American Well (NYSE:AMWL) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

American Well (NYSE:AMWLGet Rating) released its earnings results on Thursday. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.01, Briefing.com reports. The firm had revenue of $64.52 million during the quarter, compared to analyst estimates of $64.13 million. American Well had a negative net margin of 79.91% and a negative return on equity of 16.72%. The business’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.15) EPS. American Well updated its FY 2022 guidance to EPS.

American Well Stock Up 7.5 %

Shares of American Well stock traded up $0.35 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 company has a 50 day moving average price of $4.38 and a 200 day moving average price of $3.99. American Well has a 1 year low of $2.52 and a 1 year high of $11.68. The stock has a market capitalization of $1.33 billion, a P/E ratio of -6.32 and a beta of 0.15.

Insider Transactions at American Well

In other news, CEO Ido Schoenberg sold 136,472 shares of American Well stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $4.61, for a total value of $629,135.92. Following the transaction, the chief executive officer now owns 2,373,108 shares of the company’s stock, valued at approximately $10,940,027.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Ido Schoenberg sold 136,472 shares of American Well stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $4.61, for a total value of $629,135.92. Following the completion of the sale, the chief executive officer now directly owns 2,373,108 shares in the company, valued at approximately $10,940,027.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Serkan Kutan sold 15,902 shares of American Well stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 688,078 shares of the company’s stock, valued at $2,456,438.46. The disclosure for this sale can be found here. Insiders have sold a total of 595,885 shares of company stock valued at $2,576,154 in the last 90 days. Insiders own 14.68% of the company’s stock.

Institutional Trading of American Well

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in American Well by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 17,000,809 shares of the company’s stock worth $71,574,000 after purchasing an additional 148,001 shares in the last quarter. BlackRock Inc. boosted its stake in American Well by 8.7% in the 1st quarter. BlackRock Inc. now owns 14,394,991 shares of the company’s stock worth $60,602,000 after purchasing an additional 1,153,940 shares in the last quarter. State Street Corp boosted its stake in American Well by 18.5% in the 1st quarter. State Street Corp now owns 4,582,797 shares of the company’s stock worth $19,294,000 after purchasing an additional 715,750 shares in the last quarter. Renaissance Technologies LLC lifted its stake in American Well by 1,018.6% during the 1st quarter. Renaissance Technologies LLC now owns 2,963,100 shares of the company’s stock valued at $12,475,000 after acquiring an additional 2,698,200 shares during the period. Finally, Federated Hermes Inc. lifted its stake in American Well by 33.4% during the 1st quarter. Federated Hermes Inc. now owns 2,079,507 shares of the company’s stock valued at $8,755,000 after acquiring an additional 520,120 shares during the period. 43.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AMWL. Piper Sandler raised their price target on shares of American Well from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Thursday, June 23rd. Guggenheim began coverage on shares of American Well in a research note on Wednesday, April 13th. They issued a “buy” rating and a $6.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $9.00.

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.

See Also

Earnings History for American Well (NYSE:AMWL)

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