American Well (NYSE:AMWL) Releases Earnings Results, Beats Estimates By $0.58 EPS

American Well (NYSE:AMWL) issued its earnings results on Wednesday. The company reported ($3.36) EPS for the quarter, beating analysts’ consensus estimates of ($3.94) by $0.58, Zacks reports. The business had revenue of $62.79 million during the quarter, compared to analyst estimates of $60.78 million. American Well had a negative return on equity of 50.36% and a negative net margin of 120.44%. During the same period in the prior year, the company posted ($4.60) earnings per share. American Well updated its FY 2024 guidance to EPS.

American Well Stock Down 1.6 %

American Well stock traded down $0.18 during mid-day trading on Friday, hitting $11.05. 403,569 shares of the company were exchanged, compared to its average volume of 214,594. American Well has a 1-year low of $5.00 and a 1-year high of $43.20. The company has a market capitalization of $163.76 million, a PE ratio of -0.45 and a beta of 1.03. The business has a fifty day moving average of $7.90 and a 200 day moving average of $13.71.

Analyst Ratings Changes

A number of brokerages recently commented on AMWL. Morgan Stanley cut their target price on American Well from $35.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, April 15th. Needham & Company LLC reiterated a “hold” rating on shares of American Well in a research note on Thursday. Finally, UBS Group dropped their price objective on American Well from $30.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, May 23rd.

American Well Company Profile

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.