Doximity (NYSE:DOCS) Shares Gap Down – What’s Next?

Doximity, Inc. (NYSE:DOCS)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $26.73, but opened at $25.84. Doximity shares last traded at $26.1150, with a volume of 112,240 shares.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DOCS. Evercore set a $40.00 target price on Doximity in a research report on Friday, August 7th. Weiss Ratings restated a “sell (d+)” rating on shares of Doximity in a research note on Wednesday, August 12th. Mizuho dropped their price objective on shares of Doximity from $34.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Robert W. Baird reiterated a “neutral” rating and issued a $18.00 price objective (down from $40.00) on shares of Doximity in a research note on Thursday, May 14th. Finally, Leerink Partners decreased their target price on shares of Doximity from $31.00 to $25.00 and set an “outperform” rating for the company in a research report on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $32.43.

Doximity Price Performance

The company has a market capitalization of $4.68 billion, a price-to-earnings ratio of 30.92, a P/E/G ratio of 20.89 and a beta of 1.25. The stock has a fifty day simple moving average of $22.95 and a 200-day simple moving average of $23.04.

Doximity (NYSE:DOCS) last posted its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.13. Doximity had a net margin of 25.48% and a return on equity of 18.06%. The business had revenue of $156.62 million for the quarter. During the same period in the previous year, the company earned $0.36 earnings per share. The company’s revenue was up 7.3% compared to the same quarter last year. As a group, equities analysts expect that Doximity, Inc. will post 0.74 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Siddharth Sitaram sold 1,770 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $24.94, for a total value of $44,143.80. Following the completion of the transaction, the chief accounting officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $24.95, for a total value of $49,900.00. Following the completion of the transaction, the director owned 19,839 shares in the company, valued at $494,983.05. The trade was a 9.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 13,714 shares of company stock worth $437,251. 31.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Doximity

A number of institutional investors and hedge funds have recently bought and sold shares of DOCS. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Doximity during the 2nd quarter valued at about $1,515,000. California State Teachers Retirement System boosted its holdings in shares of Doximity by 1,908.5% during the 2nd quarter. California State Teachers Retirement System now owns 2,892,193 shares of the company’s stock worth $59,984,000 after purchasing an additional 2,748,192 shares during the last quarter. AlphaGrep UK Ltd purchased a new stake in shares of Doximity in the second quarter valued at approximately $676,000. Odyssean LLC purchased a new stake in shares of Doximity in the second quarter valued at approximately $2,377,000. Finally, AXQ Capital LP grew its position in shares of Doximity by 1,354.5% in the second quarter. AXQ Capital LP now owns 177,044 shares of the company’s stock valued at $3,672,000 after purchasing an additional 164,872 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

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.