Doximity (NYSE:DOCS) Shares Gap Down - Time to Sell?

Key Points

• Doximity shares opened lower, falling from a previous close of $26.73 to $25.84 before last trading at $26.1150. The company has a $4.72 billion market capitalization and trades near its 50- and 200-day moving averages.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $32.43. Ratings include two Strong Buys, seven Buys, twelve Holds and four Sells.
• Doximity exceeded quarterly earnings expectations, reporting $0.29 EPS versus a $0.16 estimate, while revenue rose 7.3% year over year to $156.62 million. Insiders sold 13,714 shares worth $437,251 over the past three months, while institutional investors own 87.19% of the stock.

Shares of Doximity, Inc. (NYSE:DOCS - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $26.73, but opened at $25.84. Doximity shares last traded at $26.1150, with a volume of 112,240 shares.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Wolfe Research raised shares of Doximity to an "outperform" rating in a research note on Thursday, August 13th. Leerink Partners dropped their target price on Doximity from $31.00 to $25.00 and set an "outperform" rating for the company in a report on Thursday, May 14th. Robert W. Baird reaffirmed a "neutral" rating and issued a $18.00 price target (down from $40.00) on shares of Doximity in a research note on Thursday, May 14th. Mizuho dropped their price objective on Doximity from $34.00 to $26.00 and set a "neutral" rating for the company in a research note on Thursday, May 14th. Finally, The Goldman Sachs Group decreased their target price on shares of Doximity from $28.00 to $24.00 and set a "neutral" rating on the stock in a research note on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $32.43.

Doximity Stock Performance

The firm has a market capitalization of $4.72 billion, a PE ratio of 31.18, a P/E/G ratio of 20.91 and a beta of 1.29. The stock's 50-day simple moving average is $22.71 and its 200-day simple moving average is $23.05.

Doximity (NYSE:DOCS - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.16 by $0.13. Doximity had a net margin of 25.48% and a return on equity of 18.06%. The firm had revenue of $156.62 million during the quarter. During the same period in the prior year, the business posted $0.36 earnings per share. The company's revenue for the quarter was up 7.3% on a year-over-year basis. As a group, analysts predict that Doximity, Inc. will post 0.74 earnings per share for the current fiscal year.

Insider Buying and Selling at Doximity

In other Doximity news, Director Timothy S. Cabral sold 7,500 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $39.11, for a total transaction of $293,325.00. Following the transaction, the director owned 3,221 shares in the company, valued at approximately $125,973.31. This represents a 69.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Siddharth Sitaram sold 1,770 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $24.94, for a total value of $44,143.80. Following the completion of the transaction, the chief accounting officer directly owned 97,004 shares of the company's stock, valued at $2,419,279.76. This represents a 1.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 13,714 shares of company stock valued at $437,251. 31.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Doximity

Several institutional investors and hedge funds have recently added to or reduced their stakes in DOCS. Royal Bank of Canada boosted its holdings in shares of Doximity by 24.2% during the 1st quarter. Royal Bank of Canada now owns 106,845 shares of the company's stock valued at $6,200,000 after buying an additional 20,847 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Doximity by 0.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company's stock worth $2,262,000 after acquiring an additional 210 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Doximity by 613.7% in the 1st quarter. NewEdge Advisors LLC now owns 6,323 shares of the company's stock worth $367,000 after acquiring an additional 5,437 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Doximity by 33.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company's stock valued at $14,828,000 after acquiring an additional 63,873 shares during the period. Finally, Focus Partners Wealth purchased a new position in Doximity during the 1st quarter valued at about $283,000. Hedge funds and other institutional investors own 87.19% of the company's stock.

Doximity Company Profile

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.

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