Doximity (NASDAQ:DOCS) Announces Earnings Results

Doximity (NASDAQ:DOCS) posted its earnings results on Thursday. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.01, Briefing.com reports. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the business posted $0.45 earnings per share.

Doximity Trading Down 5.5%

Shares of NASDAQ:DOCS traded down $1.95 during mid-day trading on Thursday, reaching $33.30. The company had a trading volume of 9,431,108 shares, compared to its average volume of 3,212,373. Doximity has a one year low of $32.66 and a one year high of $85.21. The company’s 50-day moving average price is $43.52 and its 200-day moving average price is $57.09. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of 33.30, a PEG ratio of 4.10 and a beta of 1.39.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on DOCS shares. Canaccord Genuity Group set a $48.00 price target on shares of Doximity in a report on Thursday, January 8th. Raymond James Financial reissued a “strong-buy” rating on shares of Doximity in a research report on Monday, December 29th. Royal Bank Of Canada started coverage on Doximity in a report on Thursday, January 8th. They issued an “outperform” rating and a $59.00 target price for the company. Barclays started coverage on Doximity in a research report on Monday, December 8th. They set an “overweight” rating and a $63.00 price target for the company. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and issued a $62.00 price objective on shares of Doximity in a research report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Doximity presently has an average rating of “Moderate Buy” and an average price target of $64.95.

Institutional Trading of Doximity

Hedge funds have recently made changes to their positions in the company. Advisory Services Network LLC purchased a new position in shares of Doximity during the 3rd quarter valued at $111,000. Scientech Research LLC bought a new stake in Doximity in the 3rd quarter valued at about $206,000. Brooklyn Investment Group lifted its holdings in Doximity by 123.4% during the third quarter. Brooklyn Investment Group now owns 2,855 shares of the company’s stock valued at $209,000 after purchasing an additional 1,577 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in Doximity during the third quarter worth about $222,000. Finally, Amundi bought a new position in Doximity during the third quarter worth about $223,000. 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.