American Well Co. (NYSE:AMWL – Get Rating)'s share price dropped 9.2% during mid-day trading on Wednesday after Piper Sandler lowered their price target on the stock from $6.00 to $5.00. The company traded as low as $3.88 and last traded at $3.93. Approximately 18,333 shares traded hands during mid-day trading, a decline of 98% from the average daily volume of 1,102,986 shares. The stock had previously closed at $4.33.
Insider Buying and Selling
In related news, CEO Ido Schoenberg sold 300,000 shares of the stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $4.39, for a total transaction of $1,317,000.00. Following the sale, the chief executive officer now owns 2,073,108 shares in the company, valued at $9,100,944.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other American Well news, VP Bradford Gay sold 19,450 shares of the company's stock in a transaction dated Monday, June 27th. The shares were sold at an average price of $4.96, for a total value of $96,472.00. Following the completion of the transaction, the vice president now owns 839,737 shares in the company, valued at approximately $4,165,095.52. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ido Schoenberg sold 300,000 shares of the company's stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $4.39, for a total transaction of $1,317,000.00. Following the completion of the transaction, the chief executive officer now owns 2,073,108 shares of the company's stock, valued at approximately $9,100,944.12. The disclosure for this sale can be found here. Insiders have sold a total of 486,100 shares of company stock worth $2,163,969 over the last quarter. 13.91% of the stock is owned by company insiders.
Get American Well alerts:Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System lifted its position in shares of American Well by 10.7% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 58,394 shares of the company's stock valued at $353,000 after acquiring an additional 5,656 shares in the last quarter. Baillie Gifford & Co. lifted its position in shares of American Well by 13.0% in the 1st quarter. Baillie Gifford & Co. now owns 699,561 shares of the company's stock valued at $2,946,000 after acquiring an additional 80,283 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of American Well by 166.3% in the 4th quarter. Principal Financial Group Inc. now owns 41,170 shares of the company's stock valued at $248,000 after acquiring an additional 25,710 shares in the last quarter. Rock Point Advisors LLC lifted its position in shares of American Well by 185.8% in the 1st quarter. Rock Point Advisors LLC now owns 1,376,628 shares of the company's stock valued at $5,796,000 after acquiring an additional 894,953 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in shares of American Well in the 1st quarter valued at approximately $67,000. 46.62% of the stock is currently owned by institutional investors.
American Well Trading Down 6.5 %
The company has a market cap of $1.11 billion, a PE ratio of -4.55 and a beta of -0.06. The business's 50-day simple moving average is $4.55 and its 200-day simple moving average is $4.04.American Well (NYSE:AMWL – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.25) earnings per share for the quarter, beating analysts' consensus estimates of ($0.26) by $0.01. American Well had a negative net margin of 90.47% and a negative return on equity of 19.36%. The business had revenue of $64.52 million for the quarter, compared to the consensus estimate of $64.13 million. During the same quarter last year, the firm earned ($0.15) EPS. American Well's revenue for the quarter was up 7.1% on a year-over-year basis. On average, research analysts predict that American Well Co. will post -0.97 earnings per share for the current fiscal year.
About American Well
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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.
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