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

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

Analysts Set New Price Targets

Several research firms recently issued reports on DOCS. BMO Capital Markets began coverage on Doximity in a report on Thursday, November 13th. They issued a “market perform” rating and a $55.00 price target on the stock. Canaccord Genuity Group set a $48.00 price target on shares of Doximity in a research report on Thursday. Bank of America upgraded shares of Doximity from a “neutral” rating to a “buy” rating and increased their price objective for the company from $75.00 to $82.00 in a report on Monday, October 27th. Barclays started coverage on shares of Doximity in a report on Monday, December 8th. They set an “overweight” rating and a $63.00 target price for the company. Finally, Truist Financial set a $62.00 price target on Doximity in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Doximity currently has a consensus rating of “Moderate Buy” and an average target price of $66.11.

Doximity Stock Up 0.0%

The company has a market cap of $8.25 billion, a price-to-earnings ratio of 43.80, a PEG ratio of 4.10 and a beta of 1.39. The company’s fifty day moving average price is $48.46 and its two-hundred day moving average price is $59.77.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.45 EPS 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%.The company’s quarterly revenue was up 23.2% on a year-over-year basis. During the same period last year, the business earned $0.30 EPS. On average, equities research analysts predict that Doximity, Inc. will post 0.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Doximity

In other news, Director Kira Scherer Wampler sold 2,000 shares of Doximity stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $66.44, for a total value of $132,880.00. Following the sale, the director directly owned 19,839 shares in the company, valued at $1,318,103.16. This trade represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 31.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Synergy Asset Management LLC increased its position in shares of 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 during the last quarter. Liontrust Investment Partners LLP increased its stake in shares of Doximity by 1,189.9% during the 2nd quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock worth $16,688,000 after purchasing an additional 250,973 shares during the last quarter. Strs Ohio acquired a new stake in Doximity in the 1st quarter valued at about $665,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Doximity during the second quarter worth about $1,628,000. Finally, Nordea Investment Management AB increased 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 worth $5,233,000 after buying an additional 18,970 shares during the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Company Profile

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.