Accolade’s (ACCD) Hold Rating Reaffirmed at Canaccord Genuity Group

Accolade (NASDAQ:ACCD)‘s stock had its “hold” rating restated by investment analysts at Canaccord Genuity Group in a research note issued to investors on Wednesday,Benzinga reports.

A number of other brokerages also recently issued reports on ACCD. Stephens lowered their price target on Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Wells Fargo & Company cut their price target on shares of Accolade from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Friday, October 11th. Leerink Partners restated a “market perform” rating on shares of Accolade in a research note on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Accolade in a research report on Wednesday. Finally, Truist Financial cut their price target on Accolade from $9.00 to $7.50 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Six analysts have rated the stock with a hold rating and eight have issued 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 $8.96.

Accolade Trading Up 104.8 %

Shares of ACCD traded up $3.51 during midday trading on Wednesday, hitting $6.86. 24,720,332 shares of the stock were exchanged, compared to its average volume of 5,725,401. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.72 and a current ratio of 2.72. The firm has a market cap of $552.48 million, a P/E ratio of -6.66 and a beta of 2.08. The stock has a fifty day simple moving average of $3.52 and a 200 day simple moving average of $3.79. Accolade has a 52-week low of $3.08 and a 52-week high of $15.36.

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

Insider Buying and Selling

In other Accolade news, CEO Rajeev Singh sold 13,357 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $3.60, for a total value of $48,085.20. Following the completion of the transaction, the chief executive officer now directly owns 814,316 shares in the company, valued at $2,931,537.60. This trade represents a 1.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 42,006 shares of company stock worth $149,228 in the last three months. 8.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Accolade

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Accolade by 22.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,373 shares of the company’s stock valued at $73,000 after acquiring an additional 3,789 shares in the last quarter. Rhumbline Advisers grew its position in Accolade by 22.5% during the second quarter. Rhumbline Advisers now owns 124,351 shares of the company’s stock valued at $445,000 after purchasing an additional 22,857 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Accolade in the 2nd quarter valued at approximately $1,229,000. Blair William & Co. IL lifted its position in Accolade by 73.1% in the 2nd quarter. Blair William & Co. IL now owns 79,834 shares of the company’s stock worth $286,000 after buying an additional 33,725 shares in the last quarter. Finally, XTX Topco Ltd boosted its stake in shares of Accolade by 64.4% during the 2nd quarter. XTX Topco Ltd now owns 49,454 shares of the company’s stock valued at $177,000 after buying an additional 19,369 shares during the period. 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 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.