Cryptocurrency News Articles

Assenagon Asset Management Increases Stake in DoorDash by 1,725.6% in Q4

Mar 26, 2024 at 06:03 am

Assenagon Asset Management S.A. significantly increased its stake in DoorDash, Inc. (DASH) during the fourth quarter, acquiring an additional 1,052,198 shares, representing a 1,725.6% increase. The institutional investor now holds 1,113,175 shares of DASH, valued at $110,082,000.

Assenagon Asset Management S.A. increased its holdings in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 1,725.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,113,175 shares of the company's stock after buying an additional 1,052,198 shares during the period. Assenagon Asset Management S.A. owned about 0.28% of DoorDash worth $110,082,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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• Time to Ring the Register on DoorDash Stock?

A number of other large investors have also modified their holdings of the business. Versor Investments LP acquired a new position in shares of DoorDash in the 3rd quarter valued at $556,000. Angeles Investment Advisors LLC purchased a new position in DoorDash in the third quarter worth approximately $336,000. Bank of Nova Scotia increased its position in shares of DoorDash by 685.9% in the 3rd quarter. Bank of Nova Scotia now owns 46,751 shares of the company's stock valued at $3,715,000 after purchasing an additional 40,802 shares during the last quarter. Jump Financial LLC lifted its position in shares of DoorDash by 131.3% during the 3rd quarter. Jump Financial LLC now owns 15,841 shares of the company's stock worth $1,259,000 after purchasing an additional 8,993 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of DoorDash by 3.0% during the third quarter. Vanguard Group Inc. now owns 27,043,520 shares of the company's stock worth $2,149,149,000 after purchasing an additional 781,861 shares in the last quarter. Hedge funds and other institutional investors own 90.64% of the company's stock.

Wall Street Analysts Forecast Growth

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DASH has been the topic of several research analyst reports. Royal Bank of Canada upgraded shares of DoorDash from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $130.00 to $175.00 in a research note on Monday, March 4th. Jefferies Financial Group upgraded DoorDash from a "hold" rating to a "buy" rating and lifted their price target for the stock from $90.00 to $130.00 in a research note on Monday, January 8th. Wedbush raised their price target on DoorDash from $92.00 to $115.00 and gave the company a "neutral" rating in a report on Friday, February 16th. Wells Fargo & Company reduced their price target on shares of DoorDash from $105.00 to $100.00 and set an "equal weight" rating for the company in a research report on Friday, February 16th. Finally, Susquehanna increased their price target on DoorDash from $110.00 to $135.00 and gave the company a "positive" rating in a report on Tuesday, February 20th. Ten investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $121.77.

• DoorDash Delivers Better Than-Expected Q1 Results

View Our Latest Research Report on DoorDash

DoorDash Stock Performance

NASDAQ:DASH traded up $0.58 during midday trading on Monday, reaching $137.82. 2,162,754 shares of the stock traded hands, compared to its average volume of 3,881,058. The stock has a market capitalization of $55.68 billion, a PE ratio of -96.06, a price-to-earnings-growth ratio of 16.09 and a beta of 1.78. DoorDash, Inc. has a 12-month low of $56.59 and a 12-month high of $140.00. The business has a 50-day moving average of $119.14 and a two-hundred day moving average of $99.14.

• DoorDash Outperforms Despite Losses - Is It Time To Buy?

DoorDash (NASDAQ:DASH - Get Free Report) last released its quarterly earnings results on Thursday, February 15th. The company reported ($0.39) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.24). The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.25 billion. DoorDash had a negative return on equity of 8.49% and a negative net margin of 6.46%. The business's revenue for the quarter was up 26.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.63) EPS. Research analysts anticipate that DoorDash, Inc. will post 0.2 earnings per share for the current year.

Insider Activity

In related news, Director Shona L. Brown sold 700 shares of the business's stock in a transaction on Friday, January 5th. The stock was sold at an average price of $93.54, for a total value of $65,478.00. Following the sale, the director now owns 72,214 shares in the company, valued at approximately $6,754,897.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Shona L. Brown sold 703 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $133.09, for a total value of $93,562.27. Following the transaction, the director now owns 70,811 shares in the company, valued at approximately $9,424,235.99. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Shona L. Brown sold 700 shares of DoorDash stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $93.54, for a total value of $65,478.00. Following the transaction, the director now directly owns 72,214 shares in the company, valued at approximately $6,754,897.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 519,087 shares of company stock valued at $58,139,690. 9.59% of the stock is currently owned by insiders.

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.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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