Down 39.9%, Is Doximity a Buy on the Dip?
Shares of Doximity (NYSE: DOCS), an online platform for U.S. medical professionals, are down by about 39.9% from a high-water mark they made in February. The bottom recently fell out from under the stock after management lowered its forward outlook.
The pharmaceutical and medical technology companies that buy lots of advertisements on Doximity's platform are taking a step back, but they haven't vanashed. Let's weigh the company's near-term pressures against its long-term prospects to see if it could be a good stock to buy on the dip.
On Aug. 8, Doximity reported arguably positive results from its fiscal first quarter that ended June 30. Total revenue was up 20% year over year, and net income according to generally accepted accounting principles (GAAP) climbed 27% year over year.
Source Fool.com