Doximity (NASDAQ:DOCS) Trading Down 5% After Insider Selling

Doximity, Inc. (NASDAQ:DOCS) traded down 5% during mid-day trading on Monday following insider selling activity. The company traded as low as $28.33 and last traded at $28.36. 1,108,417 shares traded hands during trading, a decline of 36% from the average session volume of 1,739,065 shares. The stock had previously closed at $29.86.

Specifically, insider Craig Overpeck sold 1,500 shares of Doximity stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $23.85, for a total transaction of $35,775.00. Following the transaction, the insider now directly owns 108,609 shares of the company’s stock, valued at approximately $2,590,324.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Craig Overpeck sold 1,500 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $23.85, for a total value of $35,775.00. Following the transaction, the insider now directly owns 108,609 shares of the company’s stock, valued at approximately $2,590,324.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kira Scherer Wampler sold 2,500 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $26.97, for a total value of $67,425.00. Following the completion of the transaction, the director now directly owns 10,258 shares in the company, valued at $276,658.26. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,500 shares of company stock valued at $1,371,250. 39.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

DOCS has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an “underweight” rating and issued a $25.00 target price on shares of Doximity in a research report on Tuesday, April 23rd. SVB Leerink initiated coverage on Doximity in a research report on Monday, February 26th. They issued a “market perform” rating and a $32.00 target price for the company. JPMorgan Chase & Co. raised Doximity from an “underweight” rating to a “neutral” rating and set a $25.00 target price for the company in a research report on Thursday, April 25th. Evercore ISI boosted their target price on Doximity from $28.00 to $29.00 and gave the company an “in-line” rating in a research report on Friday, May 17th. Finally, William Blair reissued an “outperform” rating on shares of Doximity in a report on Friday, May 17th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $28.73.

Doximity Price Performance

The stock has a market capitalization of $5.26 billion, a PE ratio of 38.78, a PEG ratio of 5.58 and a beta of 1.23. The stock’s 50 day simple moving average is $26.22 and its two-hundred day simple moving average is $27.21.

Doximity (NASDAQ:DOCS) last released its earnings results on Thursday, May 16th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.04. The firm had revenue of $118.06 million for the quarter, compared to analysts’ expectations of $116.46 million. Doximity had a net margin of 31.04% and a return on equity of 17.44%. As a group, equities research analysts predict that Doximity, Inc. will post 0.74 earnings per share for the current fiscal year.

Institutional Trading of Doximity

Several hedge funds and other institutional investors have recently modified their holdings of DOCS. LRI Investments LLC bought a new stake in shares of Doximity in the first quarter valued at approximately $27,000. First Horizon Advisors Inc. increased its holdings in Doximity by 111.3% during the 4th quarter. First Horizon Advisors Inc. now owns 995 shares of the company’s stock worth $28,000 after acquiring an additional 524 shares during the period. GAMMA Investing LLC bought a new stake in Doximity during the 4th quarter worth approximately $40,000. DekaBank Deutsche Girozentrale bought a new stake in Doximity during the 1st quarter worth approximately $46,000. Finally, Essex Investment Management Co. LLC bought a new stake in Doximity during the 1st quarter worth approximately $73,000. 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.