American Well (NYSE:AMWL) Posts Quarterly Earnings Results, Beats Estimates By $0.27 EPS

American Well (NYSE:AMWL) released its earnings results on Tuesday. The company reported ($0.59) EPS for the quarter, beating the consensus estimate of ($0.86) by $0.27, FiscalAI reports. The company had revenue of $52.05 million during the quarter, compared to analysts’ expectations of $49.87 million. American Well had a negative return on equity of 32.11% and a negative net margin of 37.02%.

American Well Price Performance

Shares of NYSE AMWL traded down $0.32 during midday trading on Tuesday, hitting $10.44. 144,344 shares of the company’s stock were exchanged, compared to its average volume of 96,093. American Well has a twelve month low of $3.71 and a twelve month high of $13.45. The firm has a market cap of $172.78 million, a P/E ratio of -1.93 and a beta of 1.68. The stock’s 50 day moving average price is $9.65 and its 200-day moving average price is $7.12.

Analyst Ratings Changes

Several brokerages have weighed in on AMWL. Truist Financial set a $7.50 price objective on shares of American Well in a report on Monday, June 8th. TD Cowen raised their target price on shares of American Well from $5.00 to $8.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Morgan Stanley raised their price target on American Well from $6.00 to $6.50 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of American Well in a research note on Friday, July 17th. Finally, Wells Fargo & Company increased their target price on American Well from $9.00 to $16.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $8.60.

Insider Activity at American Well

In related news, Director Stephen J. Schlegel sold 9,750 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $8.76, for a total transaction of $85,410.00. Following the sale, the director owned 54,553 shares of the company’s stock, valued at $477,884.28. The trade was a 15.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dmitry Zamansky sold 8,460 shares of American Well stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $9.33, for a total value of $78,931.80. Following the transaction, the insider owned 232,620 shares in the company, valued at approximately $2,170,344.60. This trade represents a 3.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 29,225 shares of company stock worth $268,623 over the last quarter. 12.84% of the stock is currently owned by company insiders.

Institutional Trading of American Well

A number of hedge funds and other institutional investors have recently made changes to their positions in AMWL. Headlands Technologies LLC bought a new stake in American Well during the second quarter worth approximately $39,000. Engineers Gate Manager LP bought a new position in shares of American Well in the second quarter valued at $101,000. Prelude Capital Management LLC bought a new stake in shares of American Well during the 3rd quarter worth $86,000. JPMorgan Chase & Co. grew its holdings in shares of American Well by 16.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 14,720 shares of the company’s stock worth $131,000 after acquiring an additional 2,081 shares during the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new position in shares of American Well in the 4th quarter worth $74,000. 56.05% of the stock is currently owned by institutional investors.

About American Well

American Well, operating under the trade name Amwell, is a Boston-based digital health company that develops and delivers telehealth solutions to healthcare providers, payers, employers and patients. Through its cloud-based platform, the company enables secure virtual visits, remote patient monitoring and integrated care coordination across a range of medical disciplines, including primary care, behavioral health, chronic disease management and urgent care.

The company’s core offering, the Amwell Telehealth Platform, facilitates live video consultations, asynchronous messaging, e-prescribing and electronic health record integration.