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

American Well (NYSE:AMWL) had its price objective lowered by Morgan Stanley from $1.75 to $1.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 93.69% from the stock’s current price.

American Well Stock Down 7.4 %

NYSE:AMWL opened at $0.52 on Monday. American Well has a 52 week low of $0.51 and a 52 week high of $2.74. The firm has a 50 day moving average of $0.94 and a 200 day moving average of $1.11. The stock has a market capitalization of $149.34 million, a price-to-earnings ratio of -0.22 and a beta of 1.00.

American Well (NYSE:AMWL) last posted its quarterly earnings results 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 business had revenue of $70.68 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 10.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.22) earnings per share. As a group, analysts expect that American Well will post -0.7 EPS for the current year.

Insider Buying and Selling

In related news, CFO Robert Shepardson sold 319,214 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $1.09, for a total transaction of $347,943.26. Following the completion of the transaction, the chief financial officer now owns 2,845,148 shares of the company’s stock, valued at $3,101,211.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Robert Shepardson sold 319,214 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $1.09, for a total transaction of $347,943.26. Following the sale, the chief financial officer now owns 2,845,148 shares in the company, valued at $3,101,211.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Kathy Johnson Weiler sold 283,192 shares of American Well stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $1.09, for a total transaction of $308,679.28. Following the completion of the sale, the insider now owns 3,975,617 shares in the company, valued at approximately $4,333,422.53. The disclosure for this sale can be found here. Insiders sold a total of 1,169,038 shares of company stock valued at $1,267,410 over the last 90 days. Insiders own 12.94% of the company’s stock.

Hedge Funds Weigh In On American Well

Several hedge funds and other institutional investors have recently modified their holdings of the business. Moneta Group Investment Advisors LLC purchased a new position in American Well during the fourth quarter worth about $501,952,000. Renaissance Technologies LLC grew its holdings in shares of American Well by 1,018.6% in the first quarter. Renaissance Technologies LLC now owns 2,963,100 shares of the company’s stock valued at $12,475,000 after purchasing an additional 2,698,200 shares in the last quarter. Morgan Stanley grew its holdings in American Well by 179.0% during the 4th quarter. Morgan Stanley now owns 4,084,251 shares of the company’s stock worth $11,558,000 after acquiring an additional 2,620,624 shares in the last quarter. Millennium Management LLC acquired a new position in shares of American Well in the 2nd quarter valued at $6,121,000. Finally, Norges Bank acquired a new position in shares of American Well in the 4th quarter valued at $3,902,000. 56.05% of the stock is 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.