Doximity (NASDAQ:DOCS) Trading Down 5% – What’s Next?

Doximity, Inc. (NASDAQ:DOCS)’s stock price dropped 5% during trading on Monday . The stock traded as low as $54.39 and last traded at $54.87. Approximately 1,161,888 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 1,778,301 shares. The stock had previously closed at $57.78.

Wall Street Analyst Weigh In

Several analysts recently commented on DOCS shares. The Goldman Sachs Group began coverage on shares of Doximity in a report on Friday, November 15th. They set a “neutral” rating and a $58.00 target price for the company. Barclays boosted their price objective on Doximity from $52.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Raymond James reiterated an “outperform” rating and set a $65.00 target price (up previously from $37.00) on shares of Doximity in a research note on Friday, November 8th. Stephens assumed coverage on Doximity in a research note on Friday, December 20th. They issued an “equal weight” rating and a $55.00 price target for the company. Finally, Wells Fargo & Company raised Doximity from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $19.00 to $41.00 in a report on Friday, November 8th. Thirteen research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $52.59.

Doximity Price Performance

The stock has a market cap of $10.09 billion, a P/E ratio of 62.14, a PEG ratio of 4.16 and a beta of 1.40. The stock has a 50-day simple moving average of $50.59 and a 200-day simple moving average of $39.94.

Institutional Trading of Doximity

A number of hedge funds have recently added to or reduced their stakes in DOCS. FMR LLC boosted its holdings in shares of Doximity by 30.5% during the 3rd quarter. FMR LLC now owns 6,837,733 shares of the company’s stock valued at $297,920,000 after acquiring an additional 1,598,602 shares in the last quarter. William Blair Investment Management LLC raised its holdings in Doximity by 15.8% in the 2nd quarter. William Blair Investment Management LLC now owns 6,404,068 shares of the company’s stock valued at $179,122,000 after buying an additional 873,682 shares during the last quarter. Lord Abbett & CO. LLC bought a new stake in Doximity during the 3rd quarter worth approximately $29,453,000. Los Angeles Capital Management LLC raised its stake in shares of Doximity by 6,242.6% during the third quarter. Los Angeles Capital Management LLC now owns 650,874 shares of the company’s stock valued at $28,359,000 after acquiring an additional 640,612 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Doximity in the third quarter worth $24,691,000. 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.