Doximity (NASDAQ:DOCS) Sets New 1-Year Low – What’s Next?

Shares of Doximity, Inc. (NASDAQ:DOCS) reached a new 52-week low on Monday . The company traded as low as $42.66 and last traded at $43.1970, with a volume of 125871 shares. The stock had previously closed at $43.79.

Analyst Upgrades and Downgrades

DOCS has been the topic of several research reports. Raymond James Financial reiterated a “strong-buy” rating on shares of Doximity in a report on Monday, December 29th. BMO Capital Markets started coverage on shares of Doximity in a research note on Thursday, November 13th. They issued a “market perform” rating and a $55.00 price target on the stock. The Goldman Sachs Group upgraded Doximity from a “neutral” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Friday. Truist Financial set a $62.00 price target on Doximity in a report on Thursday. Finally, Royal Bank Of Canada assumed coverage on Doximity in a research note on Thursday. They issued an “outperform” rating and a $59.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $66.11.

Doximity Trading Up 0.0%

The stock has a market cap of $8.25 billion, a P/E ratio of 43.80, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39. The stock has a 50 day simple moving average of $48.46 and a 200 day simple moving average of $59.77.

Doximity (NASDAQ:DOCS) last released its earnings results on Thursday, November 6th. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.07. Doximity had a return on equity of 21.75% and a net margin of 36.60%.During the same quarter in the prior year, the business posted $0.30 earnings per share. The company’s quarterly revenue was up 23.2% on a year-over-year basis. Equities analysts anticipate that Doximity, Inc. will post 0.99 earnings per share for the current year.

Insider Buying and Selling at Doximity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $66.44, for a total transaction of $132,880.00. Following the sale, the director owned 19,839 shares in the company, valued at approximately $1,318,103.16. This trade represents a 9.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 31.30% of the company’s stock.

Institutional Trading of Doximity

Several institutional investors and hedge funds have recently modified their holdings of the business. Synergy Asset Management LLC increased its position in Doximity by 100.0% during the 3rd quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock worth $44,219,000 after purchasing an additional 302,251 shares in the last quarter. Liontrust Investment Partners LLP increased its stake in shares of Doximity by 1,189.9% in the second quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock valued at $16,688,000 after buying an additional 250,973 shares during the period. Strs Ohio acquired a new stake in Doximity during the 1st quarter valued at approximately $665,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Doximity in the second quarter valued at $1,628,000. Finally, Nordea Investment Management AB boosted its position in Doximity by 28.5% during the second quarter. Nordea Investment Management AB now owns 85,439 shares of the company’s stock valued at $5,233,000 after acquiring an additional 18,970 shares during the last quarter. 87.19% of the stock is currently owned by institutional investors.

About Doximity

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.