Doximity (NASDAQ:DOCS) Reaches New 52-Week Low – Here’s Why

Doximity, Inc. (NASDAQ:DOCS) hit a new 52-week low on Thursday . The stock traded as low as $43.50 and last traded at $43.6810, with a volume of 2724194 shares changing hands. The stock had previously closed at $43.80.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Robert W. Baird boosted their target price on Doximity from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, September 11th. KeyCorp boosted their price objective on Doximity from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, October 8th. Canaccord Genuity Group cut their target price on Doximity from $67.00 to $58.00 and set a “hold” rating on the stock in a report on Monday, November 10th. The Goldman Sachs Group set a $64.00 target price on Doximity and gave the stock a “sell” rating in a report on Wednesday, October 1st. Finally, Evercore ISI reduced their price target on shares of Doximity from $81.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday, November 7th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $68.94.

Doximity Price Performance

The stock has a fifty day moving average price of $55.26 and a two-hundred day moving average price of $61.07. The company has a market cap of $8.22 billion, a P/E ratio of 43.66, a price-to-earnings-growth ratio of 4.10 and a beta of 1.38.

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

Insider Activity

In related news, Director Timothy S. Cabral sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $75.00, for a total transaction of $1,500,000.00. Following the transaction, the director directly owned 3,221 shares of the company’s stock, valued at $241,575. This trade represents a 86.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Regina M. Benjamin sold 5,000 shares of the business’s stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $70.84, for a total transaction of $354,200.00. Following the transaction, the director owned 19,839 shares in the company, valued at approximately $1,405,394.76. This trade represents a 20.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 27,000 shares of company stock worth $1,987,080 over the last quarter. Insiders own 31.30% of the company’s stock.

Institutional Trading of Doximity

Institutional investors and hedge funds have recently modified their holdings of the business. Root Financial Partners LLC bought a new stake in Doximity during the third quarter worth $30,000. Hantz Financial Services Inc. increased its position in shares of Doximity by 148.9% during the 2nd quarter. Hantz Financial Services Inc. now owns 453 shares of the company’s stock valued at $28,000 after purchasing an additional 271 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in shares of Doximity by 59.5% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 179 shares during the last quarter. Toth Financial Advisory Corp raised its stake in shares of Doximity by 150.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 300 shares during the period. Finally, Atlantic Union Bankshares Corp boosted its holdings in shares of Doximity by 136.9% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after buying an additional 356 shares during the last quarter. 87.19% of the stock is owned by hedge funds and other institutional investors.

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.