Pallas Capital Advisors LLC Raises Holdings in DoorDash, Inc. (NASDAQ:DASH)

Pallas Capital Advisors LLC lifted its stake in DoorDash, Inc. (NASDAQ:DASH) by 470.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,062 shares of the company’s stock after buying an additional 11,597 shares during the quarter. Pallas Capital Advisors LLC’s holdings in DoorDash were worth $2,570,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in shares of DoorDash by 24.0% in the fourth quarter. Brighton Jones LLC now owns 9,336 shares of the company’s stock worth $1,566,000 after buying an additional 1,807 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of DoorDash by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 93,382 shares of the company’s stock worth $15,665,000 after buying an additional 2,596 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of DoorDash by 36.2% in the fourth quarter. Jones Financial Companies Lllp now owns 1,926 shares of the company’s stock worth $323,000 after buying an additional 512 shares during the last quarter. Truist Financial Corp boosted its stake in shares of DoorDash by 35.1% in the fourth quarter. Truist Financial Corp now owns 8,597 shares of the company’s stock worth $1,442,000 after buying an additional 2,233 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in shares of DoorDash by 26.9% in the fourth quarter. Allworth Financial LP now owns 840 shares of the company’s stock worth $149,000 after buying an additional 178 shares during the last quarter. Hedge funds and other institutional investors own 90.64% of the company’s stock.

DoorDash Stock Performance

NASDAQ:DASH opened at $217.49 on Tuesday. DoorDash, Inc. has a one year low of $99.32 and a one year high of $220.88. The stock has a market cap of $92.16 billion, a PE ratio of 805.52 and a beta of 1.67. The stock has a 50 day moving average price of $192.53 and a 200 day moving average price of $186.84.

DoorDash (NASDAQ:DASH) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.39 by $0.05. DoorDash had a return on equity of 1.67% and a net margin of 1.15%. The firm had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3.10 billion. During the same quarter last year, the firm earned ($0.06) earnings per share. The business’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, analysts predict that DoorDash, Inc. will post 2.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Bank of America lowered their target price on DoorDash from $245.00 to $235.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Royal Bank of Canada restated an “outperform” rating and issued a $230.00 target price on shares of DoorDash in a research note on Wednesday, May 7th. Needham & Company LLC increased their price target on DoorDash from $225.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. The Goldman Sachs Group increased their price target on DoorDash from $192.00 to $212.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Finally, Piper Sandler reiterated a “neutral” rating and set a $210.00 price target (up previously from $160.00) on shares of DoorDash in a research report on Wednesday, February 12th. Ten investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $209.97.

Insider Activity at DoorDash

In related news, CFO Ravi Inukonda sold 14,715 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $196.52, for a total value of $2,891,791.80. Following the completion of the sale, the chief financial officer now owns 338,055 shares of the company’s stock, valued at approximately $66,434,568.60. This trade represents a 4.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Tia Sherringham sold 7,546 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $204.56, for a total value of $1,543,609.76. Following the completion of the sale, the general counsel now directly owns 129,514 shares of the company’s stock, valued at approximately $26,493,383.84. This represents a 5.51% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 298,030 shares of company stock valued at $59,433,406. 5.83% of the stock is currently owned by 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.