Why Doximity Stock Surged on Monday

Shares of Doximity (NYSE: DOCS) traded higher on Monday, climbing as high as 14.8% on growing enthusiasm from investors, though the stock ended the trading session up 14%. The cloud-based service for doctors and other healthcare professionals climbed on no specific news, but has been riding a wave of positive sentiment that began with its first financial report as a public company. All told, the stock has gained more than 60% since its earnings release on Aug. 10.

For its fiscal 2022 first quarter (which ended June 30), Doximity generated revenue of $72.7 million, up 100% year over year, accelerating from full-year growth of 36% and 78% in fiscal 2020 and 2021, respectively. The company also delivered earnings per share of $0.09, up from breakeven in the prior-year quarter.

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Source Fool.com