Doximity (NASDAQ:DOCS) Reaches New 12-Month Low – Here’s What Happened

Shares of Doximity, Inc. (NASDAQ:DOCS) 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 traded. The stock had previously closed at $43.79.

Analyst Upgrades and Downgrades

DOCS has been the topic of several research analyst reports. Canaccord Genuity Group set a $48.00 price objective on shares of Doximity in a report on Thursday, January 8th. BMO Capital Markets began coverage on shares of Doximity in a research report on Thursday, November 13th. They set a “market perform” rating and a $55.00 price target for the company. Truist Financial set a $62.00 price target on shares of Doximity in a research note on Thursday, January 8th. The Goldman Sachs Group raised shares of Doximity from a “neutral” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Friday, January 9th. Finally, Bank of America upgraded shares of Doximity from a “neutral” rating to a “buy” rating and lifted their target price for the company from $75.00 to $82.00 in a report on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Doximity has a consensus rating of “Moderate Buy” and an average target price of $66.11.

Doximity Trading Down 2.4%

The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of 40.37, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39. The stock’s fifty day simple moving average is $47.51 and its 200-day simple moving average is $59.52.

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

Insider Activity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction 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 completion of the transaction, the director owned 19,839 shares in the company, valued at approximately $1,318,103.16. The trade was a 9.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 31.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DOCS. Hantz Financial Services Inc. raised 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 worth $28,000 after acquiring an additional 271 shares in the last quarter. Root Financial Partners LLC acquired a new position in Doximity in the third quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. increased its stake in Doximity by 59.5% in the third 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 lifted its position 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 buying an additional 300 shares during the last quarter. 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 valued at $45,000 after buying an additional 356 shares in the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

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.