Doximity (NYSE:DOCS) Trading Down 7.1% on Analyst Downgrade

Doximity, Inc. (NYSE:DOCS)’s stock price was down 7.1% during mid-day trading on Tuesday after Freedom Capmkts downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $24.47 and last traded at $24.4740. 1,827,327 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 4,118,098 shares. The stock had previously closed at $26.35.

DOCS has been the topic of several other research reports. KeyCorp cut Doximity from an “overweight” rating to a “sector weight” rating in a report on Thursday, May 14th. Jefferies Financial Group lowered shares of Doximity from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $51.00 to $19.00 in a report on Thursday, May 14th. BTIG Research downgraded shares of Doximity from a “buy” rating to a “neutral” rating in a research note on Thursday, May 14th. Bank of America reissued an “underperform” rating and set a $20.00 price target (down from $38.00) on shares of Doximity in a research note on Monday, June 29th. Finally, Wolfe Research raised shares of Doximity to an “outperform” rating in a report on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $32.18.

Insider Buying and Selling

In other news, Director Kira Wampler sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $24.95, for a total value of $49,900.00. Following the completion of the sale, the director directly owned 19,839 shares of the company’s stock, valued at $494,983.05. This represents a 9.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Siddharth Sitaram sold 1,770 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $24.94, for a total transaction of $44,143.80. Following the transaction, the chief accounting officer owned 97,004 shares of the company’s stock, valued at approximately $2,419,279.76. This represents a 1.79% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 11,270 shares of company stock valued at $387,369 over the last three months. Company insiders own 31.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its position in Doximity by 99.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock valued at $35,000 after acquiring an additional 397 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of Doximity in the 3rd quarter valued at about $111,000. Leonteq Securities AG bought a new stake in shares of Doximity in the fourth quarter valued at about $78,000. Kestra Advisory Services LLC bought a new stake in shares of Doximity in the fourth quarter valued at about $87,000. Finally, McMillan Office Inc. acquired a new position in shares of Doximity during the fourth quarter worth about $95,000. Institutional investors own 87.19% of the company’s stock.

Doximity Stock Up 2.6%

The firm has a market capitalization of $4.42 billion, a P/E ratio of 29.25, a P/E/G ratio of 19.10 and a beta of 1.25. The stock has a fifty day moving average of $23.56 and a 200-day moving average of $23.08.

Doximity (NYSE:DOCS) last released its earnings results on Thursday, August 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.16 by $0.13. Doximity had a return on equity of 18.06% and a net margin of 25.48%.The firm had revenue of $156.62 million for the quarter. During the same quarter in the previous year, the firm posted $0.36 EPS. The company’s revenue was up 7.3% on a year-over-year basis. Sell-side analysts predict that Doximity, Inc. will post 0.74 EPS for the current fiscal year.

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.