Doximity (NYSE:DOCS) Sets New 52-Week Low Following Analyst Downgrade

Doximity, Inc. (NYSE:DOCS) reached a new 52-week low during trading on Wednesday after Evercore downgraded the stock from an outperform rating to an in-line rating. Evercore now has a $25.00 price target on the stock. Doximity traded as low as $21.66 and last traded at $22.20, with a volume of 817472 shares trading hands. The stock had previously closed at $22.50.

Several other brokerages have also weighed in on DOCS. Weiss Ratings restated a “hold (c+)” rating on shares of Doximity in a research report on Wednesday, December 24th. BMO Capital Markets set a $25.00 price target on shares of Doximity in a report on Friday, February 6th. Wells Fargo & Company reduced their price target on shares of Doximity from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. Truist Financial reduced their price target on shares of Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Finally, KeyCorp set a $38.00 price target on shares of Doximity in a report on Friday, February 6th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Doximity presently has a consensus rating of “Moderate Buy” and an average target price of $44.26.

Insider Activity at Doximity

In related news, insider Siddharth Sitaram sold 2,319 shares of the company’s 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 transaction, the insider owned 84,132 shares of the company’s stock, valued at approximately $2,134,428.84. This represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kira Scherer Wampler sold 2,000 shares of the company’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 transaction of $52,000.00. Following the transaction, the director directly owned 19,839 shares in the company, valued at $515,814. The trade was a 9.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 6,601 shares of company stock worth $174,455 in the last three months. Insiders own 31.30% of the company’s stock.

Hedge Funds Weigh In On Doximity

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Whittier Trust Co. of Nevada Inc. increased its position in Doximity by 59.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 179 shares during the last quarter. 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 purchasing an additional 200 shares during the last quarter. Fairvoy Private Wealth LLC increased its position in Doximity by 1.1% during the third quarter. Fairvoy Private Wealth LLC now owns 19,253 shares of the company’s stock worth $1,408,000 after purchasing an additional 206 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Doximity by 0.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock worth $2,262,000 after purchasing an additional 210 shares during the last quarter. Finally, Rakuten Securities Inc. increased its position in Doximity by 14.0% during the third quarter. Rakuten Securities Inc. now owns 1,763 shares of the company’s stock worth $129,000 after purchasing an additional 217 shares during the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Trading Down 2.2%

The stock has a 50-day moving average of $26.42. The company has a market capitalization of $4.06 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 1.28 and a beta of 1.42.

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

Doximity declared that its Board of Directors has approved a stock repurchase program on Thursday, February 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.