Doximity (NYSE:DOCS) Hits New 1-Year Low – Should You Sell?

Doximity, Inc. (NYSE:DOCS) shares reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $22.80 and last traded at $22.5230, with a volume of 47156 shares trading hands. The stock had previously closed at $23.73.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Zacks Research downgraded Doximity from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. Truist Financial dropped their target price on shares of Doximity from $62.00 to $37.00 and set a “buy” rating for the company in a report on Friday, February 6th. Canaccord Genuity Group set a $34.00 price target on Doximity and gave the stock a “buy” rating in a research note on Monday, February 9th. Weiss Ratings restated a “hold (c+)” rating on shares of Doximity in a research report on Wednesday, December 24th. Finally, JPMorgan Chase & Co. cut their target price on shares of Doximity from $40.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.63.

Doximity Stock Performance

The firm’s 50 day moving average is $27.82. The firm has a market capitalization of $4.24 billion, a PE ratio of 19.12, a P/E/G ratio of 1.31 and a beta of 1.42.

Doximity (NYSE:DOCS) last released its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.The business’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the business earned $0.45 EPS.

Doximity announced that its board has initiated a stock repurchase plan on Thursday, February 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Doximity

In other news, insider Siddharth Sitaram sold 2,319 shares of Doximity stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total transaction of $58,833.03. Following the completion of the sale, the insider owned 84,132 shares of the company’s stock, valued at approximately $2,134,428.84. The trade was a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the completion of the sale, the director owned 19,839 shares of the company’s stock, valued at $515,814. The trade was a 9.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,601 shares of company stock worth $174,455 over the last 90 days. Insiders own 31.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DOCS. Royal Bank of Canada grew its position in shares of Doximity by 24.2% during the 1st quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock worth $6,200,000 after buying an additional 20,847 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Doximity by 0.5% during 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 buying an additional 210 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Doximity by 613.7% in the first quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock valued at $367,000 after acquiring an additional 5,437 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Doximity by 33.3% in the first quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock worth $14,828,000 after acquiring an additional 63,873 shares during the period. Finally, Focus Partners Wealth purchased a new stake in Doximity in the first quarter worth about $283,000. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

About Doximity

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.