Why Doximity Stock Took A Nosedive Today
Portfolio Pulse from Ryan Gustafson
Doximity, Inc. (NYSE:DOCS) shares fell over 20% after the company issued Q2 and full-year 2023 revenue guidance below estimates, despite beating Q1 earnings and sales estimates. The company also received several analyst downgrades and lowered price targets.
August 09, 2023 | 6:37 pm
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Doximity's stock fell significantly due to lower than expected revenue guidance for Q2 and FY2023, despite beating Q1 estimates. Several analysts also downgraded the stock and lowered their price targets.
Doximity's lower than expected revenue guidance for Q2 and FY2023 is a negative signal for investors, indicating potential future underperformance. This, coupled with the analyst downgrades and lowered price targets, has led to a significant drop in the stock price.
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