Accolade, Inc. (NASDAQ:ACCD) Short Interest Up 30.1% in March

Accolade, Inc. (NASDAQ:ACCD) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,030,000 shares, an increase of 30.1% from the February 28th total of 1,560,000 shares. Based on an average daily volume of 2,030,000 shares, the days-to-cover ratio is presently 1.0 days. Currently, 2.7% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ACCD. William Blair cut Accolade from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 8th. Morgan Stanley decreased their price objective on shares of Accolade from $6.00 to $5.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Truist Financial lowered shares of Accolade from a “strong-buy” rating to a “hold” rating in a report on Friday, January 10th. Piper Sandler cut shares of Accolade from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 5th. Finally, Leerink Partnrs lowered Accolade from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 8th. Thirteen analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $6.51.

Accolade Stock Performance

Shares of Accolade stock opened at $6.99 on Monday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.63 and a current ratio of 2.63. Accolade has a 1 year low of $3.08 and a 1 year high of $10.45. The firm’s 50-day simple moving average is $6.94 and its 200-day simple moving average is $4.97. The firm has a market cap of $573.13 million, a PE ratio of -3.11 and a beta of 2.18.

Accolade (NASDAQ:ACCD) last released its earnings results on Friday, January 10th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.01. Accolade had a negative return on equity of 20.74% and a negative net margin of 40.36%. Equities analysts forecast that Accolade will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Accolade

A number of hedge funds and other institutional investors have recently bought and sold shares of ACCD. Pallas Capital Advisors LLC bought a new stake in shares of Accolade in the 4th quarter worth approximately $38,000. Mission Creek Capital Partners Inc. acquired a new stake in shares of Accolade in the third quarter valued at approximately $38,000. Laird Norton Wetherby Trust Company LLC acquired a new stake in shares of Accolade in the fourth quarter valued at approximately $38,000. Boothbay Fund Management LLC acquired a new position in shares of Accolade during the fourth quarter worth approximately $43,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Accolade in the 4th quarter worth approximately $48,000. 84.99% of the stock is currently owned by institutional investors and hedge funds.

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.