Short Interest in American Well Corporation (NYSE:AMWL) Decreases By 15.7%

Key Points

• Short interest fell 15.7% in March to 258,208 shares (about 1.8% of shares short) with a days-to-cover ratio of 2.9.
• Insider Dmitry Zamansky sold 6,243 shares (insiders have sold 10,334 shares this quarter) but corporate insiders still own 12.8%, while institutions increased positions—Goldman Sachs up 280.6% and Jane Street up 232.9%—with institutional ownership at 56.05%.
• American Well reported Q results that beat estimates (EPS loss of $1.52 vs. -$1.59 est.; revenue $55.31M vs. $52.71M), and analysts have a consensus "Hold" rating with a $7.42 target; market cap is about $87.5M and the 12‑month range is $3.71–$9.15.

American Well Corporation (NYSE:AMWL - Get Free Report) was the target of a significant decrease in short interest in the month of March. As of March 13th, there was short interest totaling 258,208 shares, a decrease of 15.7% from the February 26th total of 306,239 shares. Based on an average trading volume of 87,773 shares, the days-to-cover ratio is currently 2.9 days. Approximately 1.8% of the company's shares are short sold.

Insider Buying and Selling at American Well

In other news, insider Dmitry Zamansky sold 6,243 shares of the firm's stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $4.85, for a total value of $30,278.55. Following the completion of the sale, the insider owned 191,468 shares in the company, valued at approximately $928,619.80. This trade represents a 3.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 10,334 shares of company stock valued at $50,120 over the last quarter. Corporate insiders own 12.80% of the company's stock.

Institutional Trading of American Well

Large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. grew its stake in American Well by 280.6% in the first quarter. Goldman Sachs Group Inc. now owns 64,760 shares of the company's stock worth $510,000 after purchasing an additional 47,745 shares in the last quarter. Jane Street Group LLC raised its position in American Well by 232.9% during the 1st quarter. Jane Street Group LLC now owns 64,112 shares of the company's stock valued at $505,000 after purchasing an additional 44,852 shares in the last quarter. JPMorgan Chase & Co. lifted 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 worth $131,000 after buying an additional 2,081 shares during the period. Norges Bank bought a new position in shares of American Well during the 2nd quarter worth $250,000. Finally, Engineers Gate Manager LP bought a new position in shares of American Well during the 2nd quarter worth $101,000. Hedge funds and other institutional investors own 56.05% of the company's stock.

American Well Trading Up 0.2%

NYSE AMWL opened at $5.29 on Monday. The stock has a market cap of $87.53 million, a PE ratio of -0.89 and a beta of 1.34. American Well has a 12 month low of $3.71 and a 12 month high of $9.15. The company's 50-day moving average price is $5.17 and its 200-day moving average price is $5.11.

American Well (NYSE:AMWL - Get Free Report) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($1.52) earnings per share for the quarter, beating analysts' consensus estimates of ($1.59) by $0.07. The company had revenue of $55.31 million during the quarter, compared to analyst estimates of $52.71 million. American Well had a negative net margin of 38.38% and a negative return on equity of 35.33%. As a group, sell-side analysts forecast that American Well will post -9.34 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on AMWL. Morgan Stanley reduced their price objective on shares of American Well from $10.50 to $6.00 and set an "equal weight" rating on the stock in a research report on Thursday, December 18th. Weiss Ratings restated a "sell (e+)" rating on shares of American Well in a research report on Wednesday, January 21st. Stifel Nicolaus cut their target price on American Well from $6.00 to $5.00 and set a "hold" rating on the stock in a research note on Friday, February 13th. Finally, Wall Street Zen upgraded American Well from a "sell" rating to a "hold" rating in a report on Sunday, March 22nd. One investment 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, the company presently has a consensus rating of "Hold" and a consensus target price of $7.42.

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.

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