Accolade (NASDAQ:ACCD) Rating Lowered to Hold at Leerink Partnrs

Accolade (NASDAQ:ACCD) was downgraded by equities research analysts at Leerink Partnrs from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

A number of other research firms have also weighed in on ACCD. Truist Financial lowered their price target on shares of Accolade from $9.00 to $7.50 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Morgan Stanley dropped their price target on Accolade from $6.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 17th. Wells Fargo & Company reduced their price objective on Accolade from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Friday, October 11th. Canaccord Genuity Group reaffirmed a “hold” rating on shares of Accolade in a research note on Wednesday. Finally, Raymond James reissued a “market perform” rating on shares of Accolade in a research report on Thursday. Ten research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $7.55.

Accolade Price Performance

Shares of Accolade stock opened at $6.86 on Wednesday. The stock has a market capitalization of $552.48 million, a P/E ratio of -6.66 and a beta of 2.08. The business has a 50 day simple moving average of $3.66 and a two-hundred day simple moving average of $3.83. Accolade has a 12 month low of $3.08 and a 12 month high of $15.36. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.72 and a quick ratio of 2.72.

Accolade (NASDAQ:ACCD) last announced its quarterly earnings data on Tuesday, October 8th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.14. Accolade had a negative return on equity of 18.43% and a negative net margin of 18.16%. The company had revenue of $106.40 million for the quarter, compared to analyst estimates of $104.87 million. During the same quarter last year, the firm posted ($0.43) EPS. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, analysts predict that Accolade will post -0.92 EPS for the current fiscal year.

Insider Activity at Accolade

In other news, CEO Rajeev Singh sold 13,357 shares of Accolade stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $3.60, for a total value of $48,085.20. Following the completion of the sale, the chief executive officer now directly owns 814,316 shares of the company’s stock, valued at approximately $2,931,537.60. The trade was a 1.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders sold 40,881 shares of company stock worth $144,987. Insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Accolade

Institutional investors have recently bought and sold shares of the company. Mission Creek Capital Partners Inc. purchased a new position in shares of Accolade in the third quarter valued at approximately $38,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in shares of Accolade in the third quarter worth $46,000. Wolverine Trading LLC purchased a new stake in shares of Accolade during the third quarter worth $51,000. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Accolade by 1,144.1% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 20,913 shares of the company’s stock valued at $81,000 after acquiring an additional 19,232 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in Accolade in the third quarter valued at $96,000. 84.99% of the stock is owned by institutional investors and hedge funds.

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 intelligent technology and multimodal support from a team of advocates and clinicians, including registered nurses, physician medical directors, pharmacists, behavioral health specialists, women’s health specialists, case management specialists, expert medical opinion providers, and primary care physicians.