Wells Fargo & Company Forecasts Strong Price Appreciation for American Well (NYSE:AMWL) Stock

American Well (NYSE:AMWL) had its price target upped by research analysts at Wells Fargo & Company from $9.00 to $16.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 21.37% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Wall Street Zen upgraded shares of American Well from a “sell” rating to a “hold” rating in a report on Sunday, March 22nd. Morgan Stanley boosted their target price on shares of American Well from $6.00 to $6.50 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Truist Financial set a $7.50 price target on shares of American Well in a research note on Monday, June 8th. Finally, TD Cowen raised their price target on shares of American Well from $5.00 to $8.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $8.60.

American Well Trading Up 20.4%

Shares of AMWL opened at $13.18 on Friday. The firm has a market cap of $218.21 million, a PE ratio of -2.43 and a beta of 1.69. American Well has a 12 month low of $3.71 and a 12 month high of $13.25. The stock has a fifty day moving average price of $8.91 and a 200-day moving average price of $6.62.

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

Insider Buying and Selling at American Well

In other American Well news, insider Dmitry Zamansky sold 8,460 shares of American Well stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $9.33, for a total transaction of $78,931.80. Following the completion of the sale, the insider directly owned 232,620 shares in the company, valued at approximately $2,170,344.60. The trade was a 3.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Phyllis Gotlib sold 6,677 shares of the company’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 sale, the insider directly owned 152,754 shares in the company, valued at $1,425,194.82. This trade represents a 4.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 29,225 shares of company stock worth $268,623. Company insiders own 12.84% of the company’s stock.

Institutional Investors Weigh In On American Well

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AMWL. Senvest Management LLC lifted its holdings in shares of American Well by 213.3% in the 1st quarter. Senvest Management LLC now owns 1,136,558 shares of the company’s stock valued at $5,978,000 after buying an additional 773,834 shares during the period. Vanguard Group Inc. boosted its stake in shares of American Well by 2.5% in the third quarter. Vanguard Group Inc. now owns 650,102 shares of the company’s stock worth $3,998,000 after buying an additional 15,797 shares during the last quarter. Geode Capital Management LLC grew its holdings in American Well by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 152,742 shares of the company’s stock worth $750,000 after acquiring an additional 3,450 shares during the period. Squarepoint Ops LLC grew its holdings in American Well by 74.5% during the fourth quarter. Squarepoint Ops LLC now owns 115,061 shares of the company’s stock worth $565,000 after acquiring an additional 49,135 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in American Well by 36.0% during the third quarter. Dimensional Fund Advisors LP now owns 97,382 shares of the company’s stock valued at $599,000 after acquiring an additional 25,798 shares in the last quarter. 56.05% of the stock is owned by institutional investors and hedge funds.

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.