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

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

American Well Price Performance

NYSE AMWL traded down $0.32 during trading on Tuesday, reaching $10.44. The company’s stock had a trading volume of 144,518 shares, compared to its average volume of 96,104. The firm has a fifty day moving average of $9.65 and a 200 day moving average of $7.12. American Well has a one year low of $3.71 and a one year high of $13.45. The stock has a market capitalization of $172.78 million, a PE ratio of -1.93 and a beta of 1.68.

Insider Activity

In related news, insider Phyllis Gotlib sold 6,677 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $9.33, for a total transaction of $62,296.41. Following the transaction, the insider owned 152,754 shares of the company’s stock, valued at approximately $1,425,194.82. This trade represents a 4.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dmitry Zamansky sold 8,460 shares of American Well stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $9.33, for a total transaction of $78,931.80. Following the completion of the transaction, the insider owned 232,620 shares in the company, valued at approximately $2,170,344.60. The trade was a 3.51% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 29,225 shares of company stock worth $268,623. 12.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Headlands Technologies LLC bought a new stake in American Well in the second quarter valued at approximately $39,000. Occudo Quantitative Strategies LP purchased a new position in shares of American Well in the fourth quarter worth $74,000. NewEdge Advisors LLC purchased a new position in shares of American Well in the fourth quarter worth $82,000. Prelude Capital Management LLC bought a new stake in American Well during the 3rd quarter valued at $86,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of American Well during the second quarter worth about $101,000. Hedge funds and other institutional investors own 56.05% of the company’s stock.

Wall Street Analyst Weigh In

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

American Well Company Profile

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.