Accolade (NASDAQ:ACCD) PT Lowered to $13.00 at Canaccord Genuity Group

Accolade (NASDAQ:ACCD) had its price objective cut by Canaccord Genuity Group from $16.00 to $13.00 in a report published on Friday, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on ACCD. Needham & Company LLC reaffirmed a buy rating and set a $13.00 price target on shares of Accolade in a research report on Monday, June 24th. Morgan Stanley reduced their price target on shares of Accolade from $13.00 to $12.00 and set an equal weight rating on the stock in a research report on Friday, April 26th. Stifel Nicolaus dropped their price objective on Accolade from $15.00 to $13.00 and set a buy rating for the company in a research report on Monday, April 22nd. Truist Financial decreased their target price on Accolade from $16.00 to $14.00 and set a buy rating on the stock in a research report on Friday, April 26th. Finally, Wells Fargo & Company dropped their target price on shares of Accolade from $12.00 to $10.00 and set an equal weight rating for the company in a report on Tuesday, April 30th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $11.65.

Accolade Stock Down 44.0 %

Shares of NASDAQ ACCD opened at $3.58 on Friday. Accolade has a 52-week low of $3.52 and a 52-week high of $15.36. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.64 and a current ratio of 2.64. The business has a fifty day moving average of $7.09 and a two-hundred day moving average of $9.66. The stock has a market cap of $286.44 million, a PE ratio of -3.09 and a beta of 2.10.

Accolade (NASDAQ:ACCD) last announced its quarterly earnings results on Thursday, June 27th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.13. The firm had revenue of $110.50 million during the quarter, compared to the consensus estimate of $105.22 million. Accolade had a negative net margin of 20.62% and a negative return on equity of 20.26%. The firm’s quarterly revenue was up 18.6% on a year-over-year basis. During the same period last year, the firm posted ($0.52) EPS. As a group, equities research analysts expect that Accolade will post -1.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Accolade news, CAO Colin Mchugh sold 5,543 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $6.62, for a total transaction of $36,694.66. Following the transaction, the chief accounting officer now directly owns 50,177 shares in the company, valued at approximately $332,171.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 14,746 shares of company stock valued at $104,586 over the last 90 days. Company insiders own 8.30% of the company’s stock.

Hedge Funds Weigh In On Accolade

Several institutional investors have recently made changes to their positions in ACCD. Charles Schwab Investment Management Inc. raised its stake in Accolade by 8.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 521,423 shares of the company’s stock worth $5,517,000 after buying an additional 41,043 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Accolade in the 3rd quarter valued at $516,000. Rock Springs Capital Management LP increased its stake in Accolade by 3.3% during the 3rd quarter. Rock Springs Capital Management LP now owns 2,913,000 shares of the company’s stock valued at $30,820,000 after purchasing an additional 93,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in Accolade by 3.1% during the third quarter. Vanguard Group Inc. now owns 5,283,858 shares of the company’s stock worth $55,903,000 after buying an additional 157,464 shares during the last quarter. Finally, ARK Investment Management LLC lifted its stake in shares of Accolade by 12.6% in the fourth quarter. ARK Investment Management LLC now owns 6,805,208 shares of the company’s stock valued at $81,731,000 after buying an additional 762,685 shares in the last quarter. Institutional investors and hedge funds own 84.99% of the company’s stock.

About Accolade

Accolade, Inc, together with its subsidiaries, engages in the development and provision of personalized and technology-enabled solutions that help people to understand, navigate, and utilize the healthcare system and their workplace benefits in the United States. The company offers a platform with cloud-based technology and multimodal support from a team of health assistants and clinicians, including registered nurses, physician medical directors, pharmacists, behavioral health specialists, women's health specialists, case management specialists, expert medical opinion providers, and virtual primary care physicians.