Millennium Management LLC Increases Position in Accolade, Inc. (NASDAQ:ACCD)

Millennium Management LLC grew its holdings in shares of Accolade, Inc. (NASDAQ:ACCD) by 244.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,623,201 shares of the company’s stock after purchasing an additional 1,862,178 shares during the period. Millennium Management LLC owned approximately 3.28% of Accolade worth $9,391,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ACCD. Bellevue Group AG boosted its stake in Accolade by 6.6% in the 1st quarter. Bellevue Group AG now owns 4,804,514 shares of the company’s stock worth $50,351,000 after purchasing an additional 297,110 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Accolade in the second quarter worth approximately $1,229,000. Cubist Systematic Strategies LLC grew its holdings in shares of Accolade by 273.4% during the second quarter. Cubist Systematic Strategies LLC now owns 260,040 shares of the company’s stock valued at $931,000 after buying an additional 190,396 shares during the last quarter. GSA Capital Partners LLP increased its position in shares of Accolade by 102.8% during the first quarter. GSA Capital Partners LLP now owns 51,374 shares of the company’s stock valued at $538,000 after acquiring an additional 26,044 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Accolade during the first quarter valued at approximately $87,000. 84.99% of the stock is owned by institutional investors.

Accolade Stock Up 1.8 %

ACCD opened at $4.04 on Wednesday. The firm’s 50 day simple moving average is $4.02 and its two-hundred day simple moving average is $5.83. The company has a market capitalization of $323.23 million, a PE ratio of -3.48 and a beta of 1.99. Accolade, Inc. has a 1-year low of $3.35 and a 1-year high of $15.36. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 0.48.

Accolade (NASDAQ:ACCD) last announced its earnings results on Tuesday, October 8th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.14. Accolade had a negative return on equity of 20.30% and a negative net margin of 20.62%. The company had revenue of $106.40 million for the quarter, compared to analysts’ expectations of $104.87 million. During the same period last year, the firm earned ($0.43) EPS. Accolade’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, equities analysts forecast that Accolade, Inc. will post -1.11 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the company. Stifel Nicolaus cut their target price on Accolade from $13.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Guggenheim dropped their price objective on Accolade from $13.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Truist Financial decreased their target price on Accolade from $14.00 to $9.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Barclays dropped their price target on shares of Accolade from $11.00 to $5.50 and set an “equal weight” rating on the stock in a report on Friday, June 28th. Finally, Morgan Stanley decreased their price objective on shares of Accolade from $12.00 to $6.00 and set an “equal weight” rating for the company in a report on Friday, June 28th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.23.

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.