Doximity (NYSE:DOCS) Sees Strong Trading Volume – Time to Buy?

Doximity, Inc. (NYSE:DOCS) saw strong trading volume on Thursday . 11,636,551 shares were traded during mid-day trading, an increase of 213% from the previous session’s volume of 3,719,476 shares.The stock last traded at $20.4110 and had previously closed at $21.63.

Analysts Set New Price Targets

Several equities research analysts have issued reports on DOCS shares. Barclays restated an “equal weight” rating and set a $20.00 target price (down from $38.00) on shares of Doximity in a research report on Thursday, May 14th. Zacks Research upgraded Doximity from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. BTIG Research cut Doximity from a “buy” rating to a “neutral” rating in a report on Thursday, May 14th. BMO Capital Markets cut their target price on Doximity from $25.00 to $20.00 and set a “market perform” rating for the company in a research note on Thursday, May 14th. Finally, Morgan Stanley reduced their target price on Doximity from $49.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $29.33.

Doximity Stock Down 5.5%

The company has a 50-day moving average of $21.16 and a 200 day moving average of $24.49. The firm has a market capitalization of $3.74 billion, a PE ratio of 20.73, a PEG ratio of 7.94 and a beta of 1.29.

Insider Activity

In other news, insider Siddharth Sitaram sold 2,444 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $20.41, for a total transaction of $49,882.04. Following the completion of the transaction, the insider owned 90,706 shares of the company’s stock, valued at approximately $1,851,309.46. The trade was a 2.62% decrease in their ownership of the stock. The sale 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. Company insiders own 31.80% of the company’s stock.

Institutional Investors Weigh In On Doximity

Institutional investors and hedge funds have recently bought and sold shares of the stock. Handelsbanken Fonder AB lifted its position in Doximity by 5.4% during the second quarter. Handelsbanken Fonder AB now owns 39,300 shares of the company’s stock valued at $815,000 after purchasing an additional 2,000 shares during the last quarter. Central Pacific Bank Trust Division increased its holdings in shares of Doximity by 34.3% in the 2nd quarter. Central Pacific Bank Trust Division now owns 6,972 shares of the company’s stock worth $145,000 after buying an additional 1,780 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of Doximity by 108.0% during the 1st quarter. Pacer Advisors Inc. now owns 908,938 shares of the company’s stock valued at $21,178,000 after buying an additional 471,972 shares in the last quarter. Empowered Funds LLC raised its position in shares of Doximity by 163.5% during the 1st quarter. Empowered Funds LLC now owns 32,239 shares of the company’s stock valued at $751,000 after buying an additional 20,006 shares in the last quarter. Finally, Carmignac Gestion lifted its holdings in shares of Doximity by 127.8% during the 1st quarter. Carmignac Gestion now owns 4,311,997 shares of the company’s stock worth $100,480,000 after acquiring an additional 2,418,971 shares during the last quarter. 87.19% of the stock is owned by hedge funds and other institutional investors.

Doximity Company Profile

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.