Wall Street is betting on robust price gains by American Well (AMWL) as the healthcare industry expands its virtual presence. But, with the economy’s gradual reopening, and heavy investments in the production and manufacturing sectors, will the virtual healthcare industry be able to live up to the market’s expectations? Read more to find out.The virtual healthcare industry is expected to become an integral part of the global healthcare sector in the future and Wall Street is placing bets on budding telehealth companies. Telehealth company American Well Corporation’s (AMWL) impressive annual results have caught the eye of Street analysts, who expect AMWL’s share price to rise significantly in the near term.
AMWL’s total active providers increased 950% year-over-year to 72,000 in the fiscal year ended December 31, 2020. Its total visits rose 400% from the year-ago value to 5.90 million.
Ahead of a potential fourth COVID-19 infection spike, Wall Street analysts have upgraded their price targets on the stock. However, with inadequate cash flows and operating profits, AMWL may not be able to maintain its momentum.
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