American Well (NYSE:AMWL) Sets New 52-Week Low Following Insider Selling

American Well Co. (NYSE:AMWL – Get Rating)’s stock price reached a new 52-week low during trading on Thursday following insider selling activity. The company traded as low as $2.51 and last traded at $2.52, with a volume of 434966 shares changing hands. The stock had previously closed at $2.62.

Specifically, CEO Ido Schoenberg sold 132,006 shares of the business’s stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $3.24, for a total value of $427,699.44. Following the completion of the transaction, the chief executive officer now owns 1,474,027 shares of the company’s stock, valued at $4,775,847.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Ido Schoenberg sold 132,006 shares of the business’s stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $3.24, for a total value of $427,699.44. Following the completion of the transaction, the chief executive officer now owns 1,474,027 shares of the company’s stock, valued at $4,775,847.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Bradford Gay sold 12,120 shares of the business’s stock in a transaction that occurred on Friday, January 27th. The stock was sold at an average price of $3.96, for a total transaction of $47,995.20. Following the completion of the transaction, the vice president now directly owns 738,192 shares of the company’s stock, valued at approximately $2,923,240.32. The disclosure for this sale can be found here. Insiders sold 211,298 shares of company stock valued at $694,246 over the last 90 days. Corporate insiders own 13.91% of the company’s stock.

Wall Street Analyst Weigh In

AMWL has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of American Well in a research report on Thursday, February 23rd. Bank of America raised American Well from a “neutral” rating to a “buy” rating and set a $4.20 price target on the stock in a research report on Wednesday, January 4th. Credit Suisse Group reduced their price target on American Well from $5.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 23rd. Piper Sandler downgraded American Well from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $5.00 to $3.50 in a research report on Monday, February 27th. Finally, Cowen dropped their price objective on shares of American Well from $9.00 to $5.00 in a report on Monday, February 27th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, American Well currently has an average rating of “Hold” and an average price target of $4.67.

American Well Price Performance

The stock has a market capitalization of $693.98 million, a PE ratio of -2.55 and a beta of 0.80. The business’s fifty day moving average price is $3.49 and its two-hundred day moving average price is $3.67.

American Well (NYSE:AMWL – Get Rating) last posted its quarterly earnings results on Wednesday, February 22nd. The company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.25) by $0.03. American Well had a negative net margin of 97.73% and a negative return on equity of 23.77%. The company had revenue of $79.20 million for the quarter, compared to analyst estimates of $78.05 million. During the same period in the prior year, the company earned ($0.18) earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. As a group, equities research analysts anticipate that American Well Co. will post -0.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On American Well

Hedge funds have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd boosted its holdings in American Well by 175.1% in the first quarter. Point72 Hong Kong Ltd now owns 8,087 shares of the company’s stock valued at $34,000 after purchasing an additional 5,147 shares during the last quarter. US Bancorp DE boosted its holdings in American Well by 605.2% in the second quarter. US Bancorp DE now owns 9,556 shares of the company’s stock valued at $42,000 after purchasing an additional 8,201 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in shares of American Well during the 1st quarter worth about $43,000. Corient Capital Partners LLC purchased a new stake in shares of American Well during the 2nd quarter worth about $46,000. Finally, Point72 Middle East FZE purchased a new stake in shares of American Well during the 4th quarter worth about $33,000. 46.30% of the stock is owned by hedge funds and other institutional investors.

About American Well

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American Well Corporation operates digital care delivery enablement platform in the United States and internationally. Its platform connects and enables providers, insurers, patients, and innovators to deliver access to care. The company products offer urgent care; scheduled visits; acute behavioral health; telestroke; pediatrics; retail health, school health, and home settings.