Doximity (NASDAQ:DOCS) Reaches New 12-Month Low – Time to Sell?

Doximity, Inc. (NASDAQ:DOCS) shares hit a new 52-week low on Wednesday . The company traded as low as $39.75 and last traded at $39.9490, with a volume of 378434 shares trading hands. The stock had previously closed at $41.10.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada started coverage on shares of Doximity in a report on Thursday, January 8th. They set an “outperform” rating and a $59.00 price objective for the company. Barclays assumed coverage on shares of Doximity in a report on Monday, December 8th. They issued an “overweight” rating and a $63.00 price objective for the company. BMO Capital Markets initiated coverage on shares of Doximity in a report on Thursday, November 13th. They set a “market perform” rating and a $55.00 target price on the stock. Morgan Stanley raised shares of Doximity from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $62.00 to $65.00 in a research note on Monday, December 15th. Finally, Truist Financial set a $62.00 price objective on Doximity in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.74.

Doximity Price Performance

The stock has a market capitalization of $7.65 billion, a PE ratio of 40.62, a PEG ratio of 4.10 and a beta of 1.39. The company has a 50 day moving average price of $45.49 and a 200-day moving average price of $58.57.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.45 EPS for the quarter, topping 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%.Doximity’s revenue was up 23.2% on a year-over-year basis. During the same period last year, the business earned $0.30 earnings per share. As a group, equities analysts anticipate that Doximity, Inc. will post 0.99 earnings per share for the current year.

Insider Activity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the 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 transaction, the director directly owned 19,839 shares of the company’s stock, valued at $1,318,103.16. This represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 31.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

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.