Accolade (NASDAQ:ACCD) Stock Rating Lowered by William Blair

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

Other research analysts have also issued reports about the company. Truist Financial reduced their target price on Accolade from $9.00 to $7.50 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Company cut their price objective on shares of Accolade from $7.00 to $6.00 and set an “equal weight” rating on the stock in a report on Friday, October 11th. Needham & Company LLC reiterated a “hold” rating on shares of Accolade in a research note on Wednesday. Stephens cut their price target on shares of Accolade from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. Finally, Canaccord Genuity Group reiterated a “hold” rating on shares of Accolade in a research note on Wednesday. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Accolade currently has an average rating of “Hold” and an average price target of $7.55.

Accolade Trading Up 104.8 %

NASDAQ ACCD opened at $6.86 on Wednesday. Accolade has a 52 week low of $3.08 and a 52 week high of $15.36. The company has a 50 day moving average price of $3.66 and a 200 day moving average price of $3.83. The company has a quick ratio of 2.72, a current ratio of 2.72 and a debt-to-equity ratio of 0.49. The firm has a market cap of $552.48 million, a PE ratio of -6.66 and a beta of 2.08.

Accolade (NASDAQ:ACCD) last released its quarterly earnings results 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. Accolade had a negative net margin of 18.16% and a negative return on equity of 18.43%. The business had revenue of $106.40 million for the quarter, compared to analyst estimates of $104.87 million. During the same period in the previous year, the company earned ($0.43) earnings per share. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, sell-side analysts forecast that Accolade will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other Accolade news, CEO Rajeev Singh sold 13,357 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was 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 approximately $2,931,537.60. The trade was a 1.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders have sold 40,881 shares of company stock valued at $144,987. Company insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Accolade

Several large investors have recently made changes to their positions in ACCD. Centiva Capital LP boosted its position in Accolade by 5.8% during the third 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 raised its stake in shares of Accolade by 13.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,160 shares of the company’s stock worth $104,000 after buying an additional 3,416 shares during the period. Mission Creek Capital Partners Inc. purchased a new position in shares of Accolade during the 3rd quarter valued at approximately $38,000. Inspire Investing LLC lifted its position in shares of Accolade by 11.1% during the 3rd quarter. Inspire Investing LLC now owns 106,679 shares of the company’s stock valued at $411,000 after buying an additional 10,658 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in Accolade in the 3rd quarter valued at $46,000. 84.99% of the stock is currently owned by institutional investors and hedge funds.

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.