Doximity (NASDAQ:DOCS) Reaches New 1-Year Low – Should You Sell?

Doximity, Inc. (NASDAQ:DOCS) reached a new 52-week low during trading on Thursday . The company traded as low as $38.46 and last traded at $38.7350, with a volume of 1874106 shares changing hands. The stock had previously closed at $38.96.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Canaccord Genuity Group set a $48.00 target price on shares of Doximity in a report on Thursday, January 8th. Wells Fargo & Company raised Doximity from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $65.00 to $55.00 in a research note on Tuesday, January 20th. Truist Financial set a $62.00 target price on Doximity in a research report on Thursday, January 8th. Bank of America upgraded Doximity from a “neutral” rating to a “buy” rating and increased their price target for the company from $75.00 to $82.00 in a report on Monday, October 27th. Finally, Morgan Stanley upgraded Doximity from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $62.00 to $65.00 in a research report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $65.74.

Doximity Stock Down 0.6%

The firm has a 50 day simple moving average of $44.82 and a 200-day simple moving average of $57.95. The company has a market cap of $7.29 billion, a PE ratio of 38.74, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its earnings results on Thursday, November 6th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.07. Doximity had a return on equity of 21.75% and a net margin of 36.60%.The company’s revenue was up 23.2% compared to the same quarter last year. During the same period last year, the company earned $0.30 EPS. As a group, equities analysts anticipate that Doximity, Inc. will post 0.99 EPS for the current year.

Insider Transactions at Doximity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $66.44, for a total value of $132,880.00. Following the completion of the sale, the director owned 19,839 shares of the company’s stock, valued at approximately $1,318,103.16. This represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 31.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DOCS. William Blair Investment Management LLC lifted its stake in shares of Doximity by 11.7% in the 3rd quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock valued at $426,404,000 after purchasing an additional 609,775 shares during the last quarter. Capital World Investors boosted its stake in Doximity by 25.7% during the third quarter. Capital World Investors now owns 5,381,431 shares of the company’s stock worth $393,652,000 after buying an additional 1,101,848 shares during the period. Geode Capital Management LLC increased its position in shares of Doximity by 7.7% during the second quarter. Geode Capital Management LLC now owns 3,639,898 shares of the company’s stock valued at $223,829,000 after acquiring an additional 261,319 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Doximity by 6.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company’s stock valued at $245,601,000 after acquiring an additional 194,912 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Doximity by 22.9% in the 3rd quarter. Invesco Ltd. now owns 2,328,300 shares of the company’s stock worth $170,315,000 after acquiring an additional 433,983 shares during the last quarter. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

About Doximity

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.