Doximity (NASDAQ:DOCS) Stock Price Up 4.9% – Time to Buy?

Doximity, Inc. (NASDAQ:DOCS) shares shot up 4.9% during mid-day trading on Thursday . The stock traded as high as $54.92 and last traded at $54.75. 1,146,062 shares were traded during trading, a decline of 34% from the average session volume of 1,747,002 shares. The stock had previously closed at $52.19.

Wall Street Analyst Weigh In

Several research firms have commented on DOCS. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $60.00 target price (up from $40.00) on shares of Doximity in a research note on Wednesday, November 13th. Barclays increased their price objective on shares of Doximity from $52.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Wells Fargo & Company upgraded Doximity from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $19.00 to $41.00 in a report on Friday, November 8th. Raymond James reissued an “outperform” rating and issued a $65.00 target price (up previously from $37.00) on shares of Doximity in a research note on Friday, November 8th. Finally, Truist Financial boosted their price objective on Doximity from $35.00 to $49.00 and gave the stock a “hold” rating in a research note on Thursday, November 14th. Twelve equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $52.44.

Doximity Stock Performance

The company has a market cap of $10.35 billion, a P/E ratio of 63.74, a P/E/G ratio of 4.16 and a beta of 1.40. The business has a fifty day simple moving average of $48.58 and a 200 day simple moving average of $38.46.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of DOCS. SG Americas Securities LLC lifted its holdings in Doximity by 29.6% in the second quarter. SG Americas Securities LLC now owns 16,033 shares of the company’s stock worth $448,000 after acquiring an additional 3,659 shares during the last quarter. Blue Trust Inc. lifted 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 purchasing an additional 1,193 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Doximity by 15,714.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 11,070 shares of the company’s stock valued at $310,000 after purchasing an additional 11,000 shares during the period. First Horizon Advisors Inc. grew its stake in Doximity by 80.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,710 shares of the company’s stock worth $48,000 after buying an additional 760 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in Doximity by 181.6% in the second quarter. Fifth Third Bancorp now owns 3,207 shares of the company’s stock worth $90,000 after buying an additional 2,068 shares during the period. 87.19% of the stock is currently owned by institutional investors.

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.