American Well (NYSE:AMWL) Hits New 52-Week Low at $2.28

Shares of American Well Co. (NYSE:AMWL – Get Rating) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $2.28 and last traded at $2.31, with a volume of 2013269 shares traded. The stock had previously closed at $2.50.

Analyst Upgrades and Downgrades

AMWL has been the topic of several recent analyst reports. Credit Suisse Group lowered their target price on shares of American Well from $5.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, February 23rd. Needham & Company LLC restated a “hold” rating on shares of American Well in a research report on Thursday, February 23rd. Bank of America upgraded shares of American Well from a “neutral” rating to a “buy” rating and set a $4.20 price target for the company in a research report on Wednesday, January 4th. Cowen cut their price objective on shares of American Well from $9.00 to $5.00 in a report on Monday, February 27th. Finally, Morgan Stanley cut their price objective on shares of American Well from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Monday, March 13th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, American Well currently has an average rating of “Hold” and a consensus price target of $4.53.

American Well Trading Down 4.8 %

The stock’s fifty day moving average price is $3.41 and its 200-day moving average price is $3.58.

American Well (NYSE:AMWL – Get Rating) last announced its quarterly earnings results on Wednesday, February 22nd. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.03. The business had revenue of $79.20 million during the quarter, compared to the consensus estimate of $78.05 million. American Well had a negative net margin of 97.73% and a negative return on equity of 23.77%. The business’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.18) EPS. Research analysts forecast that American Well Co. will post -0.77 earnings per share for the current fiscal year.

Insider Transactions at American Well

In related news, VP Bradford Gay sold 12,120 shares of the stock in a transaction that occurred on Friday, January 27th. The shares were sold at an average price of $3.96, for a total transaction of $47,995.20. Following the completion of the transaction, the vice president now owns 738,192 shares of the company’s stock, valued at approximately $2,923,240.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Robert Shepardson sold 20,000 shares of the stock in a transaction that occurred on Friday, March 10th. The shares were sold at an average price of $2.36, for a total transaction of $47,200.00. Following the completion of the transaction, the chief financial officer now owns 1,091,225 shares of the company’s stock, valued at approximately $2,575,291. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Bradford Gay sold 12,120 shares of the stock in a transaction that occurred on Friday, January 27th. The stock was sold at an average price of $3.96, for a total transaction of $47,995.20. Following the transaction, the vice president now directly owns 738,192 shares of the company’s stock, valued at approximately $2,923,240.32. The disclosure for this sale can be found here. Insiders sold 211,298 shares of company stock worth $676,446 in the last 90 days. Insiders own 13.91% of the company’s stock.

Hedge Funds Weigh In On American Well

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd boosted its position in American Well by 175.1% in the 1st quarter. Point72 Hong Kong Ltd now owns 8,087 shares of the company’s stock valued at $34,000 after buying an additional 5,147 shares during the period. Mackenzie Financial Corp purchased a new position in American Well in the 1st quarter valued at approximately $43,000. Corient Capital Partners LLC purchased a new position in American Well in the 2nd quarter valued at approximately $46,000. Point72 Middle East FZE purchased a new position in American Well in the 4th quarter valued at approximately $33,000. Finally, Delphia USA Inc. purchased a new position in American Well in the 1st quarter valued at approximately $50,000. Hedge funds and other institutional investors own 46.30% of the company’s stock.

American Well Company Profile

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American Well Corporation operates digital care delivery enablement platform in the United States and internationally. Its platform connects and enables providers, insurers, patients, and innovators to deliver access to care. The company products offer urgent care; scheduled visits; acute behavioral health; telestroke; pediatrics; retail health, school health, and home settings.