Morgan Stanley Trims American Well (NYSE:AMWL) Target Price to $1.00

American Well (NYSE:AMWL) had its price objective trimmed by Morgan Stanley from $1.75 to $1.00 in a report published on Monday, Benzinga reports. The firm currently has an equal weight rating on the stock.

American Well Stock Performance

AMWL stock opened at $0.51 on Monday. The company’s 50-day simple moving average is $0.93 and its 200 day simple moving average is $1.11. American Well has a 52 week low of $0.50 and a 52 week high of $2.74. The company has a market capitalization of $148.65 million, a PE ratio of -0.21 and a beta of 0.99.

American Well (NYSE:AMWL) last announced its quarterly earnings data on Wednesday, February 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.02. The firm had revenue of $70.68 million for the quarter, compared to the consensus estimate of $70.16 million. American Well had a negative net margin of 260.63% and a negative return on equity of 40.19%. The business’s revenue for the quarter was down 10.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.22) earnings per share. On average, analysts forecast that American Well will post -0.7 EPS for the current year.

Insiders Place Their Bets

In other American Well news, EVP Vukasin Paunovich sold 251,323 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $1.09, for a total transaction of $273,942.07. Following the sale, the executive vice president now directly owns 2,535,635 shares in the company, valued at $2,763,842.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Robert Shepardson sold 319,214 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $1.09, for a total value of $347,943.26. Following the sale, the chief financial officer now directly owns 2,845,148 shares in the company, valued at approximately $3,101,211.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Vukasin Paunovich sold 251,323 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $1.09, for a total transaction of $273,942.07. Following the completion of the sale, the executive vice president now owns 2,535,635 shares in the company, valued at $2,763,842.15. The disclosure for this sale can be found here. Insiders have sold 1,169,038 shares of company stock worth $1,267,410 over the last ninety days. Corporate insiders own 12.94% of the company’s stock.

Institutional Investors Weigh In On American Well

A number of hedge funds have recently made changes to their positions in the stock. Moneta Group Investment Advisors LLC bought a new position in American Well in the 4th quarter valued at approximately $501,952,000. Renaissance Technologies LLC raised its holdings in American Well by 1,018.6% in the 1st quarter. Renaissance Technologies LLC now owns 2,963,100 shares of the company’s stock valued at $12,475,000 after buying an additional 2,698,200 shares during the last quarter. Morgan Stanley raised its holdings in American Well by 179.0% in the 4th quarter. Morgan Stanley now owns 4,084,251 shares of the company’s stock valued at $11,558,000 after buying an additional 2,620,624 shares during the last quarter. Millennium Management LLC bought a new position in American Well in the 2nd quarter valued at approximately $6,121,000. Finally, Norges Bank bought a new position in American Well in the 4th quarter valued at approximately $3,902,000. 56.05% of the stock is currently owned by institutional investors and hedge funds.

American Well Company Profile

American Well Corporation, an enterprise platform and software company, delivers digitally enabling hybrid care in the United States and internationally. The company offers Converge, a cloud-based platform that enables health providers, payers, and innovators to provide in-person, virtual and automated care; and delivers virtual primary care, post-discharge follow-up, chronic condition management, virtual nursing, e-sitting, on-demand and scheduled virtual visits, specialty consults, automated care, and behavioral health, as well as specialty care programs, including dermatology, musculoskeletal care, second opinion, and cardiometabolic care to patients and members.