Mobile Medical Services DocGo Counters Fuzzy Panda Report, Asserts Fiscal Health And Growth Plans
Portfolio Pulse from Vandana Singh
DocGo Inc (NASDAQ:DCGO) responded to a short report by Fuzzy Panda, which accused the company of fraudulent billing and other illegal practices. DocGo refuted the claims, asserting its fiscal health and growth plans, with preliminary FY 2023 revenue of $615-$625 million and an expected increase in 2024 revenue to exceed $700 million. Needham maintained a Buy rating on DCGO with a $14 price target. DCGO shares rose 10.40% to $3.30 after the response.
January 11, 2024 | 7:15 pm
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DocGo Inc refuted allegations of fraudulent practices made by Fuzzy Panda and confirmed its fiscal health with strong revenue projections for FY 2023 and 2024. Needham maintained a Buy rating with a $14 price target.
The positive response from DocGo to the short report, along with the maintenance of a Buy rating by Needham, suggests investor confidence may be restored, leading to a potential short-term positive impact on the stock price. The recent 10.40% increase in share price supports this outlook.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100