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

Accolade, Inc. (NASDAQ:ACCD) saw a significant 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 Price Performance

Shares of Accolade stock 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 current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.49. The firm’s 50-day moving average price is $3.61 and its two-hundred day moving average price is $4.49. The stock has a market capitalization of $302.01 million, a price-to-earnings ratio of -3.64 and a beta of 2.02.

Accolade (NASDAQ:ACCD) last released 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 business had revenue of $106.40 million for the quarter, compared to analysts’ expectations of $104.87 million. During the same period in the prior year, the firm earned ($0.43) earnings per share. Accolade’s revenue was up 9.8% compared to the same quarter last year. On average, equities analysts predict that Accolade will post -0.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Accolade

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Mission Creek Capital Partners Inc. acquired a new stake in Accolade in the third quarter worth $38,000. SG Americas Securities LLC acquired a new stake in Accolade in the second quarter worth $43,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in Accolade in the third quarter worth $46,000. Wolverine Trading LLC acquired a new stake in Accolade in the third quarter worth $51,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Accolade by 22.8% in the second 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 during the period. 84.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on ACCD shares. Canaccord Genuity Group cut their target price 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. Barclays dropped their price target on Accolade from $5.50 to $5.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Company reduced their price objective on Accolade from $7.00 to $6.00 and set an “equal weight” rating for the company in a research report on Friday, October 11th. Truist Financial dropped their target price on shares of Accolade from $9.00 to $7.50 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $8.00 price target on shares of Accolade in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Accolade has an average rating of “Moderate Buy” and a consensus price target of $9.04.

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.