Doximity (NASDAQ:DOCS) Trading Down 5% – Here’s Why

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on DOCS shares. The Goldman Sachs Group initiated coverage on shares of Doximity in a research note on Friday, November 15th. They issued a “neutral” rating and a $58.00 price objective on the stock. Truist Financial lifted their price objective on Doximity from $35.00 to $49.00 and gave the stock a “hold” rating in a research report on Thursday, November 14th. Baird R W raised Doximity to a “strong-buy” rating in a research note on Tuesday, September 17th. Wells Fargo & Company upgraded Doximity from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $19.00 to $41.00 in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Doximity from $30.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, November 21st. Thirteen investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $52.59.

Doximity Stock Down 6.4 %

The company has a market cap of $10.09 billion, a PE ratio of 62.14, a PEG ratio of 4.16 and a beta of 1.40. The company has a 50-day moving average of $50.59 and a 200-day moving average of $39.94.

Institutional Trading of Doximity

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in Doximity by 3.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 498,056 shares of the company’s stock worth $21,700,000 after purchasing an additional 15,771 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of Doximity in the 3rd quarter worth approximately $29,453,000. Retirement Systems of Alabama grew its holdings in shares of Doximity by 254.3% in the third quarter. Retirement Systems of Alabama now owns 534,256 shares of the company’s stock valued at $23,278,000 after acquiring an additional 383,480 shares in the last quarter. American Trust purchased a new stake in shares of Doximity during the third quarter valued at approximately $247,000. Finally, Franklin Resources Inc. lifted its holdings in Doximity by 564.1% during the third quarter. Franklin Resources Inc. now owns 83,098 shares of the company’s stock worth $3,487,000 after acquiring an additional 70,585 shares during the period. Institutional investors own 87.19% of the company’s stock.

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.