Doximity (NASDAQ:DOCS) Stock Price Down 3.3% – Here’s Why

Doximity, Inc. (NASDAQ:DOCS) shares traded down 3.3% on Wednesday . The company traded as low as $55.88 and last traded at $56.11. 188,638 shares were traded during trading, a decline of 89% from the average session volume of 1,712,874 shares. The stock had previously closed at $58.05.

Analyst Ratings Changes

A number of equities analysts recently issued reports on DOCS shares. KeyCorp raised Doximity from a “sector weight” rating to an “overweight” rating and set a $70.00 price objective for the company in a report on Friday, November 8th. Robert W. Baird raised their target price on shares of Doximity from $41.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, September 17th. Needham & Company LLC raised shares of Doximity from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research note on Friday, August 9th. Canaccord Genuity Group lowered shares of Doximity from a “buy” rating to a “hold” rating and raised their price objective for the company from $40.00 to $60.00 in a research note on Wednesday. Finally, Truist Financial restated a “hold” rating and issued a $35.00 target price (up from $31.00) on shares of Doximity in a research report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $48.14.

Doximity Trading Down 7.8 %

The business has a 50 day moving average price of $42.48 and a 200 day moving average price of $33.68. The company has a market capitalization of $9.94 billion, a P/E ratio of 61.68, a PEG ratio of 5.08 and a beta of 1.30.

Institutional Investors Weigh In On Doximity

Hedge funds and other institutional investors have recently made changes to their positions in the business. LRI Investments LLC bought a new position in shares of Doximity during the first quarter valued at $27,000. Farther Finance Advisors LLC lifted its holdings in Doximity by 324.2% in the third quarter. Farther Finance Advisors LLC now owns 789 shares of the company’s stock valued at $34,000 after buying an additional 603 shares during the period. Blue Trust Inc. raised its holdings in shares of Doximity by 621.4% in the 2nd quarter. Blue Trust Inc. now owns 1,385 shares of the company’s stock worth $37,000 after acquiring an additional 1,193 shares during the last quarter. Quarry LP boosted its holdings in Doximity by 101.2% during the 2nd quarter. Quarry LP now owns 1,616 shares of the company’s stock worth $45,000 after acquiring an additional 131,253 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Doximity in the 1st quarter worth approximately $46,000. 87.19% of the stock is currently owned by institutional investors and hedge funds.

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.