Accolade (NASDAQ:ACCD) Cut to Hold at Leerink Partnrs

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

Other analysts have also issued reports about the stock. Needham & Company LLC restated a “hold” rating on shares of Accolade in a research report on Wednesday. Canaccord Genuity Group restated a “hold” rating on shares of Accolade in a report on Wednesday. Leerink Partners restated a “market perform” rating on shares of Accolade in a research report on Wednesday. Stephens lowered their price objective on Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Finally, Truist Financial cut their target price on shares of Accolade from $9.00 to $7.50 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Ten investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.55.

Accolade Stock Up 104.8 %

Shares of ACCD opened at $6.86 on Wednesday. Accolade has a 1 year low of $3.08 and a 1 year 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. The stock has a 50 day simple moving average of $3.66 and a two-hundred day simple moving average of $3.83. The firm has a market cap of $552.48 million, a P/E ratio of -6.66 and a beta of 2.08.

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

Insider Activity at Accolade

In related news, CEO Rajeev Singh sold 13,357 shares of the 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 of the company’s stock, valued at $2,931,537.60. This represents a 1.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 40,881 shares of company stock worth $144,987 over the last quarter. Corporate insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC lifted its stake in shares of Accolade by 244.7% in the 2nd quarter. Millennium Management LLC now owns 2,623,201 shares of the company’s stock valued at $9,391,000 after purchasing an additional 1,862,178 shares during the period. Whetstone Capital Advisors LLC bought a new position in Accolade in the third quarter worth $3,842,000. Clearline Capital LP purchased a new position in Accolade during the second quarter valued at $2,974,000. Point72 Asset Management L.P. bought a new stake in shares of Accolade during the 3rd quarter valued at $2,378,000. Finally, Johnson Financial Group LLC bought a new stake in shares of Accolade during the 3rd quarter valued at $1,642,000. Hedge funds and other institutional investors own 84.99% of the company’s stock.

Accolade Company 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.