Truist Financial Cuts American Well (NYSE:AMWL) Price Target to $7.50

American Well (NYSE:AMWL - Free Report) had its price objective decreased by Truist Financial from $12.00 to $7.50 in a research note published on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other equities research analysts have also recently issued reports on the company. Needham & Company LLC restated a "hold" rating on shares of American Well in a report on Thursday, February 13th. Morgan Stanley lowered their price objective on shares of American Well from $20.00 to $10.50 and set an "equal weight" rating for the company in a research note on Tuesday, December 17th. Stifel Nicolaus increased their target price on American Well from $9.00 to $10.00 and gave the stock a "hold" rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Company upgraded American Well from an "equal weight" rating to an "overweight" rating and set a $15.00 target price on the stock in a report on Monday, January 13th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $11.00.

American Well Price Performance

NYSE:AMWL traded down $0.23 during trading hours on Thursday, reaching $6.95. 9,573 shares of the company traded hands, compared to its average volume of 95,700. American Well has a 1-year low of $5.00 and a 1-year high of $12.95. The stock has a market cap of $108.49 million, a P/E ratio of -0.50 and a beta of 1.22. The firm's 50-day moving average is $8.94 and its 200-day moving average is $9.07.

American Well (NYSE:AMWL - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported ($2.77) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($3.04) by $0.27. American Well had a negative net margin of 81.83% and a negative return on equity of 56.73%. As a group, research analysts predict that American Well will post -9.34 earnings per share for the current year.

Insider Activity at American Well

In other American Well news, insider Phyllis Gotlib sold 4,781 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $8.80, for a total value of $42,072.80. Following the completion of the sale, the insider now owns 147,998 shares of the company's stock, valued at $1,302,382.40. This trade represents a 3.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 5,219 shares of company stock worth $46,454. Corporate insiders own 12.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in American Well by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 147,925 shares of the company's stock worth $1,073,000 after buying an additional 922 shares in the last quarter. Northern Trust Corp increased its position in shares of American Well by 7.4% during the fourth quarter. Northern Trust Corp now owns 29,021 shares of the company's stock worth $210,000 after acquiring an additional 1,992 shares during the last quarter. Two Sigma Investments LP lifted its stake in shares of American Well by 12.3% in the fourth quarter. Two Sigma Investments LP now owns 19,216 shares of the company's stock worth $139,000 after acquiring an additional 2,102 shares in the last quarter. Jane Street Group LLC boosted its holdings in American Well by 21.9% in the fourth quarter. Jane Street Group LLC now owns 19,260 shares of the company's stock valued at $140,000 after purchasing an additional 3,462 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA acquired a new stake in American Well during the 4th quarter valued at approximately $45,000. 56.05% of the stock is currently owned by hedge funds and other institutional investors.

About American Well

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.