DocGo Inc. (NASDAQ:DCGO) received a notable upgrade from Zacks Research, which changed its rating from “strong sell” to “hold” in a report released on October 8, 2023. This adjustment comes amid a broader analysis of the company’s performance and potential, as other research analysts have also weighed in on its stock.
In addition to Zacks Research, Weiss Ratings maintained a “sell (d)” rating for DocGo. On August 21, 2023, Canaccord Genuity Group raised its price target for the stock from $1.45 to $1.60, while offering a “hold” rating. Overall, analysis of the stock reveals a mixed sentiment: two analysts have assigned a “buy” rating, four have given it a “hold” rating, and one has classified it as “sell.” According to data from MarketBeat.com, DocGo currently holds a consensus rating of “hold” with an average target price set at $3.24.
Quarterly Earnings and Market Performance
DocGo’s latest quarterly earnings report, released on August 7, 2023, showed a loss of $0.11 per share, which fell short of analysts’ expectations of a $0.06 loss by $0.05. The company reported revenue of $80.42 million, exceeding the consensus estimate of $77.58 million. Despite this revenue growth, DocGo reported a negative return on equity of 3.26% and a net margin of 4.20%. Analysts project that DocGo will achieve earnings of $0.25 per share for the current year.
In trading following the earnings announcement, DocGo’s stock increased by 3.7%, reflecting some investor optimism despite the earnings miss. The current market dynamics suggest that investor confidence may be influenced by both the upgrades and the recent performance metrics.
Institutional Investments in DocGo
Recent movements from institutional investors highlight growing interest in DocGo. P.A.W. Capital Corp increased its stake in the company by 60.0% during the second quarter, now holding 3,200,000 shares valued at approximately $5,024,000 after acquiring an additional 1,200,000 shares. Similarly, S Squared Technology LLC raised its position by 52.2%, bringing its total ownership to 2,878,286 shares valued at $4,519,000.
Other investors have also made significant adjustments. Punch & Associates Investment Management Inc. increased its holdings by 17.4%, now owning 2,201,667 shares valued at $5,812,000. Jefferies Financial Group Inc. raised its stake by 5.7%, owning 2,144,456 shares valued at $3,367,000. American Century Companies Inc. notably increased its holdings by 175.5%, acquiring 1,245,894 shares worth approximately $3,289,000. Currently, institutional investors hold 56.44% of DocGo’s stock.
DocGo Inc. specializes in providing mobile health and medical transportation services across the United States and the United Kingdom. Their offerings include both emergency response and non-emergency transport services such as ambulance and wheelchair transportation.
As the market continues to evolve, the adjustments in ratings and institutional investments may significantly impact DocGo’s trajectory in the coming months.