Canaccord Genuity Group Reaffirms "Hold" Rating for DocGo (NASDAQ:DCGO)

Key Points

• Canaccord Genuity Group reaffirmed its “Hold” rating on DocGo and maintained a $1.00 price target, implying roughly 85.9% upside from the reported $0.54 share price.
• Analyst sentiment remains mixed: three analysts rate DocGo a Buy, two a Hold and one a Sell, resulting in a consensus “Hold” rating and average target price of $2.38.
• DocGo shares fell 24.2% to $0.54 in Tuesday trading, while institutional investors owned 56.44% of the company’s stock.

DocGo (NASDAQ:DCGO - Get Free Report)'s stock had its "hold" rating reissued by equities research analysts at Canaccord Genuity Group in a report released on Tuesday,Benzinga reports. They currently have a $1.00 price target on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 85.87% from the stock's current price.

Several other equities research analysts have also issued reports on DCGO. Wall Street Zen upgraded shares of DocGo from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Cantor Fitzgerald restated an "overweight" rating on shares of DocGo in a research note on Monday, May 11th. Needham & Company LLC restated a "buy" rating and issued a $3.00 price objective on shares of DocGo in a report on Tuesday. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of DocGo in a report on Thursday, June 18th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $2.38.

DocGo Trading Down 24.2%

Shares of NASDAQ DCGO traded down $0.17 during midday trading on Tuesday, reaching $0.54. The company's stock had a trading volume of 1,405,885 shares, compared to its average volume of 871,918. The stock has a 50 day simple moving average of $0.60 and a 200-day simple moving average of $0.64. The stock has a market capitalization of $53.13 million, a price-to-earnings ratio of -0.28 and a beta of 0.99. DocGo has a fifty-two week low of $0.45 and a fifty-two week high of $1.73.

Institutional Investors Weigh In On DocGo

A number of institutional investors have recently modified their holdings of the business. S Squared Technology LLC bought a new position in DocGo during the second quarter worth about $1,060,725,000. BlackRock Inc. bought a new stake in DocGo in the 2nd quarter valued at about $750,000. GSA Capital Partners LLP acquired a new position in shares of DocGo during the 2nd quarter worth approximately $517,000. Renaissance Technologies LLC increased its holdings in shares of DocGo by 167.1% during the first quarter. Renaissance Technologies LLC now owns 1,510,361 shares of the company's stock worth $950,000 after purchasing an additional 944,826 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of DocGo by 878.6% during the third quarter. Millennium Management LLC now owns 766,210 shares of the company's stock worth $1,042,000 after purchasing an additional 687,911 shares during the period. Institutional investors own 56.44% of the company's stock.

About DocGo

DocGo, Inc is a U.S.-based integrated healthcare company that delivers on-demand and mobile healthcare services. The company’s business model centers on deploying customized medical clinics paired with a digital care platform to bring primary and acute care directly to patients. Through a combination of telemedicine and over-the-road medical units, DocGo addresses routine medical exams, chronic disease management, occupational health screenings, specialist consultations and urgent care interventions.

In addition to its mobile clinic fleet, DocGo’s digital platform offers 24/7 virtual care, facilitating remote consultations via video, phone or secure messaging.

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