PEG ratio of 14.79 and a beta of 1.67. The firm’s 50 day moving average price is $149.01 and its two-hundred day moving average price is $126.98.

DoorDash (NASDAQ:DASH) last issued its earnings results on Wednesday, October 30th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.17. The company had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.66 billion. DoorDash had a negative net margin of 1.69% and a negative return on equity of 2.41%. The company’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.19) EPS. On average, research analysts forecast that DoorDash, Inc. will post 0.24 EPS for the current fiscal year.

About DoorDash

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.