Wells Fargo & Company Cuts American Well (NYSE:AMWL) Price Target to $12.00

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 price objective lowered by Wells Fargo & Company from $15.00 to $12.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price target indicates a potential upside of 65.84% from the stock's current price.

Several other equities analysts have also commented on AMWL. Needham & Company LLC reiterated a "hold" rating on shares of American Well in a research report on Friday, May 2nd. Stifel Nicolaus lowered their price objective on shares of American Well from $10.00 to $8.00 and set a "hold" rating for the company in a research report on Friday, May 2nd. UBS Group lowered their price objective on shares of American Well from $12.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Piper Sandler reiterated a "neutral" rating and set a $8.00 price objective (down previously from $10.00) on shares of American Well in a research report on Friday, May 23rd. Finally, Truist Financial lowered their price objective on shares of American Well from $12.00 to $7.50 and set a "hold" rating for the company in a research report on Thursday, April 10th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $9.17.

American Well Trading Down 1.7%

Shares of NYSE:AMWL traded down $0.12 during midday trading on Thursday, reaching $7.24. 65,361 shares of the company were exchanged, compared to its average volume of 77,356. The business's fifty day moving average is $7.73 and its two-hundred day moving average is $8.25. American Well has a one year low of $6.09 and a one year high of $12.95. The stock has a market cap of $112.95 million, a PE ratio of -0.90 and a beta of 1.28.

American Well (NYSE:AMWL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($1.24) earnings per share for the quarter, topping analysts' consensus estimates of ($1.84) by $0.60. American Well had a negative net margin of 46.15% and a negative return on equity of 41.99%. The firm had revenue of $70.90 million during the quarter, compared to analyst estimates of $63.87 million. As a group, sell-side analysts expect that American Well will post -9.34 EPS for the current year.

Insider Activity

In other news, insider Phyllis Gotlib sold 4,958 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $8.63, for a total value of $42,787.54. Following the completion of the sale, the insider owned 136,891 shares in the company, valued at approximately $1,181,369.33. This trade represents a 3.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 10,184 shares of company stock valued at $78,000. 11.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On American Well

Several institutional investors have recently made changes to their positions in AMWL. Senvest Management LLC increased its stake in American Well by 3.9% in the 4th quarter. Senvest Management LLC now owns 1,300,611 shares of the company's stock worth $9,429,000 after buying an additional 48,800 shares during the period. Acadian Asset Management LLC increased its stake in American Well by 19.5% in the 1st quarter. Acadian Asset Management LLC now owns 188,217 shares of the company's stock worth $1,481,000 after buying an additional 30,669 shares during the period. 4D Advisors LLC purchased a new position in American Well in the 4th quarter worth about $1,088,000. Geode Capital Management LLC increased its stake in American Well by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 147,925 shares of the company's stock worth $1,073,000 after buying an additional 922 shares during the period. Finally, Bridgeway Capital Management LLC increased its stake in American Well by 39.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 96,741 shares of the company's stock worth $701,000 after buying an additional 27,343 shares during the period. Institutional investors own 56.05% of the company's stock.

About American Well

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.