Why Doximity Stock Is Falling Today

Doximity Inc DOCS shares are trading lower Wednesday after the company reported financial results and issued quarterly guidance below analyst estimates.

Doximity said fiscal fourth-quarter revenue increased 40% year-over-year to $93.7 million, which beat the $90.11-million estimate, according to data from Benzinga Pro. The company reported quarterly earnings of 21 cents per share, which beat the estimate of 15 cents per share. 

Doximity also authorized a new stock repurchase program for up to $70 million of the company's common stock, beginning in the first quarter.

Doximity said it expects fiscal first-quarter revenue to be between $88.6 million and $89.6 million versus the $96.78-million estimate. The company expects full-year fiscal 2023 revenue to be between $454 million and $458 million versus the $452.12-million estimate.

Doximity operates a digital platform for medical professionals. The company's network members include over 80% of U.S. physicians across all specialties and practice areas.

Analyst Assessment:

• SVB Leerink analyst Stephanie Davis maintained Doximity with an Outperform rating and lowered the price target from $72 to $67.
• Needham analyst Scott Berg maintained Doximity with a Buy rating and lowered the price target from $70 to $45.
• Morgan Stanley analyst Craig Hettenbach maintained Doximity with an Equal-Weight rating and lowered the price target from $55 to $35.
• Jefferies analyst Glen Santangelo maintained Doximity with a Buy rating and lowered the price target from $78 to $46.

See Also: 'We Faced Unexpectedly High Costs': Why Target Shares Are Falling Today

DOCS 52-Week Range: $27.06 - $107.79

The stock was down 14% at $29.05 at time of publication.

Photo: courtesy of Doximity.