Truist Financial Lowers Accolade (NASDAQ:ACCD) Price Target to $9.00

Accolade (NASDAQ:ACCD) had its target price reduced by stock analysts at Truist Financial from $14.00 to $9.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 151.40% from the company’s current price.

Several other equities research analysts also recently issued reports on ACCD. Guggenheim decreased their price objective on shares of Accolade from $17.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price objective on shares of Accolade in a research note on Monday, June 24th. Morgan Stanley decreased their price objective on shares of Accolade from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Friday, April 26th. Barclays decreased their price objective on shares of Accolade from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Friday, April 26th. Finally, Stifel Nicolaus reduced their target price on shares of Accolade from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Accolade currently has a consensus rating of “Moderate Buy” and an average target price of $11.89.

Accolade Price Performance

Accolade stock opened at $3.58 on Friday. Accolade has a 1 year low of $3.52 and a 1 year high of $15.36. The firm has a 50 day moving average price of $7.09 and a 200 day moving average price of $9.66. The company has a market cap of $286.44 million, a price-to-earnings ratio of -3.09 and a beta of 2.10. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.64 and a current ratio of 2.64.

Accolade (NASDAQ:ACCD) last released 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. Accolade had a negative net margin of 20.62% and a negative return on equity of 20.26%. The company had revenue of $110.50 million during the quarter, compared to the consensus estimate of $105.22 million. During the same period in the previous year, the firm earned ($0.52) earnings per share. Accolade’s revenue for the quarter was up 18.6% on a year-over-year basis. Sell-side analysts predict that Accolade will post -1.23 earnings per share for the current year.

Insider Activity at Accolade

In related news, CAO Colin Mchugh sold 5,543 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $6.62, for a total value of $36,694.66. Following the sale, the chief accounting officer now directly owns 50,177 shares of the company’s stock, valued at $332,171.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 14,746 shares of company stock valued at $104,586 over the last ninety days. Corporate insiders own 8.30% of the company’s stock.

Institutional Trading of Accolade

A number of institutional investors and hedge funds have recently modified their holdings of ACCD. Charles Schwab Investment Management Inc. raised its holdings in shares of Accolade by 8.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 521,423 shares of the company’s stock worth $5,517,000 after purchasing an additional 41,043 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Accolade during the third quarter worth $516,000. Rock Springs Capital Management LP raised its holdings in shares of Accolade by 3.3% during the third quarter. Rock Springs Capital Management LP now owns 2,913,000 shares of the company’s stock worth $30,820,000 after purchasing an additional 93,000 shares during the period. Vanguard Group Inc. raised its holdings in shares of Accolade by 3.1% during the third quarter. Vanguard Group Inc. now owns 5,283,858 shares of the company’s stock worth $55,903,000 after purchasing an additional 157,464 shares during the period. Finally, ARK Investment Management LLC raised its holdings in shares of Accolade by 12.6% during the fourth 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 during the period. 84.99% of the stock is owned by institutional investors and hedge funds.

Accolade Company 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.