Exploring DocGo Inc. (DCGO) Investor Profile: Who’s Buying and Why?

You're looking at DocGo Inc. (DCGO) and wondering why the stock is trading around $1.10 per share as of November 2025, but still holds the attention of major institutional money-what gives? Honestly, dissecting who owns a company like this is your first step in risk management, because institutions collectively own about 50.07% of the float, meaning their moves drive the price action. Think about it: BlackRock, Inc. and Vanguard Group Inc. are two of the largest holders, commanding significant stakes, but the company is simultaneously guiding for a full-year 2025 revenue between $315 million and $320 million while expecting an Adjusted EBITDA loss of $25 million to $28 million.

So, why are these giants holding onto a mobile health provider that's still burning cash, especially after the wind-down of those high-revenue migrant programs? Is it the Medical Transportation segment, which is expected to generate over $200 million in 2025, or are they betting on the underlying growth of non-migrant Mobile Health services? We need to look past the top-line revenue drop and see what the big players are actually buying into, and what their accumulation or selling patterns tell us about the path to profitability. Let's dig into the 13F filings and see who's buying, who's selling, and what that signals for your investment.

Who Invests in DocGo Inc. (DCGO) and Why?

The investor profile for DocGo Inc. (DCGO) is a classic mix of institutional confidence and high-risk retail speculation, driven by the company's pivot from high-volume, temporary government contracts to a sustainable, technology-enabled mobile health (mHealth) model.

You're looking at a company in transition, and the ownership structure reflects that uncertainty and potential. Institutional investors, which are firms managing money for others like pension funds and mutual funds, hold the largest piece of the pie, but a significant portion of the stock is still in the hands of insiders and the general public.

Key Investor Types and Ownership Breakdown

DocGo Inc. has a conventional ownership structure for a growth-oriented, small-cap stock, but with a particularly high insider stake. As of late 2025, institutional owners control the majority of the stock, but their trading actions have a big impact on the share price.

Here's the quick math on who owns DocGo Inc. (DCGO) shares:

• Institutional Investors: Own between 50.07% and 54% of outstanding shares, held by over 265 firms.
• Retail/General Public: Hold about 25.41% to 33% of the stock.
• Insiders: Control a substantial 21.56% to 24.52% of the company.

The presence of large index fund managers like BlackRock, Inc. (holding over 6.34 million shares) and Vanguard Group Inc. (with over 5.07 million shares) means a portion of the institutional ownership is passive, simply tracking small-cap indices like the Russell 2000. However, active managers like Deerfield Management Company, L.P. are also major holders, with over 4.62 million shares, suggesting a more targeted, sector-specific investment.

The high insider ownership, led by individuals like Stanley Vashovsky (the largest individual shareholder with 7.71 million shares), defintely shows management's skin in the game.

Investment Motivations: The Pivot to Mobile Health

Investors are buying DocGo Inc. not for dividends-the company doesn't pay one-but for the potential growth in its core, higher-margin business. The main motivation is a strategic bet on the company successfully navigating a major transition in its revenue mix.

The core narrative in 2025 is the wind-down of large, but temporary, migrant-related programs. This caused a sharp decline in total revenue from 2024, but the focus is on the underlying, 'evergreen' healthcare business.

Here's what's attracting capital:

• Core Business Growth: The Medical Transportation business is a stable, profitable foundation, projected to generate more than $200 million in revenue in 2025.
• Payer-Provider Expansion: This is the high-growth vertical, expected to generate approximately $50 million in revenue in 2025. This includes higher-margin services like Care Gap Closure, remote patient monitoring, and mobile phlebotomy, which are critical for health plans.
• Strategic Acquisition: The acquisition of virtual care platform SteadyMD is a key catalyst, projected to bring in approximately $25 million of revenue in 2025 and expand DocGo's telehealth services across all 50 states.

The company's latest guidance for full-year 2025 revenue is between $315 million and $320 million, with an adjusted EBITDA loss expected to be between $25 million and $28 million. This transitional financial picture is what makes the stock a high-risk, high-reward proposition, as investors are betting on the long-term vision of Mission Statement, Vision, & Core Values of DocGo Inc. (DCGO).

Investment Strategies in Play

The blend of institutional and retail ownership leads to several distinct investment strategies being employed in DocGo Inc. (DCGO) stock.

The key risk for all these investors is execution; the path to profitability requires successful cost management and converting embedded demand into scalable, recurring revenue. You have to be comfortable with a negative operating margin for now, but the robust gross margin in the core business is a positive sign.

Institutional Ownership and Major Shareholders of DocGo Inc. (DCGO)

You're looking at DocGo Inc. (DCGO) and trying to figure out who the big players are and what their moves mean for the stock. The direct takeaway is that institutional investors hold the majority of DocGo, but a recent net selling trend suggests caution, likely tied to the company's shift away from high-revenue, short-term contracts.

