Doximity (NYSE:DOCS) Shares Down 7.1% Following Analyst Downgrade

Doximity, Inc. (NYSE:DOCS) fell 7.1% on Tuesday after Freedom Capmkts downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $24.47 and last traded at $24.4740. 1,827,327 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 4,118,098 shares. The stock had previously closed at $26.35.

A number of other analysts also recently weighed in on DOCS. Truist Financial increased their target price on shares of Doximity from $19.00 to $24.00 and gave the company a “hold” rating in a research report on Thursday, August 13th. Bank of America reiterated an “underperform” rating and issued a $20.00 price target (down from $38.00) on shares of Doximity in a report on Monday, June 29th. Evercore set a $40.00 price objective on shares of Doximity in a research note on Friday, August 7th. Robert W. Baird reiterated a “neutral” rating and set a $18.00 price objective (down from $40.00) on shares of Doximity in a report on Thursday, May 14th. Finally, The Goldman Sachs Group decreased their price objective on Doximity from $28.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, Doximity has a consensus rating of “Hold” and an average target price of $32.18.

Insider Transactions at Doximity

In other Doximity news, CAO Siddharth Sitaram sold 1,770 shares of Doximity stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $24.94, for a total transaction of $44,143.80. Following the transaction, the chief accounting officer directly owned 97,004 shares of the company’s stock, valued at approximately $2,419,279.76. This trade represents a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 Wampler sold 2,000 shares of Doximity stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $24.95, for a total transaction of $49,900.00. Following the completion of the transaction, the director owned 19,839 shares in the company, valued at approximately $494,983.05. The trade was a 9.16% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 11,270 shares of company stock valued at $387,369. Insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Doximity

Hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. lifted its position in Doximity by 99.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock valued at $35,000 after buying an additional 397 shares during the period. Parallel Advisors LLC raised its stake in shares of Doximity by 111.0% in the first quarter. Parallel Advisors LLC now owns 2,560 shares of the company’s stock worth $60,000 after purchasing an additional 1,347 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Doximity by 937.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,833 shares of the company’s stock valued at $66,000 after acquiring an additional 2,560 shares during the period. Continuum Advisory LLC purchased a new stake in Doximity in the second quarter worth approximately $67,000. Finally, Leonteq Securities AG increased its position in Doximity by 65.6% during the first quarter. Leonteq Securities AG now owns 2,912 shares of the company’s stock valued at $68,000 after acquiring an additional 1,154 shares during the last quarter. 87.19% of the stock is owned by hedge funds and other institutional investors.

Doximity Stock Performance

The stock has a market cap of $4.41 billion, a PE ratio of 29.03, a price-to-earnings-growth ratio of 19.10 and a beta of 1.25. The company’s 50-day moving average price is $23.56 and its 200 day moving average price is $23.08.

Doximity (NYSE:DOCS) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.13. The business had revenue of $156.62 million during the quarter. Doximity had a return on equity of 18.06% and a net margin of 25.48%.The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 EPS. On average, sell-side analysts anticipate that Doximity, Inc. will post 0.74 earnings per share for the current fiscal year.

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.