American Well (NYSE:AMWL) Price Target Raised to $6.50

American Well (NYSE:AMWL) had its target price raised by Morgan Stanley from $6.00 to $6.50 in a research note released on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other brokerages have also recently issued reports on AMWL. Wall Street Zen upgraded shares of American Well from a “sell” rating to a “hold” rating in a report on Sunday, March 22nd. Stifel Nicolaus reduced their price target on shares of American Well from $6.00 to $5.00 and set a “hold” rating for the company in a report on Friday, February 13th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of American Well in a research note on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, American Well has an average rating of “Hold” and an average price target of $7.30.

American Well Stock Performance

Shares of NYSE AMWL opened at $7.94 on Wednesday. The firm has a market capitalization of $131.32 million, a price-to-earnings ratio of -1.46 and a beta of 1.52. The stock has a 50 day moving average price of $5.77 and a 200 day moving average price of $5.06. American Well has a 52-week low of $3.71 and a 52-week high of $9.15.

American Well (NYSE:AMWL) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.11. The firm had revenue of $54.88 million during the quarter, compared to analyst estimates of $51.54 million. American Well had a negative return on equity of 32.11% and a negative net margin of 37.02%. Analysts forecast that American Well will post -2.68 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Dmitry Zamansky sold 5,575 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $5.30, for a total transaction of $29,547.50. Following the completion of the sale, the insider owned 241,080 shares in the company, valued at approximately $1,277,724. This represents a 2.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 9,664 shares of company stock worth $51,219 in the last ninety days. 11.82% of the stock is owned by corporate insiders.

Institutional Trading of American Well

Several hedge funds and other institutional investors have recently made changes to their positions in AMWL. Goldman Sachs Group Inc. lifted its holdings in shares of American Well by 280.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 64,760 shares of the company’s stock valued at $510,000 after purchasing an additional 47,745 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of American Well by 232.9% during the 1st quarter. Jane Street Group LLC now owns 64,112 shares of the company’s stock valued at $505,000 after purchasing an additional 44,852 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of American Well by 16.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 14,720 shares of the company’s stock valued at $131,000 after purchasing an additional 2,081 shares during the last quarter. Norges Bank purchased a new stake in shares of American Well during the 2nd quarter valued at $250,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of American Well during the 2nd quarter valued at $101,000. Hedge funds and other institutional investors own 56.05% of the company’s stock.

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.