Morgan Stanley Issues Pessimistic Forecast for American Well (NYSE:AMWL) Stock Price

American Well (NYSE:AMWL) had its price objective lowered by equities researchers at Morgan Stanley from $20.00 to $10.50 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 33.59% from the company’s previous close.

Separately, Needham & Company LLC restated a “hold” rating on shares of American Well in a research report on Thursday, October 31st.

American Well Stock Down 7.0 %

AMWL stock opened at $7.86 on Tuesday. American Well has a twelve month low of $5.00 and a twelve month high of $31.60. The stock has a market capitalization of $120.42 million, a price-to-earnings ratio of -0.54 and a beta of 1.07. The firm’s fifty day simple moving average is $9.23 and its two-hundred day simple moving average is $8.67.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AMWL. Point72 DIFC Ltd boosted its position in American Well by 1,418.5% in the 2nd quarter. Point72 DIFC Ltd now owns 103,457 shares of the company’s stock valued at $34,000 after buying an additional 96,644 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in shares of American Well by 7,673.8% in the second quarter. Cubist Systematic Strategies LLC now owns 184,083 shares of the company’s stock valued at $60,000 after purchasing an additional 181,715 shares during the period. Cowen AND Company LLC bought a new position in American Well in the second quarter worth approximately $81,000. BNP Paribas Financial Markets purchased a new position in American Well during the 3rd quarter worth $95,000. Finally, PDT Partners LLC bought a new stake in American Well during the 3rd quarter valued at $107,000. 56.05% of the stock is currently owned by 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.