Doximity (NASDAQ:DOCS) Shares Up 4.9% – Should You 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 changed hands during trading, a decline of 34% from the average session volume of 1,747,002 shares. The stock had previously closed at $52.19.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on DOCS. Raymond James reissued an “outperform” rating and issued a $65.00 price objective (up from $37.00) on shares of Doximity in a research note on Friday, November 8th. Barclays lifted their price target on shares of Doximity from $52.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Mizuho started coverage on shares of Doximity in a report on Wednesday, December 4th. They set a “neutral” rating and a $55.00 price objective for the company. Morgan Stanley upgraded shares of Doximity from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $33.00 to $53.00 in a research note on Thursday, November 14th. Finally, Baird R W raised shares of Doximity to a “strong-buy” rating in a research report on Tuesday, September 17th. Twelve analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $52.44.

Doximity Stock Up 6.2 %

The business has a 50-day moving average price of $48.58 and a 200-day moving average price of $38.46. The firm has a market capitalization of $10.35 billion, a P/E ratio of 63.74, a PEG ratio of 4.16 and a beta of 1.40.

Hedge Funds Weigh In On Doximity

Hedge funds and other institutional investors have recently made changes to their positions in the business. MetLife Investment Management LLC boosted its stake in Doximity by 0.6% in the 3rd quarter. MetLife Investment Management LLC now owns 65,064 shares of the company’s stock valued at $2,835,000 after buying an additional 363 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Doximity by 22.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 2,094 shares of the company’s stock valued at $91,000 after purchasing an additional 384 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Doximity by 40.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,439 shares of the company’s stock worth $63,000 after purchasing an additional 412 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Doximity by 19.7% during the 2nd quarter. Van ECK Associates Corp now owns 2,590 shares of the company’s stock worth $72,000 after purchasing an additional 427 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. lifted its holdings in Doximity by 3.2% during the 2nd quarter. Cornercap Investment Counsel Inc. now owns 17,143 shares of the company’s stock valued at $479,000 after purchasing an additional 537 shares during the last quarter. 87.19% of the stock is owned by institutional investors.

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.