Corton Capital Inc. Grows Stake in American Well Corporation $AMWL

Corton Capital Inc. boosted its position in shares of American Well Corporation (NYSE:AMWL) by 71.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 27,402 shares of the company’s stock after purchasing an additional 11,445 shares during the quarter. Corton Capital Inc. owned approximately 0.18% of American Well worth $244,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AMWL. OMERS ADMINISTRATION Corp boosted its position in shares of American Well by 207.9% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 32,331 shares of the company’s stock worth $255,000 after buying an additional 21,831 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of American Well by 232.9% in the first 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. Goldman Sachs Group Inc. grew its position in shares of American Well by 280.6% in the first quarter. Goldman Sachs Group Inc. now owns 64,760 shares of the company’s stock valued at $510,000 after purchasing an additional 47,745 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of American Well by 19.5% in the first quarter. Acadian Asset Management LLC now owns 188,217 shares of the company’s stock valued at $1,481,000 after purchasing an additional 30,669 shares during the last quarter. Hedge funds and other institutional investors own 56.05% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on AMWL shares. Wells Fargo & Company reduced their target price on American Well from $15.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 7th. Weiss Ratings restated a “sell (e+)” rating on shares of American Well in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $9.17.

Insider Buying and Selling at American Well

In other news, Director Deborah C. Jackson sold 4,531 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $6.56, for a total transaction of $29,723.36. Following the completion of the transaction, the director owned 39,132 shares of the company’s stock, valued at $256,705.92. This represents a 10.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Dmitry Zamansky sold 25,605 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $6.77, for a total transaction of $173,345.85. Following the transaction, the insider owned 197,711 shares in the company, valued at approximately $1,338,503.47. The trade was a 11.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 49,383 shares of company stock worth $331,514 in the last 90 days. 12.80% of the stock is owned by company insiders.

American Well Stock Performance

Shares of AMWL opened at $5.08 on Tuesday. American Well Corporation has a fifty-two week low of $4.97 and a fifty-two week high of $12.95. The company has a market capitalization of $81.96 million, a PE ratio of -0.63 and a beta of 1.24. The stock has a fifty day moving average of $6.19 and a two-hundred day moving average of $7.03.

American Well (NYSE:AMWL) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($1.24) EPS for the quarter, beating analysts’ consensus estimates of ($1.84) by $0.60. American Well had a negative return on equity of 41.99% and a negative net margin of 46.15%.The business had revenue of $70.90 million during the quarter, compared to the consensus estimate of $63.87 million. As a group, equities research analysts forecast that American Well Corporation will post -9.34 earnings per share for the current fiscal year.

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.