Why Doximity Stock Took A Nosedive Today

Doximity, Inc. DOCS shares fell Wednesday after the company issued second-quarter and full-year 2023 revenue guidance below estimates.

What To Know: On Tuesday, Doximity reported first-quarter earnings results. The company posted quarterly earnings of 19 cents per share which beat the analyst consensus estimate of 15 cents. The company reported quarterly sales of $108.47 million which beat the analyst consensus estimate of $106.98 million.

However, Doximity also issued second-quarter revenue guidance of between $108.5 million and $109.5 million, versus the $121.35 million estimate. The company expects full-year 2023 revenue to be between $452 million and $468 million, well below the $501.63 million consensus estimate.

Doximity stock fell over 20% on Wednesday in response to the disappointing guidance.

Also on Wednesday, Doximity received several analyst changes.

• Needham analyst Scott Berg downgraded Doximity from Buy to Hold.
• Raymond James analyst Brian Peterson maintained Doximity with a Outperform and lowered the price target from $40 to $30.
• Guggenheim analyst Sandy Draper downgraded Doximity from Buy to Neutral.
• Morgan Stanley analyst Ricky Goldwasser maintained Doximity with a Underweight and lowered the price target from $28 to $21.
• Truist Securities analyst Jailendra Singh maintained Doximity with a Hold and lowered the price target from $33 to $28.

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DOCS Price Action: Shares of DOCS were down 22.5% at $25.42 at the time of publication, according to Benzinga Pro.

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