Doximity (NYSE:DOCS) Sees Strong Trading Volume – What’s Next?

Doximity, Inc. (NYSE:DOCS) shares saw an uptick in trading volume on Thursday . Approximately 11,636,551 shares were traded during mid-day trading, an increase of 213% from the previous session’s volume of 3,719,476 shares.The stock last traded at $20.4110 and had previously closed at $21.63.

Wall Street Analyst Weigh In

DOCS has been the topic of a number of recent research reports. Wells Fargo & Company reiterated an “equal weight” rating and issued a $18.00 target price (down from $32.00) on shares of Doximity in a report on Thursday, May 14th. JPMorgan Chase & Co. lowered their price objective on shares of Doximity from $33.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. The Goldman Sachs Group dropped their price objective on shares of Doximity from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Citigroup cut shares of Doximity to an “underperform” rating in a report on Monday, June 29th. Finally, Leerink Partners decreased their target price on shares of Doximity from $31.00 to $25.00 and set an “outperform” rating for the company in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $29.33.

Doximity Price Performance

The company has a market capitalization of $3.74 billion, a P/E ratio of 20.73, a price-to-earnings-growth ratio of 7.94 and a beta of 1.29. The firm has a fifty day moving average price of $21.16 and a 200-day moving average price of $24.49.

Insiders Place Their Bets

In other Doximity news, insider Siddharth Sitaram sold 2,444 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $20.41, for a total value of $49,882.04. Following the transaction, the insider owned 90,706 shares of the company’s stock, valued at approximately $1,851,309.46. The trade was a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Doximity

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its stake in Doximity by 24.2% in the first quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock valued at $6,200,000 after purchasing an additional 20,847 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Doximity by 0.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after acquiring an additional 210 shares during the period. NewEdge Advisors LLC boosted its position in Doximity by 613.7% during the first quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock worth $367,000 after purchasing an additional 5,437 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Doximity by 33.3% in the first quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock worth $14,828,000 after purchasing an additional 63,873 shares in the last quarter. Finally, Focus Partners Wealth purchased a new position in shares of Doximity in the first quarter worth about $283,000. Institutional investors own 87.19% of the company’s stock.

About Doximity

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.