ARK Investment Management LLC Cuts Stock Holdings in Accolade, Inc. (NASDAQ:ACCD)

ARK Investment Management LLC cut its stake in shares of Accolade, Inc. (NASDAQ:ACCD) by 4.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,382,533 shares of the company’s stock after selling 258,915 shares during the quarter. ARK Investment Management LLC owned 0.07% of Accolade worth $20,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Millennium Management LLC lifted its holdings in shares of Accolade by 244.7% during the 2nd quarter. Millennium Management LLC now owns 2,623,201 shares of the company’s stock worth $9,391,000 after acquiring an additional 1,862,178 shares during the last quarter. Clearline Capital LP purchased a new position in shares of Accolade in the 2nd quarter worth about $2,974,000. Johnson Financial Group LLC bought a new position in shares of Accolade during the 3rd quarter valued at about $1,642,000. Acadian Asset Management LLC purchased a new position in shares of Accolade during the 2nd quarter valued at about $1,229,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in Accolade by 18.5% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,011,931 shares of the company’s stock worth $7,203,000 after buying an additional 314,371 shares during the last quarter. Hedge funds and other institutional investors own 84.99% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on ACCD. Stephens reduced their price target on shares of Accolade from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Canaccord Genuity Group reduced their target price on shares of Accolade from $13.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Wells Fargo & Company lowered their price target on shares of Accolade from $7.00 to $6.00 and set an “equal weight” rating for the company in a research note on Friday, October 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price objective on shares of Accolade in a research note on Monday, October 7th. Finally, Barclays decreased their price objective on Accolade from $5.50 to $5.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Accolade presently has an average rating of “Moderate Buy” and a consensus price target of $9.04.

Accolade Stock Performance

NASDAQ ACCD opened at $3.56 on Friday. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.49. The stock has a 50 day simple moving average of $3.76 and a two-hundred day simple moving average of $4.94. Accolade, Inc. has a fifty-two week low of $3.08 and a fifty-two week high of $15.36.

Accolade (NASDAQ:ACCD) last posted its earnings results on Tuesday, October 8th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.14. Accolade had a negative net margin of 18.16% and a negative return on equity of 18.43%. The firm had revenue of $106.40 million during the quarter, compared to analysts’ expectations of $104.87 million. During the same period last year, the company posted ($0.43) EPS. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. Research analysts forecast that Accolade, Inc. will post -0.92 earnings per share for the current year.

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.