Short Interest in American Well Co. (NYSE:AMWL) Decreases By 9.7%

American Well Co. (NYSE:AMWL) was the recipient of a significant 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. Currently, 5.1% of the company’s stock are sold short. Based on an average daily trading volume, of 164,800 shares, the days-to-cover ratio is currently 3.6 days.

American Well Stock Performance

Shares of NYSE:AMWL traded down $0.31 during trading on Wednesday, hitting $9.84. 82,823 shares of the stock were exchanged, compared to its average volume of 122,154. The company has a market capitalization of $145.86 million, a price-to-earnings ratio of -0.40 and a beta of 1.04. American Well has a 1-year low of $5.00 and a 1-year high of $31.60. The company’s fifty day simple moving average is $8.58 and its 200-day simple moving average is $10.46.

American Well (NYSE:AMWL) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($3.36) earnings per share for the quarter, topping 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 firm had revenue of $62.79 million for the quarter, compared to the consensus estimate of $60.78 million. During the same quarter in the previous year, the company earned ($4.60) earnings per share. On average, research analysts forecast that American Well will post -13.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on AMWL. Needham & Company LLC reaffirmed a “hold” rating on shares of American Well in a report on Thursday, August 1st. UBS Group dropped 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 report on Thursday, May 23rd. Finally, Wells Fargo & Company reduced their price target on shares of American Well from $40.00 to $15.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oak Thistle LLC acquired a new stake in shares of American Well during the 1st quarter worth about $46,000. RPO LLC acquired a new position in shares of American Well in the 4th quarter worth approximately $85,000. Point72 DIFC Ltd grew its position in American Well by 1,418.5% during the 2nd quarter. Point72 DIFC Ltd now owns 103,457 shares of the company’s stock worth $34,000 after acquiring an additional 96,644 shares during the last quarter. Aristides Capital LLC acquired a new stake in American Well during the 4th quarter valued at $224,000. Finally, Cubist Systematic Strategies LLC increased its holdings in American Well by 7,673.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 184,083 shares of the company’s stock valued at $60,000 after purchasing an additional 181,715 shares in the last quarter. Institutional investors own 56.05% of the company’s stock.

About American Well

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.