Accolade (NASDAQ:ACCD) Downgraded by Leerink Partnrs to “Hold”

Leerink Partnrs lowered shares of Accolade (NASDAQ:ACCD) from a strong-buy rating to a hold rating in a research note released on Wednesday morning,Zacks.com reports.

A number of other research firms have also issued reports on ACCD. Wells Fargo & Company decreased their target price on Accolade from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Friday, October 11th. Truist Financial lowered their price objective on Accolade from $9.00 to $7.50 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Accolade in a report on Wednesday. Barclays lowered their price target on shares of Accolade from $5.50 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday, October 9th. Finally, Canaccord Genuity Group restated a “hold” rating on shares of Accolade in a report on Wednesday. Ten research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company 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. 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 market cap of $552.48 million, a price-to-earnings ratio of -6.66 and a beta of 2.08. The firm has a 50 day simple moving average of $3.66 and a 200-day simple moving average of $3.83. Accolade has a one year low of $3.08 and a one year high of $15.36.

Accolade (NASDAQ:ACCD) last issued its quarterly earnings results on Tuesday, October 8th. The company reported ($0.30) 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 analysts’ expectations of $104.87 million. During the same quarter last year, the company posted ($0.43) EPS. The firm’s revenue was up 9.8% compared to the same quarter last year. Equities research analysts anticipate that Accolade will post -0.92 EPS for the current fiscal year.

Insider Activity

In other Accolade news, CEO Rajeev Singh sold 13,357 shares of Accolade stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $3.60, for a total transaction of $48,085.20. Following the transaction, the chief executive officer now owns 814,316 shares of the company’s stock, valued at $2,931,537.60. The trade was a 1.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders sold 40,881 shares of company stock valued at $144,987. Insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On Accolade

Several large investors have recently modified their holdings of the company. Millennium Management LLC increased its holdings 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 acquiring an additional 1,862,178 shares during the period. Geode Capital Management LLC increased its stake in Accolade by 4.9% in the third quarter. Geode Capital Management LLC now owns 1,782,038 shares of the company’s stock valued at $6,862,000 after purchasing an additional 83,556 shares during the period. Clearline Capital LP increased its stake in Accolade by 85.3% in the third quarter. Clearline Capital LP now owns 1,539,578 shares of the company’s stock valued at $5,927,000 after purchasing an additional 708,794 shares during the period. Whetstone Capital Advisors LLC purchased a new stake in shares of Accolade in the third quarter valued at about $3,842,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Accolade during the third quarter worth about $2,378,000. 84.99% of the stock is owned by institutional investors and hedge funds.

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.