Traders Purchase High Volume of Put Options on Accolade (NASDAQ:ACCD)

Accolade, Inc. (NASDAQ:ACCD) was the target of some unusual options trading on Friday. Investors purchased 11,380 put options on the company. This represents an increase of approximately 1,911% compared to the typical volume of 566 put options.

Accolade Trading Down 44.0 %

Shares of NASDAQ:ACCD opened at $3.58 on Friday. Accolade has a 1 year low of $3.52 and a 1 year high of $15.36. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.64 and a quick ratio of 2.64. The firm has a market capitalization of $286.44 million, a P/E ratio of -3.09 and a beta of 2.10. The business’s 50-day moving average is $7.09 and its 200 day moving average is $9.66.

Accolade (NASDAQ:ACCD) last released its earnings results on Thursday, June 27th. The company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.13. Accolade had a negative return on equity of 20.26% and a negative net margin of 20.62%. The firm had revenue of $110.50 million during the quarter, compared to the consensus estimate of $105.22 million. During the same quarter in the previous year, the company posted ($0.52) earnings per share. The company’s revenue was up 18.6% compared to the same quarter last year. On average, research analysts predict that Accolade will post -1.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Accolade

In other news, CAO Colin Mchugh sold 5,543 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $6.62, for a total transaction of $36,694.66. Following the sale, the chief accounting officer now owns 50,177 shares in the company, valued at $332,171.74. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last 90 days, insiders sold 14,746 shares of company stock worth $104,586. 8.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Accolade

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fairman Group LLC purchased a new stake in Accolade in the 4th quarter worth $14,139,000. Ieq Capital LLC purchased a new stake in Accolade during the 4th quarter valued at about $13,387,000. ARK Investment Management LLC lifted its stake in Accolade by 12.6% in the 4th quarter. ARK Investment Management LLC now owns 6,805,208 shares of the company’s stock worth $81,731,000 after purchasing an additional 762,685 shares in the last quarter. JFG Wealth Management LLC purchased a new position in Accolade during the fourth quarter worth approximately $5,657,000. Finally, Bellevue Group AG increased its stake 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. Institutional investors and hedge funds own 84.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on ACCD. Truist Financial cut their target price on shares of Accolade from $14.00 to $9.00 and set a “buy” rating for the company in a research report on Friday. Canaccord Genuity Group dropped their price objective on shares of Accolade from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Friday. Needham & Company LLC restated a “buy” rating and issued a $13.00 price objective on shares of Accolade in a research note on Monday, June 24th. Morgan Stanley cut their price target on Accolade from $12.00 to $6.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Wells Fargo & Company dropped their target price on shares of Accolade from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 30th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $11.89.

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.