Accolade’s (ACCD) “Hold” Rating Reiterated at Needham & Company LLC

Accolade (NASDAQ:ACCD)‘s stock had its “hold” rating reiterated by analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports.

Several other equities research analysts have also recently weighed in on ACCD. Canaccord Genuity Group dropped their target price on Accolade from $13.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Wells Fargo & Company decreased their target price on shares of Accolade from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Friday, October 11th. Morgan Stanley lowered their price target on shares of Accolade from $6.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. 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 report on Wednesday, October 9th. Finally, Leerink Partners reaffirmed a “market perform” rating on shares of Accolade in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Accolade has an average rating of “Moderate Buy” and a consensus target price of $8.96.

Accolade Price Performance

NASDAQ:ACCD traded up $3.51 during mid-day trading on Wednesday, reaching $6.86. The stock had a trading volume of 24,720,332 shares, compared to its average volume of 5,725,401. Accolade has a one year low of $3.08 and a one year high of $15.36. 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 50 day moving average price of $3.52 and a two-hundred day moving average price of $3.79. The stock has a market capitalization 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. As a group, analysts expect that Accolade will post -0.92 earnings per share for the current year.

Insider Buying and Selling at Accolade

In related news, CEO Rajeev Singh sold 13,357 shares of the company’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 sale, the chief executive officer now owns 814,316 shares in the company, valued at $2,931,537.60. This represents a 1.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders sold 42,006 shares of company stock valued at $149,228. 8.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Accolade

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

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.