Norges Bank Makes New $597.44 Million Investment in DoorDash, Inc. (NASDAQ:DASH)

Norges Bank purchased a new stake in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,561,508 shares of the company's stock, valued at approximately $597,443,000. Norges Bank owned approximately 0.86% of DoorDash at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of DASH. Pittenger & Anderson Inc. acquired a new stake in shares of DoorDash during the 4th quarter valued at $29,000. Denver PWM LLC acquired a new stake in DoorDash during the fourth quarter valued at $30,000. Princeton Global Asset Management LLC purchased a new position in DoorDash in the fourth quarter valued at about $34,000. ORG Wealth Partners LLC acquired a new position in DoorDash in the 4th quarter worth about $36,000. Finally, IFP Advisors Inc raised its stake in shares of DoorDash by 31.8% during the 4th quarter. IFP Advisors Inc now owns 224 shares of the company's stock worth $37,000 after purchasing an additional 54 shares in the last quarter. 90.64% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on DASH. Wedbush increased their price objective on DoorDash from $160.00 to $210.00 and gave the stock a "neutral" rating in a report on Wednesday, February 12th. Wolfe Research lifted their price objective on shares of DoorDash from $210.00 to $220.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. JPMorgan Chase & Co. increased their target price on shares of DoorDash from $155.00 to $205.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 12th. Needham & Company LLC reaffirmed a "buy" rating on shares of DoorDash in a research report on Monday, March 3rd. Finally, Citigroup reissued a "buy" rating on shares of DoorDash in a report on Saturday, March 8th. Ten investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, DoorDash has a consensus rating of "Moderate Buy" and an average target price of $207.21.

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DoorDash Stock Performance

NASDAQ DASH traded up $7.87 during trading hours on Wednesday, reaching $190.29. 2,800,811 shares of the company's stock were exchanged, compared to its average volume of 5,633,433. DoorDash, Inc. has a one year low of $99.32 and a one year high of $215.24. The company's 50-day moving average is $192.25 and its two-hundred day moving average is $173.12. The company has a market capitalization of $79.94 billion, a price-to-earnings ratio of 704.78 and a beta of 1.70.

Insider Transactions at DoorDash

In related news, insider Keith Yandell sold 8,116 shares of the company's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $203.45, for a total transaction of $1,651,200.20. Following the sale, the insider now owns 105,162 shares in the company, valued at approximately $21,395,208.90. This represents a 7.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Andy Fang sold 1,398 shares of the business's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $203.45, for a total value of $284,423.10. Following the transaction, the director now directly owns 14,778 shares in the company, valued at $3,006,584.10. This trade represents a 8.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 371,445 shares of company stock valued at $65,969,730 over the last three months. Company insiders own 7.92% of the company's stock.

DoorDash Profile

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.