DoorDash, Inc. (NASDAQ:DASH) has seen a notable transaction involving its Chief Financial Officer, Ravi Inukonda, who sold 13,891 shares of the company on August 26, 2023. The shares were sold at an average price of $247.22, resulting in a total value of approximately $3,434,133.02. Following this sale, Inukonda retains 215,397 shares in DoorDash, valued at around $53,250,446.34, reflecting a decrease of 6.06% in his ownership stake. This transaction was disclosed in a filing with the Securities and Exchange Commission.
The stock performance of DoorDash has been dynamic, with shares trading down $2.08 during midday trading on the same day, reaching $245.25. Trading volume was reported at 1,966,601 shares, compared to the average of 3,835,808 shares. DoorDash’s current financial ratios indicate a quick ratio of 2.07 and a debt-to-equity ratio of 0.30. Over the last year, the stock has experienced a low of $122.32 and a high of $278.15. The company’s market capitalization stands at $104.77 billion, with a price-to-earnings (PE) ratio of 136.25.
Analyst Ratings and Hedge Fund Movements
Recent ratings from various analysts highlight a generally positive outlook for DoorDash. Citigroup reaffirmed an “outperform” rating on August 7, 2023. Meanwhile, Roth Capital increased its target price from $191.00 to $225.00, assigning a “neutral” rating in July. Additional upgrades include a “hold” rating from Zacks Research on August 12 and a neutral rating from Wedbush on August 8. Overall, one analyst has given the stock a Strong Buy rating, while twenty-two have issued Buy ratings, and thirteen have rated it as Hold. According to MarketBeat, DoorDash currently holds a consensus rating of “Moderate Buy” with a price target of $263.88.
In addition to analyst activity, several hedge funds have adjusted their positions in DoorDash. The Saudi Central Bank acquired a new stake valued at approximately $25,000, while WPG Advisers LLC and Pacific Center for Financial Services invested $26,000 and $27,000 respectively in the first quarter. GFG Capital LLC also established a position valued at $30,000 in the second quarter. Notably, Harbour Investments Inc. increased its holdings in DoorDash by 55.6%, now owning 196 shares valued at $36,000 after acquiring an additional 70 shares.
Company Overview
DoorDash, Inc. operates a comprehensive commerce platform connecting merchants, consumers, and independent contractors, both in the United States and internationally. The company manages the DoorDash Marketplace and Wolt Marketplace, providing services that encompass customer acquisition, order fulfillment, payment processing, and customer support.
As DoorDash continues to navigate the complexities of the market, the recent share sale by CFO Ravi Inukonda might reflect broader strategic considerations within the company. Investors and analysts alike will be monitoring the firm’s performance closely as it adapts to evolving market conditions.
