Victory Capital Management Inc. has significantly expanded its investment in DocGo Inc. (NASDAQ:DCGO), signaling a notable shift in institutional confidence within the stock market. This substantial increase in ownership highlights the ongoing interest from major investment firms in companies operating within the evolving healthcare landscape.
According to its latest disclosure with the Securities and Exchange Commission, Victory Capital Management Inc. escalated its stake in DocGo Inc. by an impressive 546.1% during the first quarter. This aggressive acquisition resulted in the fund now owning a total of 372,487 shares, following the purchase of an additional 314,838 shares during that period.
The institutional holdings in DocGo extend beyond Victory Capital, with several other prominent investors recently adjusting their positions. Summit Investment Advisors Inc., for instance, boosted its ownership by 38.7% in the fourth quarter, now holding 10,639 shares. Similarly, Prudential Financial Inc. established a new stake in the company during the same period.
Further demonstrating widespread financial analysis and interest, Boothbay Fund Management LLC dramatically increased its stake in DocGo by 154.9% in the fourth quarter, accumulating 27,445 shares. ProShare Advisors LLC also saw a 49.0% rise in their holdings, while Jefferies Financial Group Inc. initiated a new position, underscoring the dynamic nature of market trends for DCGO.
The company’s performance has also been under scrutiny from research analysts, leading to a mixed bag of opinions and revised price targets. Needham & Company LLC recently lowered its target price for DocGo Inc. from $4.00 to $3.00 while maintaining a “buy” rating, reflecting a cautious yet optimistic outlook on the share price.
Other analyst ratings have presented a more conservative view. Canaccord Genuity Group reiterated a “hold” rating, reducing its target price to $1.45 from $5.00, and BTIG Research downgraded the stock from “buy” to “neutral.” This diverse range of assessments contributes to the stock’s current “Moderate Buy” consensus rating among analysts, with a collective price target of $3.56.
From a pure stock market perspective, DocGo’s shares opened at $1.36 on a recent Friday, reflecting current trading levels. The company has experienced significant volatility, with a 12-month low of $1.23 and a high of $5.68. Its financial metrics include a 50-day simple moving average of $1.50, a two-hundred-day simple moving average of $2.63, a market capitalization of $138.69 million, and a PE ratio of -68.00.
The latest earnings report on May 8th revealed DocGo reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.01). Despite generating $96.03 million in revenue, which also fell short of analyst projections, the company maintains a positive return on equity of 2.52%, indicating some underlying financial strength amidst its negative net margin.
DocGo Inc. operates primarily in the healthcare sector, providing essential mobile health and medical transportation services across the United States and the United Kingdom. Its comprehensive offerings include both emergency response and non-emergency transport, such as ambulance and wheelchair services, positioning it as a key player in accessible healthcare solutions.
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