American Well (NYSE:AMWL) Issues Earnings Results, Beats Estimates By $0.01 EPS

American Well (NYSE:AMWL – Get Rating) issued its quarterly earnings data on Thursday. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01, Briefing.com reports. The company had revenue of $64.52 million for the quarter, compared to the consensus estimate of $64.13 million. American Well had a negative net margin of 79.91% and a negative return on equity of 16.72%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. American Well updated its FY 2022 guidance to EPS.

American Well Stock Performance

Shares of NYSE AMWL traded up $0.35 during midday trading on Friday, reaching $4.99. The stock had a trading volume of 3,187,541 shares, compared to its average volume of 2,750,404. The stock has a 50-day moving average of $4.38 and a 200-day moving average of $3.99. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -6.32 and a beta of 0.15. American Well has a 12-month low of $2.52 and a 12-month high of $11.68.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Guggenheim started coverage on shares of American Well in a research report on Wednesday, April 13th. They set a “buy” rating and a $6.00 price objective on the stock. Piper Sandler upped their target price on shares of American Well from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Thursday, June 23rd. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, American Well presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

Insider Transactions at American Well

In other news, CEO Ido Schoenberg sold 10,295 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $4.03, for a total value of $41,488.85. Following the completion of the sale, the chief executive officer now directly owns 2,062,813 shares of the company’s stock, valued at $8,313,136.39. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Ido Schoenberg sold 10,295 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $4.03, for a total transaction of $41,488.85. Following the completion of the transaction, the chief executive officer now owns 2,062,813 shares in the company, valued at $8,313,136.39. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Serkan Kutan sold 15,902 shares of the company’s stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $3.57, for a total transaction of $56,770.14. Following the transaction, the chief technology officer now owns 688,078 shares of the company’s stock, valued at approximately $2,456,438.46. The disclosure for this sale can be found here. Insiders sold a total of 595,885 shares of company stock valued at $2,576,154 over the last three months. Corporate insiders own 14.68% of the company’s stock.

Hedge Funds Weigh In On American Well

A number of hedge funds and other institutional investors have recently modified their holdings of AMWL. Swiss National Bank boosted its position in shares of American Well by 16.7% during the first quarter. Swiss National Bank now owns 134,500 shares of the company’s stock worth $566,000 after acquiring an additional 19,200 shares during the last quarter. JPMorgan Chase & Co. lifted its position in American Well by 272.5% during the first quarter. JPMorgan Chase & Co. now owns 483,351 shares of the company’s stock valued at $2,036,000 after purchasing an additional 353,598 shares during the last quarter. Bank of New York Mellon Corp lifted its position in American Well by 1.5% during the first quarter. Bank of New York Mellon Corp now owns 679,534 shares of the company’s stock valued at $2,861,000 after purchasing an additional 10,013 shares during the last quarter. Bank of Montreal Can lifted its position in American Well by 19.6% during the first quarter. Bank of Montreal Can now owns 106,670 shares of the company’s stock valued at $454,000 after purchasing an additional 17,477 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its position in American Well by 41.5% during the first quarter. MetLife Investment Management LLC now owns 90,861 shares of the company’s stock valued at $383,000 after purchasing an additional 26,662 shares during the last quarter. Institutional investors own 43.75% of the company’s stock.

American Well Company Profile

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American Well Corporation operates as a telehealth software company that enables digital delivery of care for healthcare. The company products offer urgent care; scheduled visits; acute behavioral health; telestroke; pediatrics; retail health, school health, and home settings. Its application offers urgent care; pediatrics; therapy; menopause nutrition; end-stage renal disease and dialysis; dermatology care; behavioral health therapy; and musculoskeletal care.