Wells Fargo & Company Upgrades American Well (NYSE:AMWL) to Overweight

American Well (NYSE:AMWL) was upgraded by equities researchers at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Monday, MarketBeat.com reports. The firm currently has a $15.00 price target on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 106.90% from the company’s current price.

Other research analysts have also recently issued reports about the company. Needham & Company LLC reaffirmed a “hold” rating on shares of American Well in a research report on Thursday, October 31st. Morgan Stanley lowered their price objective on American Well from $20.00 to $10.50 and set an “equal weight” rating on the stock in a research report on Tuesday, December 17th.

American Well Stock Down 0.5 %

American Well stock opened at $7.25 on Monday. The business has a 50-day simple moving average of $8.41 and a two-hundred day simple moving average of $8.64. The company has a market cap of $111.07 million, a P/E ratio of -0.50 and a beta of 1.11. American Well has a 52-week low of $5.00 and a 52-week high of $29.00.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its holdings in American Well by 63.9% in 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 raised its holdings in shares of 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 acquiring an additional 1,677,505 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of 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. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of 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 acquiring an additional 404,794 shares in the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of American Well by 7,673.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 184,083 shares of the company’s stock worth $60,000 after acquiring an additional 181,715 shares in the last quarter. 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.