American Well Co. (NYSE:AMWL) Sees Significant Drop in Short Interest

American Well Co. (NYSE:AMWL - Get Free Report) was the target of a large decrease in short interest in the month of May. As of May 15th, there was short interest totalling 237,800 shares, a decrease of 17.2% from the April 30th total of 287,200 shares. Approximately 2.0% of the shares of the company are sold short. Based on an average trading volume of 55,300 shares, the short-interest ratio is presently 4.3 days.

American Well Price Performance

Shares of AMWL traded up $0.01 during midday trading on Thursday, hitting $6.93. The stock had a trading volume of 16,455 shares, compared to its average volume of 86,838. American Well has a 1 year low of $5.00 and a 1 year high of $12.95. The firm has a market cap of $108.11 million, a PE ratio of -0.49 and a beta of 1.19. The stock's 50 day moving average is $7.11 and its 200 day moving average is $8.47.

American Well (NYSE:AMWL - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($1.73) EPS for the quarter, topping the consensus estimate of ($3.09) by $1.36. The company had revenue of $66.83 million for the quarter, compared to the consensus estimate of $60.15 million. American Well had a negative net margin of 81.83% and a negative return on equity of 56.73%. As a group, equities research analysts expect that American Well will post -9.34 earnings per share for the current fiscal year.

Insider Buying and Selling at American Well

In related news, insider Phyllis Gotlib sold 4,782 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $6.61, for a total transaction of $31,609.02. Following the transaction, the insider now owns 141,849 shares in the company, valued at $937,621.89. This represents a 3.26% 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. Company insiders own 11.82% of the company's stock.

Hedge Funds Weigh In On American Well

Institutional investors have recently modified their holdings of the stock. Takeda Pharmaceutical Co. Ltd. purchased a new position in American Well during the 4th quarter worth $564,000. Senvest Management LLC increased its stake in shares of American Well by 3.9% during the fourth quarter. Senvest Management LLC now owns 1,300,611 shares of the company's stock valued at $9,429,000 after buying an additional 48,800 shares during the period. Norges Bank purchased a new position in shares of American Well during the fourth quarter valued at $204,000. 4D Advisors LLC purchased a new position in shares of American Well during the fourth quarter valued at $1,088,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in American Well during the 4th quarter valued at about $76,000. 56.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Truist Financial lowered their price target on American Well from $12.00 to $7.50 and set a "hold" rating on the stock in a report on Thursday, April 10th. Piper Sandler reissued a "neutral" rating and issued a $8.00 target price (down previously from $10.00) on shares of American Well in a report on Friday, May 23rd. UBS Group lowered their price objective on shares of American Well from $12.00 to $9.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC reiterated a "hold" rating on shares of American Well in a research note on Friday, May 2nd. Finally, Stifel Nicolaus lowered their target price on shares of American Well from $10.00 to $8.00 and set a "hold" rating on the stock in a report on Friday, May 2nd. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, American Well currently has an average rating of "Hold" and an average target price of $9.67.

American Well Company Profile

American Well Corporation, an enterprise platform and software company, delivers digitally enabling hybrid care in the United States and internationally. The company offers Converge, a cloud-based platform that enables health providers, payers, and innovators to provide in-person, virtual and automated care; and delivers virtual primary care, post-discharge follow-up, chronic condition management, virtual nursing, e-sitting, on-demand and scheduled virtual visits, specialty consults, automated care, and behavioral health, as well as specialty care programs, including dermatology, musculoskeletal care, second opinion, and cardiometabolic care to patients and members.