PNC Financial Services Group Inc. Purchases 33,595 Shares of Accolade, Inc. (NASDAQ:ACCD)

PNC Financial Services Group Inc. boosted its position in Accolade, Inc. (NASDAQ:ACCD) by 52,492.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 33,659 shares of the company’s stock after acquiring an additional 33,595 shares during the period. PNC Financial Services Group Inc.’s holdings in Accolade were worth $404,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. AJOVista LLC bought a new stake in shares of Accolade in the fourth quarter worth about $68,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Accolade by 39.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,584 shares of the company’s stock worth $199,000 after buying an additional 4,656 shares during the last quarter. Requisite Capital Management LLC bought a new position in shares of Accolade during the fourth quarter valued at approximately $254,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Accolade during the third quarter valued at approximately $516,000. Finally, Certuity LLC purchased a new stake in Accolade in the fourth quarter worth $603,000. Hedge funds and other institutional investors own 84.99% of the company’s stock.

Accolade Stock Down 44.0 %

NASDAQ:ACCD opened at $3.58 on Friday. The firm has a 50-day simple moving average of $7.09 and a two-hundred day simple moving average of $9.66. The firm has a market cap of $286.44 million, a P/E ratio of -2.69 and a beta of 2.10. Accolade, Inc. has a fifty-two week low of $3.52 and a fifty-two week high of $15.36. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.64 and a current ratio of 2.64.

Accolade (NASDAQ:ACCD) last announced its quarterly earnings data on Thursday, June 27th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.13. Accolade had a negative net margin of 24.09% and a negative return on equity of 22.53%. The company had revenue of $110.50 million during the quarter, compared to analyst estimates of $105.22 million. During the same period in the previous year, the business earned ($0.52) EPS. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. Analysts predict that Accolade, Inc. will post -1.23 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Colin Mchugh sold 5,543 shares of Accolade stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $6.62, for a total value of $36,694.66. Following the completion of the sale, the chief accounting officer now directly owns 50,177 shares in the company, valued at approximately $332,171.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 14,746 shares of company stock valued at $104,586 over the last ninety days. 8.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on ACCD shares. Needham & Company LLC restated a “buy” rating and issued a $13.00 price objective on shares of Accolade in a report on Monday, June 24th. Guggenheim decreased their price target on shares of Accolade from $13.00 to $6.00 and set a “buy” rating for the company in a research note on Friday. Stifel Nicolaus cut their price objective on Accolade from $13.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday. Barclays reduced their target price on Accolade from $11.00 to $5.50 and set an “equal weight” rating on the stock in a report on Friday. Finally, Truist Financial lowered their target price on Accolade from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Accolade presently has an average rating of “Moderate Buy” and an average target price of $11.89.

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 technology and multimodal support from a team of health assistants and clinicians, including registered nurses, physician medical directors, pharmacists, behavioral health specialists, women's health specialists, case management specialists, expert medical opinion providers, and virtual primary care physicians.