American Well (NYSE:AMWL) Announces Quarterly Earnings Results, Beats Expectations By $0.07 EPS

American Well (NYSE:AMWL) announced its quarterly earnings results on Thursday. The company reported ($1.52) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.59) by $0.07, FiscalAI reports. American Well had a negative return on equity of 39.80% and a negative net margin of 42.80%.The firm had revenue of $55.31 million for the quarter, compared to analysts’ expectations of $52.71 million.

American Well Stock Performance

American Well stock traded up $0.16 during trading hours on Thursday, reaching $4.48. 385,232 shares of the company’s stock traded hands, compared to its average volume of 98,773. The firm has a market capitalization of $73.28 million, a price-to-earnings ratio of -0.62 and a beta of 1.36. American Well has a fifty-two week low of $3.71 and a fifty-two week high of $12.95. The firm’s 50 day moving average is $4.64 and its 200-day moving average is $5.50.

Insider Activity at American Well

In related news, insider Dmitry Zamansky sold 6,243 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $4.85, for a total transaction of $30,278.55. Following the completion of the sale, the insider directly owned 191,468 shares of the company’s stock, valued at $928,619.80. The trade was a 3.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 14,633 shares of company stock worth $67,972. 11.82% of the stock is owned by insiders.

Institutional Trading of American Well

A number of hedge funds have recently modified their holdings of AMWL. Headlands Technologies LLC bought a new position in American Well during the 2nd quarter worth approximately $39,000. Prelude Capital Management LLC bought a new position in shares of American Well during the third quarter worth $86,000. Engineers Gate Manager LP acquired a new position in shares of American Well in the 2nd quarter valued at $101,000. 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 valued at $131,000 after buying an additional 2,081 shares during the period. Finally, Norges Bank bought a new stake in shares of American Well in the 2nd quarter valued at $250,000. 56.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AMWL has been the subject of a number of recent analyst reports. Morgan Stanley dropped their target price on shares of American Well from $10.50 to $6.00 and set an “equal weight” rating for the company in a research report on Thursday, December 18th. Wells Fargo & Company dropped their price objective on shares of American Well from $12.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Stifel Nicolaus cut their target price on shares of American Well from $8.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, November 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of American Well in a report on Wednesday, January 21st. Finally, Wall Street Zen cut American Well from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, American Well presently has an average rating of “Hold” and a consensus price target of $7.58.

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.