Short Interest in Accolade, Inc. (NASDAQ:ACCD) Drops By 6.5%

Accolade, Inc. (NASDAQ:ACCD) was the target of a large drop in short interest during the month of June. As of June 15th, there was short interest totalling 3,600,000 shares, a drop of 6.5% from the May 31st total of 3,850,000 shares. Based on an average daily trading volume, of 688,100 shares, the short-interest ratio is currently 5.2 days.

Accolade Trading Up 0.6 %

Shares of NASDAQ:ACCD opened at $3.55 on Thursday. Accolade has a 52 week low of $3.48 and a 52 week high of $15.36. The company’s 50 day moving average is $6.74 and its two-hundred day moving average is $9.52. The company has a market cap of $284.04 million, a PE ratio of -3.06 and a beta of 2.00. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 0.48.

Accolade (NASDAQ:ACCD) last posted its earnings results on Thursday, June 27th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.13. The firm had revenue of $110.50 million for the quarter, compared to analyst estimates of $105.22 million. Accolade had a negative return on equity of 20.30% and a negative net margin of 20.62%. Accolade’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.52) earnings per share. Equities analysts predict that Accolade will post -1.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ACCD has been the topic of several research reports. Stifel Nicolaus decreased their target price on Accolade from $13.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Needham & Company LLC restated a “buy” rating and issued a $13.00 price objective on shares of Accolade in a report on Monday, June 24th. 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. Truist Financial reduced their target price on shares of Accolade from $14.00 to $9.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Finally, Guggenheim lowered their price target on shares of Accolade from $13.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.65.

Insider Buying and Selling at Accolade

In other news, CAO Colin Mchugh sold 5,543 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $6.62, for a total transaction of $36,694.66. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders sold 17,581 shares of company stock worth $111,946. Insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Accolade

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bellevue Group AG lifted its position in shares of Accolade by 6.6% during the 1st quarter. Bellevue Group AG now owns 4,804,514 shares of the company’s stock worth $50,351,000 after buying an additional 297,110 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Accolade by 15.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock valued at $205,000 after acquiring an additional 2,586 shares during the last quarter. GGV Capital LLC lifted its position in Accolade by 242.9% in the first quarter. GGV Capital LLC now owns 18,063 shares of the company’s stock valued at $189,000 after acquiring an additional 12,795 shares during the last quarter. Vanguard Group Inc. boosted its stake in Accolade by 1.4% in the first quarter. Vanguard Group Inc. now owns 5,403,256 shares of the company’s stock valued at $56,626,000 after acquiring an additional 77,044 shares in the last quarter. Finally, Inspire Investing LLC purchased a new position in shares of Accolade during the first quarter worth about $360,000. 84.99% of the stock is owned by institutional investors and hedge funds.

Accolade Company Profile

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.