Doximity (NASDAQ:DOCS) Shares Gap Up – Here’s Why

Doximity, Inc. (NASDAQ:DOCS)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $41.96, but opened at $43.44. Doximity shares last traded at $43.48, with a volume of 305,661 shares traded.

Analysts Set New Price Targets

Several research analysts have recently weighed in on DOCS shares. JPMorgan Chase & Co. lifted their price target on shares of Doximity from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Canaccord Genuity Group lifted their price target on shares of Doximity from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Baird R W upgraded shares of Doximity to a “strong-buy” rating in a research note on Tuesday, September 17th. Barclays upgraded shares of Doximity from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $35.00 to $52.00 in a research note on Tuesday. Finally, Needham & Company LLC upgraded shares of Doximity from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Doximity currently has a consensus rating of “Hold” and a consensus target price of $35.83.

Doximity Stock Performance

The company has a market capitalization of $8.22 billion, a P/E ratio of 61.58, a P/E/G ratio of 5.29 and a beta of 1.29. The business’s fifty day simple moving average is $38.97 and its 200-day simple moving average is $31.03.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. Doximity had a net margin of 32.53% and a return on equity of 19.26%. The company had revenue of $126.68 million for the quarter, compared to the consensus estimate of $119.88 million. As a group, analysts forecast that Doximity, Inc. will post 0.8 EPS for the current year.

Insider Transactions at Doximity

In other news, CFO Anna Bryson sold 30,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $35.00, for a total value of $1,050,000.00. Following the sale, the chief financial officer now directly owns 309,627 shares in the company, valued at $10,836,945. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Kira Scherer Wampler sold 2,500 shares of Doximity stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $28.18, for a total transaction of $70,450.00. Following the completion of the transaction, the director now directly owns 10,258 shares of the company’s stock, valued at approximately $289,070.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anna Bryson sold 30,000 shares of Doximity stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $35.00, for a total transaction of $1,050,000.00. Following the transaction, the chief financial officer now directly owns 309,627 shares of the company’s stock, valued at approximately $10,836,945. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,451 shares of company stock worth $1,201,018 in the last three months. Insiders own 39.40% of the company’s stock.

Institutional Investors Weigh In On Doximity

Large investors have recently added to or reduced their stakes in the stock. LRI Investments LLC purchased a new stake in Doximity in the 1st quarter valued at about $27,000. Blue Trust Inc. boosted its position in Doximity by 621.4% in the 2nd quarter. Blue Trust Inc. now owns 1,385 shares of the company’s stock valued at $37,000 after buying an additional 1,193 shares during the period. GAMMA Investing LLC boosted its position in Doximity by 40.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,439 shares of the company’s stock valued at $63,000 after buying an additional 412 shares during the period. Quarry LP boosted its position in Doximity by 101.2% in the 2nd quarter. Quarry LP now owns 1,616 shares of the company’s stock valued at $45,000 after buying an additional 131,253 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Doximity in the 1st quarter valued at about $46,000. 87.19% of the stock is owned by hedge funds and other institutional investors.

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.