Short Interest in Accolade, Inc. (NASDAQ:ACCD) Decreases By 6.5%

Accolade, Inc. (NASDAQ:ACCD) was the target of a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 3,600,000 shares, a decline of 6.5% from the May 31st total of 3,850,000 shares. Based on an average daily volume of 688,100 shares, the days-to-cover ratio is presently 5.2 days.

Insider Buying and Selling at Accolade

In other news, CAO Colin Mchugh sold 5,543 shares of the company’s stock in a transaction dated 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 approximately $332,171.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders have sold 14,303 shares of company stock valued at $100,342. 8.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Accolade

Several institutional investors have recently made changes to their positions in the business. Swiss National Bank lifted its stake in shares of Accolade by 1.7% in the 1st quarter. Swiss National Bank now owns 137,500 shares of the company’s stock worth $1,441,000 after purchasing an additional 2,300 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Accolade by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock worth $205,000 after acquiring an additional 2,586 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Accolade by 39.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,584 shares of the company’s stock worth $199,000 after acquiring an additional 4,656 shares in the last quarter. AJOVista LLC purchased a new stake in Accolade in the 4th quarter worth approximately $68,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Accolade in the 1st quarter worth approximately $87,000. Institutional investors own 84.99% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on ACCD. Canaccord Genuity Group reduced their target price on shares of Accolade from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday. Needham & Company LLC reissued a “buy” rating and set a $13.00 price objective on shares of Accolade in a research report on Monday, June 24th. Stifel Nicolaus cut their price objective on shares of Accolade from $13.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday. Truist Financial cut their price objective on shares of Accolade from $14.00 to $9.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Morgan Stanley cut 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. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $11.65.

Accolade Price Performance

Shares of NASDAQ:ACCD opened at $3.54 on Tuesday. The firm’s 50 day moving average price is $7.09 and its 200-day moving average price is $9.66. Accolade has a twelve month low of $3.48 and a twelve month high of $15.36. The company has a quick ratio of 2.80, a current ratio of 2.80 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $283.24 million, a PE ratio of -3.05 and a beta of 2.00.

Accolade (NASDAQ:ACCD) last issued its quarterly earnings data on Thursday, June 27th. The company reported ($0.35) earnings per share 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 20.30%. The firm had revenue of $110.50 million for the quarter, compared to analysts’ expectations of $105.22 million. During the same quarter in the prior year, the business earned ($0.52) EPS. The business’s quarterly revenue was up 18.6% on a year-over-year basis. Equities research analysts expect that Accolade will post -1.23 EPS for the current year.

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.