Morgan Stanley Cuts American Well (NYSE:AMWL) Price Target to $10.50

American Well (NYSE:AMWL) had its target price reduced by Morgan Stanley from $20.00 to $10.50 in a research report sent to investors on Tuesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

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

American Well Stock Performance

Shares of NYSE:AMWL opened at $7.84 on Tuesday. The stock’s 50-day moving average is $9.19 and its 200-day moving average is $8.67. The company has a market cap of $120.11 million, a P/E ratio of -0.54 and a beta of 1.07. American Well has a 52-week low of $5.00 and a 52-week high of $31.60.

Hedge Funds Weigh In On American Well

Several large investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd increased its holdings 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 position 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 valued at $60,000 after acquiring an additional 181,715 shares in the last quarter. Cowen AND Company LLC bought a new stake in American Well in the second quarter valued at about $81,000. BNP Paribas Financial Markets acquired a new position in American Well in the third quarter worth about $95,000. Finally, PDT Partners LLC bought a new position in American Well during the third quarter worth about $107,000. Institutional investors and hedge funds own 56.05% of the company’s stock.

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.