Norges Bank Acquires New Position in DoorDash, Inc. (NASDAQ:DASH)

Norges Bank bought a new position in DoorDash, Inc. (NASDAQ:DASH) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,561,508 shares of the company’s stock, valued at approximately $597,443,000. Norges Bank owned about 0.86% of DoorDash as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of DASH. IFP Advisors Inc lifted its holdings in shares of DoorDash by 31.8% in the 4th quarter. IFP Advisors Inc now owns 224 shares of the company’s stock worth $37,000 after purchasing an additional 54 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in DoorDash by 34.0% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 272 shares of the company’s stock worth $46,000 after buying an additional 69 shares during the period. Avestar Capital LLC lifted its stake in DoorDash by 1.1% in the fourth quarter. Avestar Capital LLC now owns 6,618 shares of the company’s stock valued at $1,110,000 after buying an additional 75 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of DoorDash by 0.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 11,744 shares of the company’s stock valued at $1,970,000 after acquiring an additional 84 shares during the period. Finally, Pallas Capital Advisors LLC grew its position in shares of DoorDash by 3.7% during the fourth quarter. Pallas Capital Advisors LLC now owns 2,465 shares of the company’s stock worth $414,000 after acquiring an additional 88 shares during the last quarter. 90.64% of the stock is currently owned by institutional investors and hedge funds.

DoorDash Stock Performance

Shares of DASH opened at $182.61 on Friday. The company has a market capitalization of $76.71 billion, a PE ratio of 676.33 and a beta of 1.70. The company’s 50 day moving average price is $192.00 and its 200 day moving average price is $171.77. DoorDash, Inc. has a 52 week low of $99.32 and a 52 week high of $215.25.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Evercore ISI reiterated an “outperform” rating on shares of DoorDash in a research report on Monday, March 10th. Morgan Stanley lifted their price target on DoorDash from $160.00 to $200.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Benchmark increased their price objective on DoorDash from $180.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. JMP Securities reaffirmed a “market outperform” rating and set a $200.00 target price on shares of DoorDash in a research note on Thursday, February 6th. Finally, UBS Group boosted their price target on DoorDash from $200.00 to $204.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Ten analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $207.21.

Insider Buying and Selling at DoorDash

In related news, CFO Ravi Inukonda sold 7,000 shares of DoorDash stock in a transaction on Monday, December 30th. The stock was sold at an average price of $169.32, for a total transaction of $1,185,240.00. Following the completion of the sale, the chief financial officer now owns 366,993 shares of the company’s stock, valued at approximately $62,139,254.76. This trade represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tony Xu sold 108,332 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $170.35, for a total value of $18,454,356.20. Following the completion of the transaction, the chief executive officer now directly owns 1,500 shares in the company, valued at approximately $255,525. The trade was a 98.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 358,445 shares of company stock valued at $63,443,370 in the last quarter. Company insiders own 7.92% of the company’s stock.

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.