Whetstone Capital Advisors LLC Invests $3.84 Million in Accolade, Inc. (NASDAQ:ACCD)

Whetstone Capital Advisors LLC acquired a new stake in Accolade, Inc. (NASDAQ:ACCD) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 997,889 shares of the company’s stock, valued at approximately $3,842,000. Accolade accounts for approximately 1.9% of Whetstone Capital Advisors LLC’s investment portfolio, making the stock its 21st largest position. Whetstone Capital Advisors LLC owned approximately 1.24% of Accolade at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. ARK Investment Management LLC boosted its position in Accolade by 0.5% in the 2nd quarter. ARK Investment Management LLC now owns 5,641,448 shares of the company’s stock worth $20,196,000 after purchasing an additional 28,405 shares in the last quarter. Vanguard Group Inc. boosted its position in Accolade by 1.4% during the first quarter. Vanguard Group Inc. now owns 5,403,256 shares of the company’s stock worth $56,626,000 after acquiring an additional 77,044 shares during the last quarter. Millennium Management LLC boosted 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 purchasing an additional 1,862,178 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Accolade by 18.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,011,931 shares of the company’s stock valued at $7,203,000 after purchasing an additional 314,371 shares in the last quarter. Finally, Clearline Capital LP acquired a new stake in shares of Accolade in the second quarter valued at approximately $2,974,000. Institutional investors and hedge funds own 84.99% of the company’s stock.

Wall Street Analysts Forecast Growth

ACCD has been the subject of several analyst reports. Stephens dropped their target price on Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Truist Financial dropped their price objective on shares of Accolade from $9.00 to $7.50 and set a “buy” rating for the company in a 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 research note on Wednesday, October 9th. Wells Fargo & Company dropped 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price target on shares of Accolade in a research report on Monday, October 7th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.04.

Accolade Stock Performance

Shares of NASDAQ:ACCD opened at $3.70 on Monday. The company has a quick ratio of 2.72, a current ratio of 2.72 and a debt-to-equity ratio of 0.49. Accolade, Inc. has a fifty-two week low of $3.08 and a fifty-two week high of $15.36. The firm’s 50 day moving average price is $3.65 and its 200 day moving average price is $4.55.

Accolade (NASDAQ:ACCD) last released its quarterly earnings data on Tuesday, October 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.14. The business had revenue of $106.40 million during the quarter, compared to analysts’ expectations of $104.87 million. Accolade had a negative return on equity of 18.43% and a negative net margin of 18.16%. The business’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. Equities research analysts predict that Accolade, Inc. will post -0.92 EPS for the current fiscal year.

Accolade 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 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.