American Well (NYSE:AMWL) Given New $12.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered its price target for American Well from $15.00 to $12.00, while maintaining an "overweight" rating on the stock, indicating a potential upside of 59.15% from its current price.
• Other analysts, including Needham & Company and Piper Sandler, have provided mixed ratings, with some reducing their target prices, showing a consensus rating of "Hold" for American Well.
• American Well reported a revenue of $70.90 million for the last quarter, surpassing analyst estimates, while its earnings per share were at ($1.24), beating predictions by $0.60.

American Well (NYSE:AMWL - Get Free Report) had its target price reduced by equities researchers at Wells Fargo & Company from $15.00 to $12.00 in a report released on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 67.48% from the company's current price.

AMWL has been the subject of a number of other reports. Truist Financial lowered their price target on American Well from $12.00 to $7.50 and set a "hold" rating for the company in a report on Thursday, April 10th. UBS Group lowered their price target on American Well from $12.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Piper Sandler reaffirmed a "neutral" rating and issued a $8.00 price target (down from $10.00) on shares of American Well in a report on Friday, May 23rd. Stifel Nicolaus lowered their price target on American Well from $10.00 to $8.00 and set a "hold" rating for the company in a report on Friday, May 2nd. Finally, Needham & Company LLC reissued a "hold" rating on shares of American Well in a report on Friday, May 2nd. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $9.17.

American Well Stock Down 1.6%

NYSE AMWL traded down $0.12 during trading on Thursday, hitting $7.17. The stock had a trading volume of 39,203 shares, compared to its average volume of 59,880. The company has a market capitalization of $111.85 million, a PE ratio of -0.89 and a beta of 1.28. The firm has a 50 day moving average price of $7.73 and a 200 day moving average price of $8.23. American Well has a twelve month low of $6.09 and a twelve month high of $12.95.

American Well (NYSE:AMWL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($1.24) EPS for the quarter, topping 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. On average, sell-side analysts anticipate that American Well will post -9.34 earnings per share for the current year.

Insider Buying and Selling at American Well

In other news, insider Phyllis Gotlib sold 4,958 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $8.63, for a total transaction of $42,787.54. Following the completion of the sale, the insider owned 136,891 shares in the company, valued at $1,181,369.33. This represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 10,184 shares of company stock valued at $78,000 over the last three months. 12.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On American Well

Large investors have recently modified their holdings of the stock. OMERS ADMINISTRATION Corp purchased a new stake in shares of American Well during the fourth quarter worth approximately $76,000. Sapient Capital LLC purchased a new stake in shares of American Well during the first quarter worth approximately $79,000. Chancellor Financial Group WB LP purchased a new stake in shares of American Well during the fourth quarter worth approximately $83,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in American Well in the second quarter worth $89,000. Finally, Corton Capital Inc. purchased a new position in American Well in the fourth quarter worth $134,000. Hedge funds and other institutional investors own 56.05% of the company's stock.

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.