Doximity Inc (NYSE:DOCS) stock is scaling Wall Street today, up 59% to trade at $32.80. While the 'LinkedIn for Doctors' company reported adjusted fiscal first-quarter earnings of 29 cents per share that missed estimates, revenue blew past expectations. The company also hiked its full-year forecast, and per CEO Jeff Tangney, Doximity's clinical AI outperformed Anthropic.
At last look, six brokerages have hiked their price targets already, the highest coming from Piper Sandler to $47 from $42. More bull notes could be on the way, considering 14 of the 23 brokerages maintain "hold" or worse ratings and DOCS' consensus 12-month price target of $30.44 is now a 18% discount to its current perch.
Despite doubling up at one point this morning and trading as high as $40, the stock is still 16% lower on the year. The shares have traded in a tight range since a 23% post-earnings selloff in May, but are now at their highest levels since early February.
Short interest is up 10.5% in the two most recent reporting periods, and the 20.73 million shares sold short account for 16% of the stock's total available float. At DOCS' average pace of trading, it would take shorts five trading days to buy back their bearish bets.
Doximity's usually-quiet options pits have come to life today. Over 6,600 contracts have changed hands today, volume that's 24 times the average intraday amount. The August 22.50 call leads the charge, while there's buy-to-open activity at the August 30 put.
