Bank of Nova Scotia Sells 147,459 Shares of DoorDash, Inc. $DASH

Bank of Nova Scotia decreased its position in shares of DoorDash, Inc. (NASDAQ:DASH) by 73.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,794 shares of the company’s stock after selling 147,459 shares during the period. Bank of Nova Scotia’s holdings in DoorDash were worth $8,078,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Eastern Bank increased its position in shares of DoorDash by 714.3% during the fourth quarter. Eastern Bank now owns 114 shares of the company’s stock worth $26,000 after acquiring an additional 100 shares during the period. MV Capital Management Inc. purchased a new stake in DoorDash in the fourth quarter valued at about $26,000. Swiss RE Ltd. purchased a new position in shares of DoorDash in the fourth quarter worth $28,000. ST Germain D J Co. Inc. acquired a new position in shares of DoorDash in the fourth quarter valued at about $29,000. Finally, Kemnay Advisory Services Inc. acquired a new position in DoorDash during the fourth quarter valued at $32,000. 90.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

DASH has been the subject of several research analyst reports. DA Davidson reduced their price target on shares of DoorDash from $224.00 to $200.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. Wells Fargo & Company decreased their target price on DoorDash from $200.00 to $199.00 and set an “equal weight” rating on the stock in a research note on Monday, July 6th. Argus set a $190.00 price target on shares of DoorDash in a research note on Thursday, June 11th. Wedbush began coverage on shares of DoorDash in a research note on Thursday, July 16th. They issued a “neutral” rating and a $205.00 price objective on the stock. Finally, Guggenheim reissued a “buy” rating and set a $255.00 price objective on shares of DoorDash in a research note on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, DoorDash has a consensus rating of “Moderate Buy” and a consensus target price of $252.89.

Insider Buying and Selling

In other news, General Counsel Tia Sherringham sold 2,743 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $160.79, for a total value of $441,046.97. Following the completion of the sale, the general counsel directly owned 128,216 shares of the company’s stock, valued at $20,615,850.64. This represents a 2.09% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andy Fang sold 5,000 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $180.00, for a total value of $900,000.00. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 74,927 shares of company stock worth $13,241,532 over the last ninety days. 5.83% of the stock is currently owned by corporate insiders.

DoorDash Stock Performance

Shares of DoorDash stock opened at $172.91 on Monday. DoorDash, Inc. has a fifty-two week low of $143.30 and a fifty-two week high of $285.50. The firm has a market cap of $75.34 billion, a price-to-earnings ratio of 82.34 and a beta of 1.78. The business has a fifty day simple moving average of $172.22 and a 200-day simple moving average of $175.68. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.27.

DoorDash (NASDAQ:DASH) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $4.04 billion for the quarter, compared to analysts’ expectations of $4.15 billion. DoorDash had a return on equity of 9.58% and a net margin of 6.29%.DoorDash’s revenue was up 33.1% on a year-over-year basis. During the same quarter last year, the business posted $0.44 EPS. On average, equities analysts forecast that DoorDash, Inc. will post 2.39 EPS for the current fiscal year.

About DoorDash

DoorDash, Inc operates a technology-driven logistics and food-delivery marketplace that connects consumers, merchants and independent delivery contractors. The company’s core service enables customers to order from local restaurants and retailers through its app and website while DoorDash handles last-mile fulfillment via its network of drivers, known as “Dashers.” Over time the platform has broadened beyond restaurant deliveries to include groceries, convenience items and retail deliveries, positioning DoorDash as a broader on-demand logistics provider for consumer goods.

In addition to its marketplace, DoorDash offers a suite of products and services for consumers and businesses.