Bank of New York Mellon Corp Trims Stock Position in Accolade, Inc. (NASDAQ:ACCD)

Bank of New York Mellon Corp trimmed its stake in shares of Accolade, Inc. (NASDAQ:ACCD) by 35.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 278,611 shares of the company’s stock after selling 150,686 shares during the quarter. Bank of New York Mellon Corp owned about 0.35% of Accolade worth $997,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of Accolade by 6.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 555,982 shares of the company’s stock worth $6,677,000 after purchasing an additional 34,559 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Accolade by 2.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,921,676 shares of the company’s stock worth $23,083,000 after acquiring an additional 50,311 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Accolade by 52,492.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 33,659 shares of the company’s stock valued at $404,000 after acquiring an additional 33,595 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in shares of Accolade by 233.8% during the first quarter. Los Angeles Capital Management LLC now owns 56,149 shares of the company’s stock worth $588,000 after acquiring an additional 39,330 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in Accolade during the first quarter worth about $87,000. 84.99% of the stock is currently owned by hedge funds and other institutional investors.

Accolade Stock Performance

Shares of ACCD opened at $3.97 on Friday. Accolade, Inc. has a 12-month low of $3.35 and a 12-month high of $15.36. The stock has a market cap of $317.63 million, a P/E ratio of -3.42 and a beta of 2.00. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $4.01 and a two-hundred day moving average of $6.30.

Accolade (NASDAQ:ACCD) last issued its quarterly earnings data on Thursday, June 27th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.13. The firm had revenue of $110.50 million during the quarter, compared to the consensus estimate of $105.22 million. Accolade had a negative return on equity of 20.30% and a negative net margin of 20.62%. The company’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.52) EPS. As a group, research analysts predict that Accolade, Inc. will post -1.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Barclays lowered their price objective on Accolade from $11.00 to $5.50 and set an “equal weight” rating on the stock in a report on Friday, June 28th. Morgan Stanley decreased their price target on Accolade from $12.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Friday, June 28th. Canaccord Genuity Group cut their price objective on Accolade from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Truist Financial decreased their target price on shares of Accolade from $14.00 to $9.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Finally, Guggenheim cut their price target on shares of Accolade from $13.00 to $6.00 and set a “buy” rating for the company in a report on Friday, June 28th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $11.65.

Accolade 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 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.