Accolade, Inc. (NASDAQ:ACCD) Sees Large Decline in Short Interest

Accolade, Inc. (NASDAQ:ACCD) saw a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 3,640,000 shares, a drop of 25.1% from the October 31st total of 4,860,000 shares. Based on an average daily volume of 1,270,000 shares, the short-interest ratio is presently 2.9 days.

Accolade Stock Performance

Shares of ACCD opened at $3.75 on Friday. Accolade has a 1 year low of $3.08 and a 1 year high of $15.36. The company has a market cap of $302.01 million, a price-to-earnings ratio of -3.64 and a beta of 2.02. 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 fifty day moving average of $3.61 and a 200-day moving average of $4.49.

Accolade (NASDAQ:ACCD) last announced its quarterly earnings results on Tuesday, October 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating 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 company had revenue of $106.40 million during the quarter, compared to the consensus estimate of $104.87 million. During the same quarter in the previous year, the company posted ($0.43) earnings per share. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, equities analysts anticipate that Accolade will post -0.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ACCD. Truist Financial cut their price target 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. Stephens decreased their price target on shares of Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Barclays decreased their price target on shares of Accolade from $5.50 to $5.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 9th. Canaccord Genuity Group decreased their price target on shares of Accolade from $13.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Finally, Wells Fargo & Company decreased 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 report on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Accolade presently has an average rating of “Moderate Buy” and an average price target of $9.04.

Institutional Investors Weigh In On Accolade

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its stake 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 valued at $205,000 after purchasing an additional 2,586 shares in the last quarter. Centiva Capital LP increased its stake in Accolade by 5.8% in the 3rd quarter. Centiva Capital LP now owns 59,660 shares of the company’s stock worth $230,000 after purchasing an additional 3,264 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Accolade by 13.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,160 shares of the company’s stock worth $104,000 after purchasing an additional 3,416 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Accolade by 22.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,373 shares of the company’s stock worth $73,000 after purchasing an additional 3,789 shares in the last quarter. Finally, Mission Creek Capital Partners Inc. purchased a new position in Accolade during the 3rd quarter valued at about $38,000. 84.99% of the stock is currently owned by institutional investors.

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.