Canaccord Genuity Group Lowers Accolade (NASDAQ:ACCD) Price Target to $7.00

Accolade (NASDAQ:ACCD) had its target price dropped by research analysts at Canaccord Genuity Group from $13.00 to $7.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 75.88% from the company’s current price.

Several other research firms have also commented on ACCD. Needham & Company LLC restated a “buy” rating and issued a $8.00 price objective on shares of Accolade in a research note on Monday. Guggenheim lowered 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 reduced their target price on shares of Accolade from $9.00 to $7.50 and set a “buy” rating for the company in a report on Wednesday. Stephens dropped their price target on shares of Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Morgan Stanley decreased their price objective on shares of Accolade from $12.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Friday, June 28th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Accolade presently has an average rating of “Moderate Buy” and a consensus price target of $9.38.

Accolade Stock Down 1.5 %

Shares of Accolade stock traded down $0.06 during midday trading on Wednesday, hitting $3.98. The company had a trading volume of 583,366 shares, compared to its average volume of 1,052,497. Accolade has a 52-week low of $3.35 and a 52-week high of $15.36. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.80 and a current ratio of 2.80. The company has a 50 day moving average of $4.02 and a 200 day moving average of $5.80. The stock has a market capitalization of $318.43 million, a P/E ratio of -3.43 and a beta of 1.99.

Accolade (NASDAQ:ACCD) last issued its earnings results on Tuesday, October 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.14. The company had revenue of $106.40 million for the quarter, compared to analysts’ expectations of $104.87 million. Accolade had a negative net margin of 20.62% and a negative return on equity of 20.30%. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.43) earnings per share. On average, equities analysts predict that Accolade will post -1.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Accolade

A number of institutional investors and hedge funds have recently modified their holdings of ACCD. ARK Investment Management LLC raised its holdings in Accolade by 0.5% during the 2nd quarter. ARK Investment Management LLC now owns 5,641,448 shares of the company’s stock valued at $20,196,000 after buying an additional 28,405 shares during the period. Vanguard Group Inc. raised its stake in shares of Accolade by 1.4% in the first quarter. Vanguard Group Inc. now owns 5,403,256 shares of the company’s stock valued at $56,626,000 after acquiring an additional 77,044 shares during the period. Bellevue Group AG lifted its holdings in shares of 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 acquiring an additional 297,110 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Accolade by 244.7% in the 2nd quarter. Millennium Management LLC now owns 2,623,201 shares of the company’s stock worth $9,391,000 after acquiring an additional 1,862,178 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Accolade by 18.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,011,931 shares of the company’s stock valued at $7,203,000 after purchasing an additional 314,371 shares during the last quarter. Hedge funds and other institutional investors 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 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.