Doximity (NASDAQ:DOCS) Sets New 12-Month Low – Time to Sell?

Shares of Doximity, Inc. (NASDAQ:DOCS) hit a new 52-week low on Friday . The company traded as low as $43.21 and last traded at $43.4950, with a volume of 908827 shares. The stock had previously closed at $44.28.

Analyst Upgrades and Downgrades

Several brokerages recently commented on DOCS. Robert W. Baird increased their price objective on shares of Doximity from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, September 11th. Barclays began coverage on shares of Doximity in a report on Monday, December 8th. They issued an “overweight” rating and a $63.00 price target for the company. The Goldman Sachs Group set a $64.00 price objective on shares of Doximity and gave the company a “sell” rating in a report on Wednesday, October 1st. Bank of America upgraded Doximity from a “neutral” rating to a “buy” rating and raised their target price for the stock from $75.00 to $82.00 in a research note on Monday, October 27th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Doximity in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $68.94.

Doximity Stock Performance

The firm has a market cap of $8.18 billion, a PE ratio of 43.46, a price-to-earnings-growth ratio of 4.10 and a beta of 1.38. The stock has a 50 day simple moving average of $51.10 and a two-hundred day simple moving average of $60.29.

Doximity (NASDAQ:DOCS) last posted its 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 return on equity of 21.75% and a net margin of 36.60%.The business’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.30 EPS. Equities research analysts forecast that Doximity, Inc. will post 0.99 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Kira Scherer Wampler sold 2,000 shares of Doximity stock in a transaction that occurred 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 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Regina M. Benjamin sold 5,000 shares of the business’s stock in a transaction on Friday, October 10th. The shares were sold at an average price of $70.84, for a total transaction of $354,200.00. Following the completion of the transaction, the director owned 19,839 shares of the company’s stock, valued at approximately $1,405,394.76. This represents a 20.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 31.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Doximity

Several hedge funds have recently modified their holdings of the company. Hantz Financial Services Inc. increased its stake in shares of 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 stake in Doximity in the third quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. grew 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 purchasing an additional 179 shares during the period. Toth Financial Advisory Corp increased its position in shares of Doximity by 150.0% in the third quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock valued at $37,000 after buying an additional 300 shares in the last quarter. Finally, Atlantic Union Bankshares Corp raised its stake in shares of Doximity by 136.9% during 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 period. 87.19% of the stock is owned by hedge funds and other institutional investors.

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.