As of late 2025, institutional ownership in DocGo Inc. stands at approximately 52.29% of the company's shares outstanding. This high percentage means the stock price is defintely sensitive to the collective trading actions of these large funds. When a few major institutions decide to sell, you see a sharp price reaction. This is the nature of a stock where the institutional block is so dominant.

Top Institutional Investors and Their Stakes

The largest institutional investors in DocGo Inc. are the usual heavyweights, primarily passive index funds and a few specialized healthcare investors. These entities hold a combined total of around 61.7 million shares. Their presence is a vote of confidence in the long-term viability of the core mobile health and medical transportation business, even as the company navigates a transition.

Here's a look at the top three institutional shareholders based on filings from the second and third quarters of 2025:

• BlackRock, Inc.: The single largest holder, with approximately 6.46 million shares, representing about 6.60% of the company.
• Vanguard Group Inc: A close second, holding around 5.32 million shares, or approximately 5.44% of the total.
• Deerfield Management Company, L.P.: A key healthcare-focused investor, owning about 4.94 million shares, roughly 5.05% of the company.

These top three alone control over 17% of the company. They are not just passive holders; they are stakeholders whose investment thesis you need to understand. You can see how DocGo Inc. is positioning its core services for these stakeholders by reviewing its Mission Statement, Vision, & Core Values of DocGo Inc. (DCGO).

Recent Shifts in Institutional Ownership

The recent trend is a net decrease in institutional holdings, and it's a clear signal. In the most recent reporting quarter, the total number of institutional owners decreased by 6.36%, and the total institutional shares held dropped by 7.03%. This net selling suggests that some funds are re-evaluating their position.

Here's the quick math on the sentiment: DocGo's financial results for the full-year 2025 are expected to show revenue between $315 million and $320 million, but also an adjusted EBITDA loss projected to be between $25 million and $28 million. This loss is largely due to the wind-down of high-volume, migrant-related programs, which generated a significant portion of revenue in prior periods.

• The Sell-Off Driver: The Q3 2025 total revenue of $70.8 million was a sharp decline from the previous year, entirely due to the expected wind-down of those migrant-related contracts.
• The Core Business View: While the headline revenue is down, the core Mobile Health Services revenue, excluding the migrant programs, actually increased by 23% in Q3 2025.

Institutional investors are selling because they are reacting to the short-term earnings volatility and the significant net loss of $29.7 million recorded in Q3 2025, which included non-cash impairments. They are waiting to see if the growth in the core business can truly offset the loss of the large, temporary contracts.

Impact on Stock Price and Corporate Strategy

Large institutional investors play a crucial role in DocGo's stock price and strategy. Since they own over half the shares, their collective action can move the price dramatically. For instance, the significant drop in their holdings' value earlier in 2025 put pressure on management to act, as these major shareholders expect a clear path to profitability.

Their influence is driving a strategic pivot. The institutional pressure is pushing DocGo to focus on its higher-margin, scalable Mobile Health and Transportation Services. The company is responding by prioritizing its core business, which is reflected in the guidance for 2026, where they project revenue of $280 million to $300 million with no migrant-related revenue included. This is a deliberate move to prove the long-term profitability of the core model to the institutional base.

What this estimate hides is the execution risk. The institutional money is betting on DocGo's ability to successfully transition to a purely core-business model, leveraging its approximately $95.2 million in cash and equivalents as of September 30, 2025, to fund the shift and achieve operational efficiencies. If onboarding new clients takes 14+ days, churn risk rises, which is exactly what these big investors are watching.

Next Step: Portfolio Managers: Model DCGO's core business growth rate against the 2026 guidance to assess the credibility of the strategic pivot by end of month.

Key Investors and Their Impact on DocGo Inc. (DCGO)

You're looking at DocGo Inc. (DCGO), and the first thing to understand is that institutional money-the big players-controls the narrative here. With institutional ownership sitting at around 52.38% to 56.44% of the stock, their buying and selling dictates a lot of the stock's movement.

The core of the investor base is made up of the world's largest asset managers, plus a few key hedge funds and specialized investment firms. This mix means you have both passive, index-driven money and active, value-seeking capital influencing the company's direction.

The Anchor Institutions: BlackRock and Vanguard

The two biggest names on the shareholder list are BlackRock, Inc. and Vanguard Group Inc., which is typical for any publicly traded company. These firms hold massive stakes primarily through their index funds, so their position is less about a conviction on DocGo Inc.'s individual strategy and more about its inclusion in key indices like the Russell 2000.

As of the September 30, 2025, filings, BlackRock, Inc. held a leading position with approximately 6,345,440 shares, and Vanguard Group Inc. held 5,079,893 shares. Their sheer size means their passive flow can still create meaningful pressure. When a stock is removed from an index, for instance, these giants are forced to sell, which can cause a sharp drop, regardless of the company's underlying fundamentals.

Hedge Funds and Strategic Influence

Beyond the index funds, a significant chunk-roughly 7.3% of the shares outstanding as of May 2025-is held by hedge funds and active managers. This is the money that actively tries to influence management or pushes for changes to create value in the short to medium term. The presence of firms like Deerfield Management Company, L.P. and P.A.W. Capital Corp is important because they are often sector specialists who understand the healthcare technology space deeply.

