American Well (NYSE:AMWL) Earns “Hold” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of American Well (NYSE:AMWL) in a report issued on Tuesday, Benzinga reports.

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

American Well Stock Down 3.4 %

Shares of AMWL opened at $9.47 on Tuesday. American Well has a 52-week low of $5.00 and a 52-week high of $31.60. The stock has a market cap of $141.96 million, a PE ratio of -0.38 and a beta of 1.04. The firm’s fifty day moving average is $8.79 and its two-hundred day moving average is $10.09.

American Well (NYSE:AMWL) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($3.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.94) by $0.58. American Well had a negative net margin of 120.44% and a negative return on equity of 50.36%. The company had revenue of $62.79 million during the quarter, compared to analysts’ expectations of $60.78 million. During the same quarter in the prior year, the company earned ($4.60) EPS. As a group, research analysts anticipate that American Well will post -13.91 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Kathy Johnson Weiler sold 7,266 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $7.87, for a total value of $57,183.42. Following the completion of the sale, the insider now owns 188,027 shares of the company’s stock, valued at approximately $1,479,772.49. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Kathy Johnson Weiler sold 7,266 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $7.87, for a total value of $57,183.42. Following the transaction, the insider now owns 188,027 shares of the company’s stock, valued at approximately $1,479,772.49. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Robert Shepardson sold 5,177 shares of the firm’s 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 directly owns 112,992 shares of the company’s stock, valued at $889,247.04. The disclosure for this sale can be found here. Insiders have sold 22,137 shares of company stock valued at $169,765 over the last ninety days. Company insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On American Well

Large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its position in American Well by 63.9% in the second quarter. Renaissance Technologies LLC now owns 6,833,500 shares of the company’s stock valued at $2,220,000 after purchasing an additional 2,665,300 shares during the period. Acadian Asset Management LLC raised its holdings in shares of American Well by 80.5% in the 2nd quarter. Acadian Asset Management LLC now owns 3,761,310 shares of the company’s stock valued at $1,220,000 after buying an additional 1,677,505 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of American Well in the 1st quarter valued at $1,284,000. AQR Capital Management LLC lifted its stake 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 acquiring an additional 416,387 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its holdings 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 valued at $136,000 after acquiring an additional 404,794 shares during the period. 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.