DoorDash, Inc. (NASDAQ:DASH) saw a significant stock transaction on August 26, 2023, when its Chief Financial Officer, Ravi Inukonda, sold 13,891 shares of the company. The shares were sold at an average price of $247.22, culminating in a total transaction value of $3,434,133.02. Following this sale, Inukonda retains ownership of 215,397 shares, which are currently valued at approximately $53,250,446.34. This transaction represents a 6.06% decrease in his ownership stake.
The details of the transaction were disclosed in a filing with the Securities and Exchange Commission, which provides transparency regarding insider trades. Inukonda’s recent sales reflect broader movements within the company, which has been under scrutiny from investors and analysts alike.
Current Market Performance
On the trading day following Inukonda’s sale, DoorDash stock experienced a decline, closing down $2.08 to reach $245.25. The trading volume for the day was 1,966,601 shares, notably below its average volume of 3,835,808 shares. The company’s financial ratios indicate a quick ratio of 2.07, a current ratio of 2.07, and a debt-to-equity ratio of 0.30.
Over the past year, DoorDash shares have fluctuated significantly, with a 12-month low of $122.32 and a high of $278.15. With a market capitalization of approximately $104.77 billion and a price-to-earnings (PE) ratio of 136.25, analysts continue to evaluate the stock’s performance.
Analyst Ratings and Hedge Fund Activity
Recent analyst reports have varied in sentiment towards DoorDash. Citigroup reaffirmed an “outperform” rating on August 7, while Roth Capital increased its target price from $191.00 to $225.00 in mid-July, assigning a “neutral” rating. Additionally, Zacks Research and Wedbush have also issued “hold” and “neutral” ratings respectively.
Overall, the consensus rating stands at “Moderate Buy” with a price target averaging $263.88, according to data from MarketBeat. Notably, one analyst has rated the stock as a Strong Buy, while twenty-two others have given it a Buy rating, with thirteen issuing Hold ratings.
Institutional investors currently hold 90.64% of DoorDash stock. Recent hedge fund activity includes new stakes from the Saudi Central Bank valued at approximately $25,000 and WPG Advisers LLC’s investment of $26,000 in the first quarter of 2023. Other investors, including Pacific Center for Financial Services and GFG Capital LLC, have also made recent investments, indicating growing interest in the company.
DoorDash, Inc. continues to operate as a leading commerce platform that connects merchants, consumers, and independent contractors across the United States and internationally. The company manages a suite of services through its DoorDash and Wolt platforms, enhancing customer acquisition and order fulfillment processes.
As the market evolves, all eyes will remain on DoorDash, especially in light of recent insider transactions and shifting analyst perspectives.
