American Well (NYSE:AMWL) Downgraded by Zacks Investment Research

American Well (NYSE:AMWLGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “American Well Corp provides telehealth platform principally in the United States and globally. American Well Corp is based in BOSTON. “

Other equities research analysts also recently issued reports about the stock. Guggenheim started coverage on shares of American Well in a report on Wednesday, April 13th. They issued a “buy” rating and a $6.00 target price for the company. Wells Fargo & Company lowered their target price on shares of American Well from $6.00 to $4.00 and set an “equal weight” rating for the company in a report on Monday, February 28th. Piper Sandler lowered their target price on shares of American Well from $12.00 to $7.00 in a report on Friday, February 25th. Finally, The Goldman Sachs Group started coverage on shares of American Well in a report on Friday, February 11th. They issued a “neutral” rating and a $6.00 target price for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, American Well currently has a consensus rating of “Hold” and an average price target of $9.13.

Shares of NYSE AMWL traded down $0.10 during midday trading on Tuesday, reaching $2.63. 3,393,173 shares of the stock were exchanged, compared to its average volume of 3,059,045. The company has a market capitalization of $692.52 million, a P/E ratio of -3.81 and a beta of 0.86. American Well has a 52-week low of $2.60 and a 52-week high of $14.76. The stock has a 50 day moving average price of $3.68 and a 200-day moving average price of $5.18.

American Well (NYSE:AMWLGet Rating) last issued its quarterly earnings results on Monday, May 9th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.04). The firm had revenue of $64.20 million for the quarter, compared to analysts’ expectations of $64.94 million. American Well had a negative return on equity of 14.21% and a negative net margin of 69.80%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.16) earnings per share. Research analysts predict that American Well will post -0.87 earnings per share for the current year.

In related news, COO Kurt Knight sold 22,269 shares of the company’s stock in a transaction on Monday, April 18th. The shares were sold at an average price of $3.58, for a total value of $79,723.02. Following the sale, the chief operating officer now directly owns 1,545,890 shares of the company’s stock, valued at $5,534,286.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Phyllis Gotlib sold 13,750 shares of the business’s stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $4.04, for a total transaction of $55,550.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 321,047 shares of company stock worth $1,197,231. Corporate insiders own 14.68% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in AMWL. Morgan Stanley grew its position in shares of American Well by 198.1% during the second quarter. Morgan Stanley now owns 2,318,691 shares of the company’s stock worth $29,169,000 after acquiring an additional 1,540,792 shares during the last quarter. Commonwealth Equity Services LLC grew its position in American Well by 6.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 50,320 shares of the company’s stock valued at $458,000 after buying an additional 2,900 shares in the last quarter. SG Americas Securities LLC bought a new position in American Well in the 3rd quarter valued at about $260,000. Raymond James Financial Services Advisors Inc. grew its position in American Well by 31.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 16,052 shares of the company’s stock valued at $146,000 after buying an additional 3,805 shares in the last quarter. Finally, Deutsche Bank AG grew its position in American Well by 10.4% in the 3rd quarter. Deutsche Bank AG now owns 306,291 shares of the company’s stock valued at $2,791,000 after buying an additional 28,868 shares in the last quarter. Institutional investors and hedge funds own 43.75% of the company’s stock.

About American Well (Get Rating)

American Well Corporation operates as a telehealth software company that enables digital delivery of care for healthcare. The company products offer urgent care; scheduled visits; acute behavioral health; telestroke; pediatrics; retail health, school health, and home settings. Its application offers urgent care; pediatrics; therapy; menopause nutrition; end-stage renal disease and dialysis; dermatology care; behavioral health therapy; and musculoskeletal care.

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