Shares of Doximity, Inc. (NASDAQ:DOCS) reached a new 52-week low during trading on Monday, falling to $42.66 before closing at $43.19. The stock’s decline occurred amid a trading volume of 125,871 shares, a notable decrease from its previous close of $43.79. This downturn comes as analysts have issued mixed reviews regarding the company’s future performance.
Analyst Ratings and Market Reactions
Several research analysts have recently updated their ratings for Doximity. Canaccord Genuity Group set a price target of $48.00 on January 8, while BMO Capital Markets initiated coverage with a “market perform” rating and a $55.00 target on November 13. In contrast, Truist Financial set a more optimistic target of $62.00 on the same date.
On January 9, The Goldman Sachs Group upgraded its rating on Doximity from “neutral” to “buy,” establishing a price objective of $49.00. Similarly, Bank of America raised its target from $75.00 to $82.00 on October 27. Overall, Doximity has received two “Strong Buy” ratings, fourteen “Buy” ratings, five “Hold” ratings, and one “Sell” rating. According to data from MarketBeat, the consensus rating is “Moderate Buy,” with an average target price of $66.11.
Financial Performance and Insider Activity
Doximity posted its quarterly earnings results on November 6, revealing earnings of $0.45 per share, surpassing the consensus estimate of $0.38 by $0.07. The company reported a net margin of 36.60% and a return on equity of 21.75%. Revenue increased by 23.2% year-over-year, with the same quarter last year recording earnings of $0.30 per share. Analysts predict that Doximity will achieve an EPS of 0.99 for the current fiscal year.
In related news, Director Kira Scherer Wampler sold 2,000 shares of the company on November 3 at an average price of $66.44, totaling $132,880.00. This transaction reduced her ownership stake by 9.16%, leaving her with 19,839 shares valued at approximately $1,318,103.16. The sale has been disclosed in a document filed with the SEC.
Institutional investors continue to have a significant influence on Doximity, with 87.19% of the stock owned by institutional investors and hedge funds. Recent shifts in positions include Hantz Financial Services Inc., which increased its stake by 148.9%, and Root Financial Partners LLC, which acquired a new position valued at approximately $30,000.
About Doximity
Headquartered in San Francisco, California, Doximity operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, Doximity aims to create a secure digital environment for physicians, nurse practitioners, and physician assistants to collaborate and stay informed on clinical news. The company went public in June 2021 and trades on the NASDAQ under the ticker symbol DOCS. Its core offerings include a HIPAA-compliant communication platform, secure messaging, digital fax services, and telehealth capabilities.
