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

Shares of Doximity, Inc. (NASDAQ:DOCS) traded down 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 traded 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.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Canaccord Genuity Group downgraded Doximity from a “buy” rating to a “hold” rating and increased their target price for the stock from $40.00 to $60.00 in a research note on Wednesday. Needham & Company LLC upgraded Doximity from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a report on Friday, August 9th. Truist Financial raised their price objective on Doximity from $35.00 to $49.00 and gave the stock a “hold” rating in a report on Thursday. Raymond James restated an “outperform” rating and set a $65.00 price objective (up previously from $37.00) on shares of Doximity in a report on Friday, November 8th. Finally, Morgan Stanley upgraded Doximity from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $33.00 to $53.00 in a report on Thursday. Ten research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Doximity presently has an average rating of “Hold” and a consensus target price of $50.57.

Doximity Price Performance

The business has a fifty day moving average of $42.81 and a 200-day moving average of $33.81. The stock has a market capitalization of $9.66 billion, a price-to-earnings ratio of 59.83, a price-to-earnings-growth ratio of 5.08 and a beta of 1.30.

Hedge Funds Weigh In On Doximity

Institutional investors have recently bought and sold shares of the stock. Swedbank AB purchased a new position in Doximity during the 1st quarter valued at about $91,673,000. FMR LLC lifted its holdings in Doximity by 30.5% in the 3rd quarter. FMR LLC now owns 6,837,733 shares of the company’s stock worth $297,920,000 after purchasing an additional 1,598,602 shares during the last quarter. Capital World Investors lifted its holdings in Doximity by 250.7% in the 1st quarter. Capital World Investors now owns 1,714,707 shares of the company’s stock worth $46,143,000 after purchasing an additional 1,225,707 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in Doximity by 15.8% in 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 during the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in Doximity by 6,242.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 650,874 shares of the company’s stock worth $28,359,000 after purchasing an additional 640,612 shares during the last quarter. Hedge funds and other institutional investors own 87.19% of the company’s stock.

About Doximity

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.