Doximity (NASDAQ:DOCS) Shares Down 4.2% – What’s Next?

Doximity, Inc. (NASDAQ:DOCS)’s share price traded down 4.2% on Thursday . The company traded as low as $47.66 and last traded at $47.82. 1,293,732 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 1,743,660 shares. The stock had previously closed at $49.90.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on DOCS shares. The Goldman Sachs Group assumed coverage on Doximity in a research report on Friday, November 15th. They issued a “neutral” rating and a $58.00 price objective for the company. Evercore ISI raised their price objective on shares of Doximity from $34.00 to $45.00 and gave the company an “in-line” rating in a research note on Tuesday, October 8th. Canaccord Genuity Group restated a “hold” rating and set a $60.00 target price (up from $40.00) on shares of Doximity in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price target on shares of Doximity from $30.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Truist Financial upped their price target on Doximity from $35.00 to $49.00 and gave the stock a “hold” rating in a report on Thursday, November 14th. Eleven research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $52.27.

Doximity Stock Up 0.4 %

The stock has a market capitalization of $9.00 billion, a P/E ratio of 52.75, a PEG ratio of 3.89 and a beta of 1.30. The company has a 50 day moving average of $44.64 and a 200-day moving average of $35.01.

Institutional Trading of Doximity

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