American Well (NYSE:AMWL) Price Target Raised to $16.00

American Well (NYSE:AMWL) had its target price raised by Wells Fargo & Company from $9.00 to $16.00 in a research report released on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other research analysts also recently issued reports about the company. Wall Street Zen raised American Well from a “sell” rating to a “hold” rating in a research note on Sunday, March 22nd. Morgan Stanley upped their target price on American Well from $6.00 to $6.50 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. TD Cowen increased their price target on American Well from $5.00 to $8.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Finally, Truist Financial set a $7.50 price target on shares of American Well in a research report on Monday, June 8th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.60.

American Well Price Performance

American Well stock opened at $13.18 on Friday. American Well has a one year low of $3.71 and a one year high of $13.25. The company’s fifty day moving average price is $8.91 and its two-hundred day moving average price is $6.64. The company has a market capitalization of $218.18 million, a price-to-earnings ratio of -2.43 and a beta of 1.69.

American Well (NYSE:AMWL) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.66) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.11. The company had revenue of $54.88 million during the quarter, compared to analysts’ expectations of $51.54 million. American Well had a negative return on equity of 32.11% and a negative net margin of 37.02%. As a group, sell-side analysts anticipate that American Well will post -2.68 earnings per share for the current year.

Insider Activity

In related news, insider Phyllis Gotlib sold 6,677 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $9.33, for a total transaction of $62,296.41. Following the completion of the transaction, the insider owned 152,754 shares of the company’s stock, valued at approximately $1,425,194.82. The trade was a 4.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen J. Schlegel sold 9,750 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $8.76, for a total value of $85,410.00. Following the transaction, the director directly owned 54,553 shares of the company’s stock, valued at $477,884.28. This represents a 15.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 29,225 shares of company stock valued at $268,623. 12.84% of the stock is owned by insiders.

Institutional Trading of American Well

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMWL. Senvest Management LLC increased its position in American Well by 213.3% in the 1st quarter. Senvest Management LLC now owns 1,136,558 shares of the company’s stock worth $5,978,000 after buying an additional 773,834 shares during the period. Vanguard Group Inc. boosted its position in shares of American Well by 2.5% in the third quarter. Vanguard Group Inc. now owns 650,102 shares of the company’s stock valued at $3,998,000 after acquiring an additional 15,797 shares during the period. Geode Capital Management LLC boosted its position in shares of American Well by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 152,742 shares of the company’s stock valued at $750,000 after acquiring an additional 3,450 shares during the period. Squarepoint Ops LLC grew its stake in shares of American Well by 74.5% in the fourth quarter. Squarepoint Ops LLC now owns 115,061 shares of the company’s stock worth $565,000 after acquiring an additional 49,135 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of American Well by 36.0% in the third quarter. Dimensional Fund Advisors LP now owns 97,382 shares of the company’s stock worth $599,000 after acquiring an additional 25,798 shares during the last quarter. Institutional investors and hedge funds own 56.05% of the company’s stock.

About American Well

American Well, operating under the trade name Amwell, is a Boston-based digital health company that develops and delivers telehealth solutions to healthcare providers, payers, employers and patients. Through its cloud-based platform, the company enables secure virtual visits, remote patient monitoring and integrated care coordination across a range of medical disciplines, including primary care, behavioral health, chronic disease management and urgent care.

The company’s core offering, the Amwell Telehealth Platform, facilitates live video consultations, asynchronous messaging, e-prescribing and electronic health record integration.