Accolade (NASDAQ:ACCD) Cut to Hold at Leerink Partnrs

Leerink Partnrs lowered shares of Accolade (NASDAQ:ACCD) from a strong-buy rating to a hold rating in a report issued on Wednesday morning,Zacks.com reports.

ACCD has been the subject of a number of other research reports. 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 report on Friday, October 11th. Canaccord Genuity Group restated a “hold” rating on shares of Accolade in a report on Wednesday. Stifel Nicolaus restated a “hold” rating and set a $7.03 price objective (down previously from $8.00) on shares of Accolade in a report on Thursday. Morgan Stanley reduced their price objective on Accolade from $6.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Finally, Needham & Company LLC restated a “hold” rating on shares of Accolade in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $7.55.

Accolade Price Performance

NASDAQ:ACCD opened at $6.83 on Wednesday. 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 stock’s 50-day simple moving average is $3.73 and its 200 day simple moving average is $3.84. The company has a market cap of $550.07 million, a P/E ratio of -6.63 and a beta of 2.08. Accolade has a 52-week low of $3.08 and a 52-week high of $15.21.

Accolade (NASDAQ:ACCD) last released its earnings results on Friday, January 10th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.01. Accolade had a negative return on equity of 18.43% and a negative net margin of 18.16%. As a group, sell-side analysts forecast that Accolade will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Accolade

In other news, CEO Rajeev Singh sold 13,357 shares of the 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 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 document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 40,881 shares of company stock valued at $144,987. 8.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Accolade

A number of institutional investors and hedge funds have recently made changes to their positions in ACCD. Millennium Management LLC increased its stake in Accolade by 244.7% in the 2nd quarter. Millennium Management LLC now owns 2,623,201 shares of the company’s stock valued at $9,391,000 after buying an additional 1,862,178 shares during the last quarter. Geode Capital Management LLC increased its stake in Accolade by 4.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,782,038 shares of the company’s stock valued at $6,862,000 after buying an additional 83,556 shares during the last quarter. Clearline Capital LP increased its stake in shares of Accolade by 85.3% during the 3rd quarter. Clearline Capital LP now owns 1,539,578 shares of the company’s stock worth $5,927,000 after purchasing an additional 708,794 shares during the last quarter. Whetstone Capital Advisors LLC purchased a new stake in shares of Accolade during the 3rd quarter worth approximately $3,842,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Accolade during the 3rd quarter worth approximately $2,378,000. Institutional investors and hedge funds own 84.99% of the company’s stock.

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.