a16z Perennial Management L.P. Invests $3.35 Million in DoorDash, Inc. $DASH

a16z Perennial Management L.P. acquired a new position in shares of DoorDash, Inc. (NASDAQ:DASH) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 13,590 shares of the company’s stock, valued at approximately $3,350,000. DoorDash makes up 0.3% of a16z Perennial Management L.P.’s investment portfolio, making the stock its 18th largest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in DASH. Brighton Jones LLC raised its stake in shares of DoorDash by 24.0% during the 4th quarter. Brighton Jones LLC now owns 9,336 shares of the company’s stock worth $1,566,000 after purchasing an additional 1,807 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of DoorDash by 70.4% during the 1st quarter. GAMMA Investing LLC now owns 1,922 shares of the company’s stock worth $351,000 after purchasing an additional 794 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of DoorDash during the 1st quarter worth approximately $324,000. Sequoia Financial Advisors LLC raised its stake in shares of DoorDash by 4.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 5,169 shares of the company’s stock worth $945,000 after purchasing an additional 208 shares in the last quarter. Finally, KBC Group NV raised its stake in DoorDash by 6.1% in the 1st quarter. KBC Group NV now owns 53,582 shares of the company’s stock valued at $9,794,000 after acquiring an additional 3,090 shares during the period. Institutional investors own 90.64% of the company’s stock.

Analyst Upgrades and Downgrades

DASH has been the topic of a number of research analyst reports. Piper Sandler increased their price target on DoorDash from $210.00 to $290.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Roth Capital increased their price target on DoorDash from $191.00 to $225.00 and gave the company a “neutral” rating in a research note on Monday, July 14th. Loop Capital restated a “buy” rating on shares of DoorDash in a research note on Tuesday, July 15th. Wells Fargo & Company dropped their price target on DoorDash from $306.00 to $301.00 and set an “equal weight” rating on the stock in a research note on Friday, October 3rd. Finally, DA Davidson increased their price target on DoorDash from $190.00 to $260.00 and gave the company a “neutral” rating in a research note on Wednesday, September 10th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $290.82.

DoorDash Stock Performance

DASH opened at $263.35 on Tuesday. The firm has a market cap of $112.50 billion, a P/E ratio of 146.31 and a beta of 1.71. DoorDash, Inc. has a 52-week low of $152.26 and a 52-week high of $285.50. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.07 and a current ratio of 2.07. The business’s fifty day moving average is $259.95 and its 200-day moving average is $233.86.

DoorDash (NASDAQ:DASH) last released its earnings results on Wednesday, August 6th. The company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.23. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.16 billion. DoorDash had a return on equity of 9.56% and a net margin of 6.57%.DoorDash’s quarterly revenue was up 24.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.38) EPS. Sell-side analysts expect that DoorDash, Inc. will post 2.22 EPS for the current fiscal year.

Insider Activity at DoorDash

In other news, CFO Ravi Inukonda sold 1,425 shares of the stock in a transaction on Monday, October 20th. The stock was sold at an average price of $263.86, for a total transaction of $376,000.50. Following the sale, the chief financial officer directly owned 214,147 shares of the company’s stock, valued at approximately $56,504,827.42. This represents a 0.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Tony Xu sold 34,166 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $268.24, for a total value of $9,164,687.84. Following the sale, the chief executive officer directly owned 520,450 shares in the company, valued at approximately $139,605,508. This trade represents a 6.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 928,114 shares of company stock worth $232,553,670 in the last quarter. 5.83% of the stock is currently owned by corporate insiders.

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.