Accolade (NASDAQ:ACCD) Shares Gap Up on Earnings Beat

Shares of Accolade, Inc. (NASDAQ:ACCD) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $6.13, but opened at $6.33. Accolade shares last traded at $6.34, with a volume of 602,666 shares trading hands.

The company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.13. Accolade had a negative net margin of 20.62% and a negative return on equity of 20.26%. The firm had revenue of $110.50 million for the quarter, compared to analyst estimates of $105.22 million. During the same quarter in the prior year, the firm earned ($0.52) EPS. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Canaccord Genuity Group cut their price objective on Accolade from $16.00 to $13.00 and set a “buy” rating for the company in a report on Friday. Morgan Stanley reduced their price objective on Accolade from $12.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Friday. Barclays cut their target price on shares of Accolade from $11.00 to $5.50 and set an “equal weight” rating on the stock in a report on Friday. Needham & Company LLC reiterated a “buy” rating and set a $13.00 target price on shares of Accolade in a report on Monday, June 24th. Finally, Guggenheim reduced their price target on Accolade from $13.00 to $6.00 and set a “buy” rating on the stock in a report on Friday. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.89.

Insider Transactions at Accolade

In other news, CAO Colin Mchugh sold 5,543 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $6.62, for a total transaction of $36,694.66. Following the completion of the sale, the chief accounting officer now directly owns 50,177 shares of the company’s stock, valued at $332,171.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 14,746 shares of company stock worth $104,586. 8.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Accolade

Hedge funds have recently modified their holdings of the business. AJOVista LLC purchased a new stake in Accolade during the fourth quarter worth $68,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Accolade during the first quarter valued at about $87,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Accolade by 39.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,584 shares of the company’s stock worth $199,000 after acquiring an additional 4,656 shares in the last quarter. GGV Capital LLC boosted its stake 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Accolade by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock worth $205,000 after purchasing an additional 2,586 shares in the last quarter. Hedge funds and other institutional investors own 84.99% of the company’s stock.

Accolade Trading Down 44.0 %

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 company has a 50 day moving average of $7.09 and a two-hundred day moving average of $9.66.

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.