Bridgewater Associates LP Decreases Stake in DoorDash, Inc. (NASDAQ:DASH)

Bridgewater Associates LP trimmed its stake in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 74.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,733 shares of the company's stock after selling 224,773 shares during the period. Bridgewater Associates LP's holdings in DoorDash were worth $13,040,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Norges Bank bought a new position in DoorDash in the 4th quarter worth $597,443,000. Arrowstreet Capital Limited Partnership grew its holdings in DoorDash by 67.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,654,891 shares of the company's stock valued at $780,858,000 after buying an additional 1,869,866 shares in the last quarter. Franklin Resources Inc. raised its position in shares of DoorDash by 25.0% during the fourth quarter. Franklin Resources Inc. now owns 4,749,810 shares of the company's stock valued at $796,781,000 after buying an additional 949,414 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of DoorDash in the fourth quarter worth $146,094,000. Finally, California Public Employees Retirement System boosted its position in shares of DoorDash by 97.0% during the fourth quarter. California Public Employees Retirement System now owns 1,172,959 shares of the company's stock worth $196,764,000 after acquiring an additional 577,610 shares during the last quarter. 90.64% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Ravi Inukonda sold 1,425 shares of the company's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $183.20, for a total value of $261,060.00. Following the completion of the sale, the chief financial officer now owns 366,993 shares in the company, valued at $67,233,117.60. This represents a 0.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andy Fang sold 1,398 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $203.45, for a total value of $284,423.10. Following the sale, the director now directly owns 14,778 shares of the company's stock, valued at approximately $3,006,584.10. This represents a 8.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 158,511 shares of company stock valued at $30,308,544. 7.92% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Oppenheimer reissued a "hold" rating on shares of DoorDash in a report on Monday, March 10th. Roth Mkm lifted their price objective on DoorDash from $165.00 to $193.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. cut their target price on shares of DoorDash from $205.00 to $175.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Piper Sandler reiterated a "neutral" rating and set a $210.00 price objective (up previously from $160.00) on shares of DoorDash in a research report on Wednesday, February 12th. Finally, Bank of America reduced their target price on shares of DoorDash from $245.00 to $235.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Ten research analysts have rated the stock with a hold rating and twenty-three 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 $208.88.

DoorDash Price Performance

Shares of DASH traded up $6.22 during mid-day trading on Tuesday, reaching $178.04. The company's stock had a trading volume of 514,747 shares, compared to its average volume of 4,236,896. The company's 50 day moving average is $188.32 and its 200 day moving average is $177.10. The stock has a market cap of $74.80 billion, a PE ratio of 659.59 and a beta of 1.69. DoorDash, Inc. has a 12-month low of $99.32 and a 12-month high of $215.25.

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.