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

by · The Markets Daily

American Well Co. (NYSE:AMWL – Get Free Report) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 590,500 shares, a decrease of 9.7% from the August 15th total of 653,900 shares. Based on an average trading volume of 164,800 shares, the days-to-cover ratio is presently 3.6 days. Approximately 5.1% of the company’s shares are sold short.

American Well Trading Up 6.9 %

AMWL traded up $0.66 during trading hours on Tuesday, hitting $10.17. 81,360 shares of the company’s stock were exchanged, compared to its average volume of 122,374. American Well has a 12-month low of $5.00 and a 12-month high of $31.60. The firm has a 50 day moving average of $8.51 and a 200 day moving average of $10.47. The firm has a market cap of $150.75 million, a P/E ratio of -0.41 and a beta of 1.04.

American Well (NYSE:AMWL – Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($3.36) EPS for the quarter, beating analysts’ consensus estimates of ($3.94) by $0.58. American Well had a negative net margin of 120.44% and a negative return on equity of 50.36%. The company had revenue of $62.79 million for the quarter, compared to the consensus estimate of $60.78 million. During the same period in the prior year, the firm posted ($4.60) EPS. As a group, research analysts expect that American Well will post -13.91 EPS for the current fiscal year.

Insider Transactions at American Well

In other news, CFO Robert Shepardson sold 5,177 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $7.87, for a total value of $40,742.99. Following the transaction, the chief financial officer now directly owns 112,992 shares in the company, valued at approximately $889,247.04. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Kathy Johnson Weiler sold 7,266 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $7.87, for a total value of $57,183.42. Following the transaction, the insider now directly owns 188,027 shares in the company, valued at approximately $1,479,772.49. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Robert Shepardson sold 5,177 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $7.87, for a total transaction of $40,742.99. Following the completion of the transaction, the chief financial officer now owns 112,992 shares in the company, valued at $889,247.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,247 shares of company stock worth $187,067. 12.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On American Well

Large investors have recently modified their holdings of the company. Renaissance Technologies LLC grew its position in shares of American Well by 63.9% in the 2nd quarter. Renaissance Technologies LLC now owns 6,833,500 shares of the company’s stock valued at $2,220,000 after buying an additional 2,665,300 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of American Well by 80.5% in the 2nd quarter. Acadian Asset Management LLC now owns 3,761,310 shares of the company’s stock valued at $1,220,000 after buying an additional 1,677,505 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of American Well in the 1st quarter valued at $1,284,000. AQR Capital Management LLC grew its position in shares of American Well by 28.1% in the 2nd quarter. AQR Capital Management LLC now owns 1,895,730 shares of the company’s stock valued at $616,000 after buying an additional 416,387 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in shares of American Well by 2,690.2% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 419,841 shares of the company’s stock valued at $136,000 after buying an additional 404,794 shares during the last quarter. 56.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on AMWL shares. UBS Group cut their target price on shares of American Well from $30.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, May 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of American Well in a research note on Thursday, August 1st. Finally, Wells Fargo & Company cut their target price on shares of American Well from $40.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 6th.

View Our Latest Analysis on American Well

About American Well

(Get Free Report)

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.

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