Wells Fargo & Company Issues Positive Forecast for American Well (NYSE:AMWL) Stock Price

American Well (NYSE:AMWL) had its target price lifted by equities research analysts at Wells Fargo & Company from $9.00 to $16.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 28.10% from the stock’s previous close.

A number of other research analysts have also recently issued reports on AMWL. TD Cowen lifted 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 target price on American Well in a research note on Monday, June 8th. Wall Street Zen raised American Well from a “sell” rating to a “hold” rating in a report on Sunday, March 22nd. Finally, Morgan Stanley lifted their price target on American Well from $6.00 to $6.50 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $8.60.

American Well Trading Up 14.1%

American Well stock traded up $1.54 during trading hours on Friday, reaching $12.49. 85,976 shares of the stock were exchanged, compared to its average volume of 91,442. American Well has a twelve month low of $3.71 and a twelve month high of $12.51. The company has a market cap of $206.71 million, a P/E ratio of -2.33 and a beta of 1.69. The stock has a 50 day moving average of $8.80 and a two-hundred day moving average of $6.58.

American Well (NYSE:AMWL) last issued its earnings results on Tuesday, May 5th. The company reported ($0.66) EPS for the quarter, beating the consensus estimate 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 company had revenue of $54.88 million during the quarter, compared to analysts’ expectations of $51.54 million. On average, analysts expect that American Well will post -2.68 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Phyllis Gotlib sold 6,677 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $9.33, for a total transaction of $62,296.41. Following the completion of the transaction, the insider owned 152,754 shares of the company’s stock, valued at approximately $1,425,194.82. This trade represents a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen J. Schlegel sold 9,750 shares of American Well stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $8.76, for a total transaction of $85,410.00. Following the transaction, the director owned 54,553 shares in the company, valued at approximately $477,884.28. This trade represents a 15.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 29,225 shares of company stock valued at $268,623. Insiders own 12.84% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Headlands Technologies LLC acquired a new position in American Well during the 2nd quarter worth about $39,000. Engineers Gate Manager LP bought a new stake in shares of American Well in the 2nd quarter valued at about $101,000. Prelude Capital Management LLC acquired a new stake in shares of American Well in the third quarter valued at about $86,000. JPMorgan Chase & Co. increased its stake in shares of American Well by 16.5% in the second quarter. JPMorgan Chase & Co. now owns 14,720 shares of the company’s stock valued at $131,000 after buying an additional 2,081 shares during the period. Finally, Occudo Quantitative Strategies LP bought a new position in shares of American Well during the fourth quarter worth about $74,000. 56.05% of the stock is owned by institutional investors.

About American Well

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.