Doximity (NASDAQ:DOCS) Trading Up 4.4% - Here's What Happened

Doximity, Inc. (NASDAQ:DOCS - Get Free Report)'s share price shot up 4.4% during trading on Tuesday . The stock traded as high as $57.78 and last traded at $58.41. 688,406 shares were traded during trading, a decline of 68% from the average session volume of 2,133,109 shares. The stock had previously closed at $55.96.

Wall Street Analyst Weigh In

DOCS has been the subject of several recent research reports. Truist Financial reduced their price target on Doximity from $58.00 to $52.00 and set a "hold" rating for the company in a research report on Friday, May 16th. Raymond James Financial decreased their target price on shares of Doximity from $83.00 to $65.00 and set an "outperform" rating for the company in a research note on Friday, May 16th. Robert W. Baird lowered their price target on shares of Doximity from $87.00 to $65.00 and set an "outperform" rating on the stock in a report on Tuesday, May 20th. Needham & Company LLC cut their price objective on shares of Doximity from $82.00 to $67.00 and set a "buy" rating for the company in a report on Friday, May 16th. Finally, KeyCorp decreased their price objective on shares of Doximity from $83.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Eleven research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Doximity has an average rating of "Moderate Buy" and an average target price of $62.84.

Doximity Stock Down 2.4%

The stock has a market capitalization of $10.72 billion, a price-to-earnings ratio of 57.10, a price-to-earnings-growth ratio of 4.10 and a beta of 1.32. The business's 50-day moving average is $55.30 and its two-hundred day moving average is $58.52.

Doximity (NASDAQ:DOCS - Get Free Report) last issued its earnings results on Thursday, May 15th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.11. Doximity had a return on equity of 21.75% and a net margin of 36.60%. The company's revenue was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.25 EPS. As a group, analysts forecast that Doximity, Inc. will post 0.99 EPS for the current fiscal year.

Insider Buying and Selling at Doximity

In other news, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $56.93, for a total value of $113,860.00. Following the completion of the sale, the director now owns 16,618 shares of the company's stock, valued at $946,062.74. This represents a 10.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Anna Bryson sold 45,000 shares of Doximity stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $57.23, for a total transaction of $2,575,350.00. Following the sale, the chief financial officer now directly owns 357,165 shares in the company, valued at approximately $20,440,552.95. The trade was a 11.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,000 shares of company stock worth $2,900,770 in the last three months. 37.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Doximity

Large investors have recently modified their holdings of the business. VSM Wealth Advisory LLC purchased a new stake in Doximity in the 1st quarter valued at about $29,000. Global Retirement Partners LLC raised its stake in shares of Doximity by 468.1% in the 4th quarter. Global Retirement Partners LLC now owns 534 shares of the company's stock valued at $29,000 after acquiring an additional 440 shares during the period. Allworth Financial LP lifted its holdings in shares of Doximity by 104.0% in the 1st quarter. Allworth Financial LP now owns 563 shares of the company's stock worth $32,000 after acquiring an additional 287 shares during the last quarter. National Bank of Canada FI purchased a new position in shares of Doximity during the 1st quarter worth approximately $33,000. Finally, Spire Wealth Management increased its holdings in Doximity by 73.2% in the 1st quarter. Spire Wealth Management now owns 615 shares of the company's stock valued at $36,000 after purchasing an additional 260 shares during the last quarter. Institutional investors and hedge funds 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.