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

Doximity, Inc. (NYSE:DOCS)’s share price 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.

Analyst Ratings Changes

A number of analysts recently commented on the company. Bank of America reaffirmed an “underperform” rating and set a $20.00 price target (down from $38.00) on shares of Doximity in a research report on Monday, June 29th. KeyCorp downgraded Doximity from an “overweight” rating to a “sector weight” rating in a research note 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. Barclays reissued an “equal weight” rating and issued a $20.00 price target (down from $38.00) on shares of Doximity in a report on Thursday, May 14th. Finally, Wells Fargo & Company lowered shares of Doximity from an “equal weight” rating to an “underweight” rating and set a $18.00 price target for the company. in a research report on Monday. 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $31.86.

Doximity Stock Down 5.7%

The firm has a 50 day moving average of $21.28 and a 200 day moving average of $24.25. The firm has a market cap of $4.73 billion, a PE ratio of 30.44, a P/E/G ratio of 9.94 and a beta of 1.29.

Doximity (NYSE:DOCS) last released its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.13. The business had revenue of $156.62 million during the quarter. Doximity had a return on equity of 18.06% and a net margin of 25.48%.The business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share. On average, research analysts anticipate that Doximity, Inc. will post 0.87 EPS for the current year.

Insiders Place Their Bets

In related news, insider Siddharth Sitaram sold 2,444 shares of Doximity stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $20.41, for a total value of $49,882.04. Following the completion of the sale, the insider owned 90,706 shares of the company’s stock, valued at approximately $1,851,309.46. This trade represents a 2.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Doximity by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock worth $588,281,000 after purchasing an additional 518,916 shares in the last quarter. Capital World Investors lifted its stake in shares of Doximity by 5.1% during the 4th quarter. Capital World Investors now owns 5,654,875 shares of the company’s stock valued at $250,398,000 after buying an additional 273,444 shares in the last quarter. Carmignac Gestion boosted its holdings in Doximity by 127.8% in the 1st quarter. Carmignac Gestion now owns 4,311,997 shares of the company’s stock worth $100,480,000 after buying an additional 2,418,971 shares during the period. Renaissance Technologies LLC grew its stake in Doximity by 29.4% in the 1st quarter. Renaissance Technologies LLC now owns 3,059,749 shares of the company’s stock valued at $71,292,000 after buying an additional 694,300 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Doximity by 4.2% during the fourth quarter. Invesco Ltd. now owns 2,426,819 shares of the company’s stock worth $107,460,000 after acquiring an additional 98,519 shares in the last quarter. 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.