Morgan Stanley Lowers Accolade (NASDAQ:ACCD) Price Target to $5.00

Accolade (NASDAQ:ACCD) had its target price dropped by equities researchers at Morgan Stanley from $6.00 to $5.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 52.91% from the stock’s current price.

Several other equities research analysts also recently issued reports on the stock. Stephens cut their target price on shares of Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Truist Financial cut their price target on Accolade from $9.00 to $7.50 and set a “buy” rating for the company in a report on Wednesday, October 9th. Canaccord Genuity Group cut their target price on shares of Accolade from $13.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Barclays decreased their price target on shares of Accolade from $5.50 to $5.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 9th. Finally, Needham & Company LLC restated a “buy” rating and set a $8.00 price objective on shares of Accolade in a research report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $8.96.

Accolade Stock Down 3.8 %

NASDAQ:ACCD opened at $3.27 on Tuesday. The stock has a 50-day simple moving average of $3.53 and a 200 day simple moving average of $4.10. Accolade has a 52-week low of $3.08 and a 52-week high of $15.36. The company has a market cap of $263.36 million, a PE ratio of -3.17 and a beta of 2.07. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.72 and a current ratio of 2.72.

Accolade (NASDAQ:ACCD) last posted its quarterly earnings results on Tuesday, October 8th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.14. The firm had revenue of $106.40 million for the quarter, compared to analyst estimates of $104.87 million. Accolade had a negative return on equity of 18.43% and a negative net margin of 18.16%. The business’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.43) EPS. On average, sell-side analysts expect that Accolade will post -0.92 EPS for the current fiscal year.

Insider Activity

In other Accolade news, CEO Rajeev Singh sold 13,357 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $3.60, for a total value of $48,085.20. Following the completion of the transaction, the chief executive officer now directly owns 814,316 shares in the company, valued at approximately $2,931,537.60. This trade represents a 1.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have sold 42,095 shares of company stock worth $150,475. Corporate insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On Accolade

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of Accolade in the second quarter worth approximately $43,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Accolade by 18.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,011,931 shares of the company’s stock worth $7,203,000 after purchasing an additional 314,371 shares in the last quarter. ARK Investment Management LLC lifted its stake in Accolade by 0.5% in the second 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. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Accolade by 22.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,373 shares of the company’s stock worth $73,000 after buying an additional 3,789 shares in the last quarter. Finally, Versor Investments LP bought a new stake in shares of Accolade in the 2nd quarter valued at $150,000. 84.99% of the stock is currently 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 intelligent technology and multimodal support from a team of advocates and clinicians, including registered nurses, physician medical directors, pharmacists, behavioral health specialists, women’s health specialists, case management specialists, expert medical opinion providers, and primary care physicians.