American Well's (AMWL) "Hold" Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of American Well (NYSE:AMWL - Free Report) in a report published on Thursday morning, Benzinga reports.

Separately, Wells Fargo & Company reduced their target price on American Well from $40.00 to $15.00 and set an "equal weight" rating for the company in a report on Tuesday, August 6th.

American Well Stock Down 5.1 %

Shares of NYSE AMWL traded down $0.49 during mid-day trading on Thursday, hitting $9.16. 57,318 shares of the company were exchanged, compared to its average volume of 111,287. The stock has a 50 day simple moving average of $9.34 and a 200-day simple moving average of $8.97. American Well has a 1-year low of $5.00 and a 1-year high of $31.60. The firm has a market cap of $137.32 million, a price-to-earnings ratio of -0.43 and a beta of 1.05.

American Well (NYSE:AMWL - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($2.87) earnings per share for the quarter, topping the consensus estimate of ($3.32) by $0.45. American Well had a negative return on equity of 50.36% and a negative net margin of 120.44%. The firm had revenue of $61.05 million during the quarter, compared to the consensus estimate of $62.06 million. Analysts anticipate that American Well will post -13.46 earnings per share for the current fiscal year.

Insider Buying and Selling at American Well

In other news, insider Kathy Johnson Weiler sold 7,266 shares of American Well stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $7.87, for a total transaction of $57,183.42. Following the completion of the transaction, the insider now owns 188,027 shares of the company's stock, valued at $1,479,772.49. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Kathy Johnson Weiler sold 7,266 shares of American Well stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $7.87, for a total transaction of $57,183.42. Following the completion of the transaction, the insider now owns 188,027 shares of the company's stock, valued at $1,479,772.49. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Robert Shepardson sold 5,177 shares of American Well stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $7.87, for a total value of $40,742.99. Following the sale, the chief financial officer now owns 112,992 shares of the company's stock, valued at approximately $889,247.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,640 shares of company stock valued at $173,939. 12.80% of the stock is owned by company insiders.

Institutional Trading of American Well

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMWL. Renaissance Technologies LLC increased its position in American Well by 63.9% during the 2nd quarter. Renaissance Technologies LLC now owns 6,833,500 shares of the company's stock worth $2,220,000 after purchasing an additional 2,665,300 shares in the last quarter. Acadian Asset Management LLC increased its position in American Well by 80.5% during the 2nd quarter. Acadian Asset Management LLC now owns 3,761,310 shares of the company's stock worth $1,220,000 after purchasing an additional 1,677,505 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in American Well during the 1st quarter worth about $1,284,000. AQR Capital Management LLC increased its position in American Well by 28.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,895,730 shares of the company's stock worth $616,000 after purchasing an additional 416,387 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its position in American Well by 2,690.2% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 419,841 shares of the company's stock worth $136,000 after purchasing an additional 404,794 shares in the last quarter. Hedge funds and other institutional investors own 56.05% of the company's stock.

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.