Doximity (NASDAQ:DOCS) Trading Down 10.5% – Here’s What Happened

Doximity, Inc. (NASDAQ:DOCS)’s stock price fell 10.5% on Friday . The company traded as low as $46.11 and last traded at $45.9030. 3,675,716 shares changed hands during mid-day trading, an increase of 75% from the average session volume of 2,102,642 shares. The stock had previously closed at $51.31.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Zacks Research lowered Doximity from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 20th. Piper Sandler boosted their target price on shares of Doximity from $65.00 to $69.00 and gave the stock an “overweight” rating in a research note on Monday, August 11th. Bank of America raised 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 research note on Monday, October 27th. Raymond James Financial upgraded Doximity from an “outperform” rating to a “strong-buy” rating and dropped their price target for the company from $75.00 to $65.00 in a research report on Friday, November 21st. Finally, Evercore ISI reduced their price objective on Doximity from $81.00 to $70.00 and set an “outperform” rating on the stock in a research report on Friday, November 7th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.22.

Doximity Price Performance

The company has a market cap of $8.65 billion, a price-to-earnings ratio of 45.93, a PEG ratio of 4.10 and a beta of 1.38. The firm has a 50 day simple moving average of $61.37 and a 200-day simple moving average of $61.64.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.45 earnings per share (EPS) for the quarter, topping 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 firm’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.30 earnings per share. Research analysts anticipate that Doximity, Inc. will post 0.99 EPS for the current fiscal year.

Insider Activity at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of Doximity stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $66.44, for a total value of $132,880.00. Following the completion of the transaction, the director directly owned 19,839 shares of the company’s stock, valued at $1,318,103.16. The trade was a 9.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Timothy S. Cabral sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 3,221 shares of the company’s stock, valued at approximately $241,575. The trade was a 86.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 32,000 shares of company stock worth $2,339,580 in the last three months. 31.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hantz Financial Services Inc. raised its position in Doximity by 148.9% in 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 in the last quarter. Root Financial Partners LLC acquired a new position in shares of Doximity during the third quarter worth about $30,000. National Bank of Canada FI acquired a new stake in Doximity in the first quarter valued at approximately $33,000. Whittier Trust Co. of Nevada Inc. raised its holdings 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 acquiring an additional 179 shares in the last quarter. Finally, Toth Financial Advisory Corp lifted its stake in Doximity by 150.0% in the third quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 300 shares during the last quarter. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

About Doximity

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.