Wells Fargo & Company Cuts American Well (NYSE:AMWL) Price Target to $9.00

American Well (NYSE:AMWL) had its target price cut by Wells Fargo & Company from $12.00 to $9.00 in a report released on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Stifel Nicolaus cut their price target on American Well from $8.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of American Well in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $8.33.

American Well Stock Up 2.8%

American Well stock opened at $4.21 on Wednesday. American Well has a 12 month low of $4.05 and a 12 month high of $12.95. The stock has a market cap of $67.91 million, a P/E ratio of -0.58 and a beta of 1.24. The company’s fifty day simple moving average is $5.99 and its 200-day simple moving average is $6.96.

American Well (NYSE:AMWL) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($1.74) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.83) by $0.09. The business had revenue of $56.29 million during the quarter, compared to analyst estimates of $54.56 million. American Well had a negative return on equity of 39.80% and a negative net margin of 42.80%. American Well has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. On average, equities research analysts expect that American Well will post -9.34 earnings per share for the current fiscal year.

Insider Activity at American Well

In other news, insider Phyllis Gotlib sold 4,959 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $6.11, for a total transaction of $30,299.49. Following the transaction, the insider owned 127,151 shares in the company, valued at approximately $776,892.61. The trade was a 3.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Dmitry Zamansky sold 25,605 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $6.77, for a total value of $173,345.85. Following the completion of the transaction, the insider directly owned 197,711 shares of the company’s stock, valued at approximately $1,338,503.47. This trade represents a 11.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 49,383 shares of company stock worth $331,514 in the last 90 days. 11.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On American Well

A number of hedge funds and other institutional investors have recently made changes to their positions in AMWL. Goldman Sachs Group Inc. raised its position in American Well by 280.6% in the first quarter. Goldman Sachs Group Inc. now owns 64,760 shares of the company’s stock worth $510,000 after purchasing an additional 47,745 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its holdings in American Well by 207.9% during the first quarter. OMERS ADMINISTRATION Corp now owns 32,331 shares of the company’s stock valued at $255,000 after purchasing an additional 21,831 shares in the last quarter. Corton Capital Inc. grew its stake in shares of American Well by 71.7% in the 2nd quarter. Corton Capital Inc. now owns 27,402 shares of the company’s stock valued at $244,000 after purchasing an additional 11,445 shares during the period. Acadian Asset Management LLC raised its holdings in shares of 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 in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of American Well during the 3rd quarter worth approximately $62,000. 56.05% of the stock is owned by institutional investors.

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.