Doximity Sees Unusually High Options Volume (NYSE:DOCS)

Doximity, Inc. (NYSE:DOCS) was the recipient of unusually large options trading activity on Monday. Traders purchased 7,339 call options on the stock. This is an increase of 216% compared to the typical daily volume of 2,319 call options.

Insiders Place Their Bets

In other news, insider Siddharth Sitaram sold 2,444 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $20.41, for a total transaction of $49,882.04. Following the transaction, the insider directly owned 90,706 shares in the company, valued at $1,851,309.46. The trade was a 2.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kira Scherer Wampler sold 9,000 shares of the business’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $26.06, for a total transaction of $234,540.00. Following the transaction, the director owned 19,839 shares in the company, valued at $517,004.34. This represents a 31.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 13,753 shares of company stock valued at $343,925. Corporate insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Doximity

Several institutional investors and hedge funds have recently made changes to their positions in DOCS. Northwestern Mutual Wealth Management Co. lifted its holdings in Doximity by 99.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after purchasing an additional 397 shares during the last quarter. Toth Financial Advisory Corp increased its position in Doximity by 100.0% during the 4th quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock worth $44,000 after buying an additional 500 shares during the period. Parallel Advisors LLC increased its position in Doximity by 111.0% during the first quarter. Parallel Advisors LLC now owns 2,560 shares of the company’s stock worth $60,000 after acquiring an additional 1,347 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Doximity by 937.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,833 shares of the company’s stock worth $66,000 after purchasing an additional 2,560 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in Doximity by 35.7% in the 4th quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company’s stock valued at $68,000 after acquiring an additional 405 shares in the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Evercore downgraded Doximity from an “outperform” rating to an “in-line” rating and set a $25.00 price target on the stock. in a research report on Wednesday, April 8th. Truist Financial reaffirmed a “hold” rating and issued a $19.00 price objective (down from $29.00) on shares of Doximity in a research report on Thursday, May 14th. BTIG Research downgraded Doximity from a “buy” rating to a “neutral” rating in a research note on Thursday, May 14th. Weiss Ratings lowered Doximity from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 15th. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $18.00 price target (down from $32.00) on shares of Doximity in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $29.33.

Doximity Stock Performance

DOCS traded up $0.64 on Monday, reaching $21.55. The company had a trading volume of 360,771 shares, compared to its average volume of 3,666,417. The stock has a market cap of $3.94 billion, a P/E ratio of 21.78, a P/E/G ratio of 7.59 and a beta of 1.29. Doximity has a fifty-two week low of $17.15 and a fifty-two week high of $76.51. The company’s fifty day moving average is $21.06 and its 200 day moving average is $24.90.

Doximity Company Profile

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.