Doximity (NASDAQ:DOCS) Stock Price Down 4.2% – Here’s Why

Doximity, Inc. (NASDAQ:DOCS)’s share price fell 4.2% during mid-day trading 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 equities analysts recently commented on the stock. KeyCorp raised shares of Doximity from a “sector weight” rating to an “overweight” rating and set a $70.00 price objective for the company in a research note on Friday, November 8th. JPMorgan Chase & Co. upped their price target on shares of Doximity from $30.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday. Barclays lifted their price objective on Doximity from $52.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. The Goldman Sachs Group started coverage on Doximity in a research note on Friday, November 15th. They issued a “neutral” rating and a $58.00 target price on the stock. Finally, Raymond James reissued an “outperform” rating and set a $65.00 price objective (up previously from $37.00) on shares of Doximity in a report on Friday, November 8th. Eleven research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Doximity has an average rating of “Hold” and an average price target of $52.27.

Doximity Stock Performance

The company has a market cap of $8.96 billion, a PE ratio of 57.09, a PEG ratio of 4.18 and a beta of 1.30. The business’s 50-day moving average is $44.27 and its 200 day moving average is $34.75.

Institutional Investors Weigh In On Doximity

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC grew its position in Doximity by 30.5% during the 3rd quarter. FMR LLC now owns 6,837,733 shares of the company’s stock worth $297,920,000 after acquiring an additional 1,598,602 shares during the last quarter. William Blair Investment Management LLC grew its holdings in shares of Doximity by 15.8% in the second quarter. William Blair Investment Management LLC now owns 6,404,068 shares of the company’s stock worth $179,122,000 after purchasing an additional 873,682 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of Doximity by 7.1% in the second quarter. Clearbridge Investments LLC now owns 5,853,035 shares of the company’s stock worth $163,709,000 after buying an additional 387,200 shares during the period. State Street Corp raised its holdings in Doximity by 2.5% during the 3rd quarter. State Street Corp now owns 3,693,982 shares of the company’s stock valued at $160,947,000 after buying an additional 88,922 shares during the last quarter. Finally, Swedbank AB purchased a new stake in Doximity during the 1st quarter valued at $91,673,000. 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.