Short Interest in Accolade, Inc. (NASDAQ:ACCD) Declines By 13.7%

Accolade, Inc. (NASDAQ:ACCD) was the target of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 3,140,000 shares, a drop of 13.7% from the November 15th total of 3,640,000 shares. Based on an average trading volume of 1,290,000 shares, the short-interest ratio is presently 2.4 days.

Insider Activity at Accolade

In other news, CEO Rajeev Singh sold 13,357 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $3.60, for a total transaction of $48,085.20. Following the completion of the transaction, the chief executive officer now owns 814,316 shares of the company’s stock, valued at $2,931,537.60. This represents a 1.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 42,346 shares of company stock valued at $151,898 over the last quarter. Insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Accolade

Hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in Accolade by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock valued at $205,000 after buying an additional 2,586 shares during the period. SG Americas Securities LLC acquired a new position in shares of Accolade during the second quarter worth approximately $43,000. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Accolade by 18.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,011,931 shares of the company’s stock valued at $7,203,000 after purchasing an additional 314,371 shares during the last quarter. ARK Investment Management LLC lifted its stake in shares of Accolade by 0.5% in the second quarter. ARK Investment Management LLC now owns 5,641,448 shares of the company’s stock valued at $20,196,000 after buying an additional 28,405 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Accolade by 22.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,373 shares of the company’s stock worth $73,000 after acquiring an additional 3,789 shares during the period. 84.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ACCD has been the subject of several research reports. Stephens decreased their price objective on shares of Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Truist Financial dropped their price objective on Accolade from $9.00 to $7.50 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Needham & Company LLC restated a “buy” rating and issued a $8.00 target price on shares of Accolade in a research note on Monday, October 7th. Wells Fargo & Company dropped their price target on Accolade from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Friday, October 11th. Finally, Canaccord Genuity Group dropped their price objective on shares of Accolade from $13.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Accolade presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.04.

Accolade Trading Up 0.3 %

Shares of NASDAQ:ACCD opened at $3.49 on Friday. Accolade has a twelve month low of $3.08 and a twelve month 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 has a market cap of $281.07 million, a P/E ratio of -3.39 and a beta of 2.07. The company has a 50 day moving average of $3.57 and a 200-day moving average of $4.23.

Accolade (NASDAQ:ACCD) last released its earnings results on Tuesday, October 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.14. Accolade had a negative return on equity of 18.43% and a negative net margin of 18.16%. The firm 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. Accolade’s revenue was up 9.8% compared to the same quarter last year. As a group, analysts anticipate that Accolade will post -0.92 earnings per share for the current fiscal year.

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.