Doximity (NASDAQ:DOCS) Trading Down 3.3% – Here’s What Happened

Doximity, Inc. (NASDAQ:DOCS) shares fell 3.3% during mid-day trading on Wednesday . The company traded as low as $55.88 and last traded at $56.11. 188,638 shares changed hands during trading, a decline of 89% from the average session volume of 1,712,874 shares. The stock had previously closed at $58.05.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Robert W. Baird upped their price target on Doximity from $41.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, September 17th. Canaccord Genuity Group reissued a “hold” rating and issued a $60.00 price objective (up previously from $40.00) on shares of Doximity in a research note on Wednesday. Barclays boosted their price objective on Doximity from $52.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday. Evercore ISI boosted their price objective on Doximity from $34.00 to $45.00 and gave the stock an “in-line” rating in a research note on Tuesday, October 8th. Finally, Needham & Company LLC raised Doximity from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Friday, August 9th. Ten research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $50.57.

Doximity Trading Down 1.5 %

The firm has a market cap of $9.66 billion, a P/E ratio of 59.83, a price-to-earnings-growth ratio of 5.08 and a beta of 1.30. The business has a 50-day moving average of $42.81 and a two-hundred day moving average of $33.81.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC lifted its stake in shares of Doximity by 30.5% in the 3rd quarter. FMR LLC now owns 6,837,733 shares of the company’s stock valued at $297,920,000 after purchasing an additional 1,598,602 shares during the period. William Blair Investment Management LLC increased its holdings in Doximity by 15.8% during the 2nd quarter. William Blair Investment Management LLC now owns 6,404,068 shares of the company’s stock worth $179,122,000 after purchasing an additional 873,682 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Doximity by 7.1% during the 2nd quarter. Clearbridge Investments LLC now owns 5,853,035 shares of the company’s stock worth $163,709,000 after purchasing an additional 387,200 shares in the last quarter. Swedbank AB bought a new stake in Doximity during the 1st quarter worth approximately $91,673,000. Finally, Janus Henderson Group PLC increased its holdings in Doximity by 33.5% during the 1st quarter. Janus Henderson Group PLC now owns 2,474,695 shares of the company’s stock worth $66,594,000 after purchasing an additional 621,590 shares in the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

Doximity Company Profile

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.