Truist Financial Initiates Coverage on American Well (NYSE:AMWL)

Research analysts at Truist Financial started coverage on shares of American Well (NYSE:AMWLGet Rating) in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage set a “hold” rating and a $5.00 price target on the stock. Truist Financial’s target price would suggest a potential upside of 14.42% from the stock’s current price.

Separately, Piper Sandler dropped their price target on American Well from $6.00 to $5.00 in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.50.

American Well Trading Up 7.9 %

American Well stock opened at $4.37 on Wednesday. The firm has a 50 day moving average of $4.55 and a 200 day moving average of $4.04. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -4.91 and a beta of -0.06. American Well has a 12-month low of $2.52 and a 12-month high of $11.40.

American Well (NYSE:AMWLGet Rating) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.01. American Well had a negative return on equity of 19.36% and a negative net margin of 90.47%. The business had revenue of $64.52 million during the quarter, compared to the consensus estimate of $64.13 million. During the same period in the prior year, the company posted ($0.15) EPS. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, analysts predict that American Well will post -0.97 EPS for the current year.

Insider Activity at American Well

In related news, CEO Ido Schoenberg sold 136,472 shares of the stock in a transaction on Tuesday, June 21st. The stock was sold at an average price of $4.61, for a total transaction of $629,135.92. Following the sale, the chief executive officer now owns 2,373,108 shares in the company, valued at approximately $10,940,027.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Ido Schoenberg sold 136,472 shares of the stock in a transaction on Tuesday, June 21st. The stock was sold at an average price of $4.61, for a total transaction of $629,135.92. Following the sale, the chief executive officer now owns 2,373,108 shares in the company, valued at approximately $10,940,027.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Bradford Gay sold 19,450 shares of the stock in a transaction on Monday, June 27th. The shares were sold at an average price of $4.96, for a total value of $96,472.00. Following the sale, the vice president now owns 839,737 shares in the company, valued at approximately $4,165,095.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 486,100 shares of company stock worth $2,163,969. Company insiders own 13.91% of the company’s stock.

Institutional Trading of American Well

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Legal & General Group Plc increased its stake in American Well by 103.1% in the second quarter. Legal & General Group Plc now owns 229,688 shares of the company’s stock worth $992,000 after purchasing an additional 116,615 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of American Well by 16.8% during the second quarter. Goldman Sachs Group Inc. now owns 1,858,113 shares of the company’s stock valued at $8,027,000 after buying an additional 267,672 shares during the period. Captrust Financial Advisors increased its stake in shares of American Well by 1.6% during the second quarter. Captrust Financial Advisors now owns 150,442 shares of the company’s stock valued at $650,000 after buying an additional 2,353 shares during the period. Woodline Partners LP purchased a new position in shares of American Well during the second quarter valued at $1,841,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of American Well by 68.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 62,387 shares of the company’s stock valued at $270,000 after buying an additional 25,434 shares during the period. Hedge funds and other institutional investors own 46.62% of the company’s stock.

American Well Company Profile

(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.

Further Reading

Analyst Recommendations for American Well (NYSE:AMWL)

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