Morgan Stanley Cuts American Well (NYSE:AMWL) Price Target to $18.00

American Well (NYSE:AMWL) had its price target cut by Morgan Stanley from $32.00 to $18.00 in a research note published on Friday, Analyst Price Targets reports. They currently have an overweight rating on the stock.

Several other equities analysts have also commented on the company. Credit Suisse Group decreased their price target on American Well from $23.00 to $17.50 and set a neutral rating on the stock in a research note on Thursday, May 13th. Cowen decreased their price target on American Well from $41.00 to $35.00 and set an outperform rating on the stock in a research note on Thursday, March 25th. KeyCorp initiated coverage on American Well in a research note on Friday, April 16th. They issued a sector weight rating on the stock. Needham & Company LLC initiated coverage on American Well in a report on Thursday, April 15th. They issued a hold rating on the stock. Finally, Piper Sandler cut their price objective on American Well from $30.00 to $20.00 and set an overweight rating on the stock in a report on Thursday, May 13th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. American Well has an average rating of Hold and a consensus target price of $25.94.

NYSE AMWL opened at $12.28 on Friday. The stock’s fifty day moving average is $13.26. The firm has a market capitalization of $2.96 billion and a price-to-earnings ratio of -5.41. American Well has a fifty-two week low of $9.69 and a fifty-two week high of $43.75.

American Well (NYSE:AMWL) last announced its quarterly earnings results on Tuesday, May 11th. The company reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. The business had revenue of $57.60 million during the quarter, compared to analyst estimates of $58.78 million. During the same period last year, the company earned ($0.58) EPS. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, research analysts forecast that American Well will post -0.78 EPS for the current year.

In other American Well news, VP Bradford Gay sold 3,846 shares of the company’s stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $18.82, for a total transaction of $72,381.72. Following the sale, the vice president now owns 726,097 shares in the company, valued at approximately $13,665,145.54. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Roy Schoenberg sold 5,000 shares of the company’s stock in a transaction dated Friday, April 23rd. The stock was sold at an average price of $19.00, for a total value of $95,000.00. Following the sale, the chief executive officer now owns 1,940,356 shares in the company, valued at approximately $36,866,764. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 487,041 shares of company stock worth $8,112,892. 14.68% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cerity Partners LLC purchased a new position in shares of American Well in the 1st quarter valued at about $1,764,000. Los Angeles Capital Management LLC purchased a new position in shares of American Well in the 1st quarter valued at about $225,000. Private Advisor Group LLC increased its holdings in shares of American Well by 18.6% in the 1st quarter. Private Advisor Group LLC now owns 23,528 shares of the company’s stock valued at $409,000 after acquiring an additional 3,684 shares during the last quarter. State of Wisconsin Investment Board acquired a new stake in shares of American Well in the 4th quarter valued at about $216,000. Finally, Clearbridge Investments LLC boosted its position in shares of American Well by 2.2% in the 4th quarter. Clearbridge Investments LLC now owns 102,160 shares of the company’s stock valued at $2,588,000 after purchasing an additional 2,160 shares during the period. Institutional investors and hedge funds own 30.48% of the company’s stock.

American Well Company Profile

American Well Corporation operates as a telehealth company that enables digital delivery of care for healthcare. Its application offers urgent care; pediatrics; therapy; menopause nutrition; menopause counseling; telestroke; population health management; telepsychiatry; pregnancy and postpartum care; pregnancy and postpartum therapy; breastfeed support; and menopause care.

Further Reading: Capital Gains Distribution

Analyst Recommendations for American Well (NYSE:AMWL)

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