Doximity (NYSE:DOCS) Shares Gap Down – Here’s Why

Doximity, Inc. (NYSE:DOCS) shares gapped down before the market opened on Monday . The stock had previously closed at $27.40, but opened at $26.31. Doximity shares last traded at $25.3710, with a volume of 2,394,138 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets reissued a “market perform” rating and set a $30.00 price target on shares of Doximity in a research note on Friday. Evercore set a $40.00 price objective on Doximity in a research report on Friday. Morgan Stanley decreased their price objective on Doximity from $49.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. The Goldman Sachs Group lowered their price target on Doximity from $28.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Finally, Bank of America reissued 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. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $31.86.

Doximity Stock Performance

The company has a fifty day simple moving average of $21.43 and a 200 day simple moving average of $24.04. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of 30.63, a P/E/G ratio of 17.29 and a beta of 1.29.

Doximity (NYSE:DOCS) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.13. The company had revenue of $156.62 million for the quarter. Doximity had a return on equity of 18.06% and a net margin of 25.48%.The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 earnings per share. As a group, equities analysts predict that Doximity, Inc. will post 0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Doximity news, insider Siddharth Sitaram sold 2,444 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $20.41, for a total transaction of $49,882.04. Following the sale, the insider owned 90,706 shares in the company, valued at $1,851,309.46. This represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 Timothy S. Cabral sold 7,500 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $39.11, for a total value of $293,325.00. Following the completion of the transaction, the director owned 3,221 shares in the company, valued at $125,973.31. This represents a 69.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 31.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Doximity

Several hedge funds have recently made changes to their positions in the business. Royal Bank of Canada boosted its holdings in shares of Doximity by 24.2% during the 1st quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock valued at $6,200,000 after buying an additional 20,847 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Doximity by 0.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after purchasing an additional 210 shares in the last quarter. NewEdge Advisors LLC boosted its stake in Doximity by 613.7% during the 1st quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock valued at $367,000 after purchasing an additional 5,437 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Doximity by 33.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock valued at $14,828,000 after acquiring an additional 63,873 shares during the period. Finally, Focus Partners Wealth purchased a new position in shares of Doximity during the first quarter valued at approximately $283,000. 87.19% of the stock is owned by hedge funds and other institutional investors.

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.