Needham & Company LLC Reiterates "Hold" Rating for American Well (NYSE:AMWL)

Key Points

• Needham & Company reaffirmed its “Hold” rating on American Well, matching the broader analyst consensus. MarketBeat reports an average rating of “Hold” and a consensus price target of $8.60.
• American Well shares opened at $10.44, down 3%, with a 52-week range of $3.71 to $13.45. The company’s latest quarterly results exceeded expectations, reporting adjusted EPS of $(0.59) versus estimates of $(0.86) and revenue of $52.05 million.
• Insiders sold 29,225 shares worth approximately $268,623 over the past three months, while hedge funds and institutional investors own 56.05% of the company.

American Well (NYSE:AMWL - Get Free Report)'s stock had its "hold" rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports.

A number of other analysts also recently weighed in on AMWL. Morgan Stanley raised their price target 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. TD Cowen upped their price objective on shares of American Well from $5.00 to $8.00 and gave the company a "hold" rating in a research note on Wednesday, May 6th. Truist Financial set a $7.50 price objective on shares of American Well in a research report on Monday, June 8th. Weiss Ratings restated a "sell (d-)" rating on shares of American Well in a report on Friday, July 17th. Finally, Wells Fargo & Company upped their price target on shares of American Well from $9.00 to $16.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, American Well has an average rating of "Hold" and a consensus target price of $8.60.

American Well Stock Down 3.0%

Shares of American Well stock opened at $10.44 on Wednesday. The stock has a market cap of $172.78 million, a price-to-earnings ratio of -1.93 and a beta of 1.68. American Well has a twelve month low of $3.71 and a twelve month high of $13.45. The company's fifty day moving average is $9.69 and its 200 day moving average is $7.16.

American Well (NYSE:AMWL - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.59) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.86) by $0.27. American Well had a negative return on equity of 32.11% and a negative net margin of 37.02%.The business had revenue of $52.05 million during the quarter, compared to analyst estimates of $49.87 million. As a group, equities analysts anticipate that American Well will post -2.68 earnings per share for the current fiscal year.

Insider Transactions at American Well

In other American Well news, Director Stephen J. Schlegel sold 9,750 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $8.76, for a total value of $85,410.00. Following the completion of the sale, the director directly owned 54,553 shares of the company's stock, valued at approximately $477,884.28. This represents a 15.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Dmitry Zamansky sold 8,460 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $9.33, for a total value of $78,931.80. Following the completion of the transaction, the insider owned 232,620 shares in the company, valued at $2,170,344.60. The trade was a 3.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 29,225 shares of company stock valued at $268,623 over the last three months. Corporate insiders own 12.84% of the company's stock.

Hedge Funds Weigh In On American Well

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Senvest Management LLC raised its position in American Well by 213.3% in the first quarter. Senvest Management LLC now owns 1,136,558 shares of the company's stock worth $5,978,000 after acquiring an additional 773,834 shares during the period. Vanguard Group Inc. grew its position in shares of American Well by 2.5% during the 3rd 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 increased its stake in shares of American Well by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 152,742 shares of the company's stock worth $750,000 after purchasing an additional 3,450 shares during the last quarter. Squarepoint Ops LLC increased its stake in shares of 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 purchasing an additional 49,135 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of American Well by 36.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 97,382 shares of the company's stock worth $599,000 after purchasing an additional 25,798 shares during the last quarter. 56.05% of the stock is owned by hedge funds and other institutional investors.

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.

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