American Well (NYSE:AMWL) Price Target Raised to $16.00 at Wells Fargo & Company

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

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

American Well Price Performance

NYSE AMWL opened at $13.18 on Friday. The company’s fifty day moving average is $8.91 and its two-hundred day moving average is $6.62. American Well has a 52-week low of $3.71 and a 52-week high of $13.25. The firm 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 data on Tuesday, May 5th. The company reported ($0.66) EPS for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.11. American Well had a negative net margin of 37.02% and a negative return on equity of 32.11%. The business had revenue of $54.88 million during the quarter, compared to analyst estimates of $51.54 million. As a group, sell-side analysts expect that American Well will post -2.68 earnings per share for the current fiscal year.

Insider Activity at American Well

In related news, insider Dmitry Zamansky sold 8,460 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $9.33, for a total value of $78,931.80. Following the completion of the sale, the insider owned 232,620 shares in the company, valued at $2,170,344.60. This represents a 3.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Phyllis Gotlib sold 6,677 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $9.33, for a total value of $62,296.41. Following the sale, the insider directly owned 152,754 shares in the company, valued at $1,425,194.82. The trade was a 4.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 29,225 shares of company stock worth $268,623 in the last quarter. Corporate insiders own 12.84% of the company’s stock.

Institutional Trading of American Well

Several hedge funds have recently bought and sold shares of AMWL. Senvest Management LLC lifted its stake in shares of American Well by 213.3% in the 1st quarter. Senvest Management LLC now owns 1,136,558 shares of the company’s stock valued at $5,978,000 after acquiring an additional 773,834 shares during the last quarter. Monaco Asset Management SAM acquired a new stake in shares of American Well during the fourth quarter valued at about $338,000. Squarepoint Ops LLC grew its holdings in American Well by 74.5% during the 4th 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. Goldman Sachs Group Inc. grew its holdings in American Well by 280.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 64,760 shares of the company’s stock worth $510,000 after acquiring an additional 47,745 shares during the last quarter. Finally, Jane Street Group LLC increased its position in American Well by 232.9% in the 1st quarter. Jane Street Group LLC now owns 64,112 shares of the company’s stock valued at $505,000 after acquiring an additional 44,852 shares during the period. 56.05% of the stock is currently owned by institutional investors and hedge funds.

American Well Company Profile

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.