Here's the quick math on why this matters: institutions collectively own over half the company, so if a few of the largest active holders align on a strategic issue, they possess the voting power to force a change. This is a crucial dynamic to watch, especially as the company executes its strategic pivot. If you want to dive deeper into what DocGo Inc. is focused on, you can read their Mission Statement, Vision, & Core Values of DocGo Inc. (DCGO).

Recent Investor Moves and the 2025 Pivot

The trading activity in the latter half of the 2025 fiscal year reflects the market's reaction to DocGo Inc.'s announced strategic shift away from non-recurring revenue streams, which is expected to drop the company's annual revenue to approximately $320 million in 2025. The sentiment is mixed, with some major holders trimming their positions while others are aggressively adding shares.

The table below shows some of the notable moves from the Q3 2025 filings, giving you a clear picture of who is adjusting their position:

The large buy-side move by JPMorgan Chase & Co. is defintely a signal that some active funds see value in the stock at its current price, especially considering the consensus revenue for the year remains stable at about $317.44 million. This is a classic tug-of-war: passive funds are selling as the stock underperforms or index weight shifts, but active, opportunistic money is stepping in to capitalize on the lower valuation.

• Watch for further 13F filings to see if the trimming trend continues.
• The high institutional ownership makes the stock price sensitive to any major fund's exit.
• The company's focus on core medical transport and mobile health is what the new money is betting on.

Market Impact and Investor Sentiment

If you're looking at DocGo Inc. (DCGO) right now, you're seeing a classic example of institutional conviction clashing with market skepticism. The core takeaway is that while major funds are holding a significant stake, the overall sentiment is cautious, driven by a major strategic pivot that has hit the top line hard in the near term.

Institutional investors, the so-called 'smart money,' own a substantial portion of the company-around 50.07% to 56.44% of the stock is in their hands. This high ownership percentage means the stock price is highly sensitive to their trading activity, and right now, that activity is mixed. The largest institutional holders include giants like BlackRock, Inc., with a stake of approximately 6.49% of shares, and The Vanguard Group, Inc., holding about 5.19%. Their presence signals a belief in the long-term mobile health strategy, but their portfolio managers are defintely watching the cash burn.

Here's the quick math on the ownership split, based on recent filings:

• Institutional Shareholders: 50.07%
• DocGo Insiders: 24.52%
• Retail Investors (General Public): 25.41%

Recent Market Reactions and Ownership Moves

The market has reacted sharply to DocGo's transition away from high-volume, non-recurring revenue streams, particularly the wind-down of migrant-related programs. This strategic shift is the elephant in the room. For the full fiscal year 2025, the company's revenue guidance was lowered significantly, now expected to be between $315 million and $320 million. This is a massive drop from prior years, and the stock price has reflected this pain, declining by 73.56% in the year leading up to November 2025. It's been a tough year for holders.

Still, not all news has been negative. An October 2025 announcement about enhanced Medicaid transportation services and the acquisition of the virtual care platform SteadyMD saw the stock surge by 9.17% in a single day. This shows investors reward clear progress in the core business. The SteadyMD acquisition, for instance, is a tangible step, expected to generate approximately $25 million in revenue in 2025 and expand their 50-state virtual care network. You can find a deeper dive into their balance sheet in Breaking Down DocGo Inc. (DCGO) Financial Health: Key Insights for Investors.

Analyst Perspectives on Key Investors' Impact

The analyst community is split, which is typical for a company undergoing a major pivot. The consensus rating is generally in the 'Hold' to 'Buy' range, but the price targets tell the real story of near-term risk. Based on recent November 2025 data, the average one-year price target is around $2.77 to $3.37. This implies a substantial upside from the current price, but it's crucial to note the recent downward revisions.

For example, Canaccord Genuity lowered its price target from $1.60 to $1.50 on November 12, 2025, while maintaining a 'Hold' rating. This kind of move signals that while the firm isn't recommending a sell, they see less immediate upside than before. The institutional ownership, especially from funds like BlackRock, Inc. and The Vanguard Group, Inc., acts as a floor, signaling that the company is still on the radar of sophisticated investors who believe the underlying mobile health and transportation segments are valuable. The core Medical Transportation business is a bright spot, expected to generate over $200 million in revenue in 2025.

What this estimate hides is the profitability challenge. The company's full-year 2025 adjusted EBITDA is projected to be a loss of between $25 million and $28 million. This is a significant loss, and the institutional holders are essentially betting that the strong cash position-total cash and cash equivalents stood at $95.2 million as of September 30, 2025-will be enough to fund the transition to a profitable, core-focused business model.

The table below summarizes the key financial targets that are driving current investor and analyst sentiment:

The action for you is to monitor the next two quarters for a narrowing of that EBITDA loss, which will signal that the cost-cutting and core business growth are finally starting to outpace the loss of the legacy revenue.