What happened Shares of Doximity (NYSE: DOCS) are falling in response to the third-quarter earnings release the company issued after the market closed yesterday. The stock market looked right past its positive results and focused on the impending expiration of a 180-day lock-up agreement coming on Friday. Investors worried that insiders will dump their shares have beaten Doximity stock 11.9% lower as of 11:29 a.m. EST on Wednesday. So what Shares of Doximity, a social media site for medical professionals only, soared after their initial public offering (IPO) this June, but inside investors who have the most to gain haven't been allowed to sell any of their shares yet. The stock is falling today because, in spite of sparkling third-quarter earnings results, the company told investors its 180-day lock-up agreement expires this Friday. Image source: Getty Images. It isn't unusual for stocks to tumble around the time of their lock-up expirations. Today's fall would have been more severe if not for a glowing earnings report. The company did so much upselling during the fiscal second quarter, which ended Sept. 30, that it was able to register a 173% net retention rate. Revenue soared 76% year over year, and the company reported widening profit margins. Earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at 41% of revenue compared to 28% in the prior-year period. Now what The bottom line is moving in the right direction fast, but it needs to keep up this pace for years to live up to this rich valuation. Despite getting knocked down today, this company's market cap is up around $12.6 billion. That works out to around 38.5 times management's top-line revenue expectations for the fiscal year ending March 31, 2022. Doximity's stock valuation is high, but its business benefits from a strong network effect. In other words, its services become more valuable to the medical professionals who use it as more of their colleagues climb aboard. Investors want to keep this stock in a well-diversified portfolio, and this dip looks like a bargain opportunity. 10 stocks we like better than Doximity, Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Doximity, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 10, 2021 Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source