Doximity (NASDAQ:DOCS) Sets New 52-Week Low – Here’s What Happened

Doximity, Inc. (NASDAQ:DOCS)’s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $38.46 and last traded at $38.7350, with a volume of 1874106 shares traded. The stock had previously closed at $38.96.

Analyst Ratings Changes

A number of equities research analysts have issued reports on DOCS shares. Canaccord Genuity Group set a $48.00 target price on shares of Doximity in a report on Thursday, January 8th. The Goldman Sachs Group raised Doximity from a “neutral” rating to a “buy” rating and set a $49.00 price objective on the stock in a research report on Friday, January 9th. Truist Financial set a $62.00 target price on Doximity in a report on Thursday, January 8th. Morgan Stanley raised Doximity from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $62.00 to $65.00 in a research note on Monday, December 15th. Finally, Wells Fargo & Company upgraded Doximity from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $65.00 to $55.00 in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Doximity presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.74.

Doximity Price Performance

The stock has a market cap of $7.29 billion, a price-to-earnings ratio of 38.74, a P/E/G ratio of 4.10 and a beta of 1.39. The business’s 50 day moving average is $44.82 and its 200 day moving average is $57.95.

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 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%.During the same quarter in the prior year, the business posted $0.30 earnings per share. Doximity’s revenue for the quarter was up 23.2% compared to the same quarter last year. As a group, analysts forecast that Doximity, Inc. will post 0.99 earnings per share for the current year.

Insider Buying and Selling

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the firm’s 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 sale, the director owned 19,839 shares of the company’s stock, valued at approximately $1,318,103.16. This trade represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 31.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Whittier Trust Co. of Nevada Inc. raised its stake in Doximity by 59.5% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 179 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Doximity by 0.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 37,600 shares of the company’s stock valued at $2,306,000 after purchasing an additional 200 shares during the period. Oregon Public Employees Retirement Fund increased its position in Doximity by 0.7% during the third quarter. Oregon Public Employees Retirement Fund now owns 27,500 shares of the company’s stock worth $2,012,000 after buying an additional 200 shares during the period. Fairvoy Private Wealth LLC lifted its stake in Doximity by 1.1% in the third quarter. Fairvoy Private Wealth LLC now owns 19,253 shares of the company’s stock valued at $1,408,000 after buying an additional 206 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Doximity by 0.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after acquiring an additional 210 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.