Canaccord Genuity Group Reiterates Hold Rating for Accolade (NASDAQ:ACCD)

Accolade (NASDAQ:ACCD)‘s stock had its “hold” rating reiterated by investment analysts at Canaccord Genuity Group in a research report issued to clients and investors on Wednesday,Benzinga reports.

Several other research analysts have also issued reports on the stock. Leerink Partners reaffirmed a “market perform” rating on shares of Accolade in a research note on Wednesday. Morgan Stanley lowered their target price 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 dropped their target price on shares of Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Wells Fargo & Company reduced 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, Barclays dropped their price objective on Accolade from $5.50 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday, October 9th. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $7.55.

Accolade Stock Performance

Shares of Accolade stock opened at $6.86 on Wednesday. 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 fifty-two week low of $3.08 and a fifty-two week high of $15.36. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.72 and a quick ratio of 2.72. The firm has a market cap of $552.48 million, a P/E ratio of -6.66 and a beta of 2.08.

Accolade (NASDAQ:ACCD) last issued its quarterly earnings results on Tuesday, October 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.14. The business had revenue of $106.40 million for the quarter, compared to analyst estimates of $104.87 million. Accolade had a negative return on equity of 18.43% and a negative net margin of 18.16%. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.43) earnings per share. Sell-side analysts predict that Accolade will post -0.92 earnings per share for the current fiscal year.

Insider Activity at Accolade

In related news, CEO Rajeev Singh sold 13,357 shares of Accolade stock in a transaction dated Tuesday, December 3rd. The stock was 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 in the company, valued at approximately $2,931,537.60. This trade represents a 1.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 40,881 shares of company stock valued at $144,987. Insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mission Creek Capital Partners Inc. bought a new position in Accolade during the third quarter worth about $38,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Accolade in the third quarter valued at approximately $46,000. Wolverine Trading LLC acquired a new position in Accolade during the third quarter valued at approximately $51,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Accolade by 22.8% during 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 last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Accolade by 1,144.1% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 20,913 shares of the company’s stock valued at $81,000 after purchasing an additional 19,232 shares in the last quarter. 84.99% of the stock is currently owned by 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.