Bank of New York Mellon Corp Lowers Stock Holdings in Accolade, Inc. (NASDAQ:ACCD)

Bank of New York Mellon Corp reduced its holdings in Accolade, Inc. (NASDAQ:ACCD) by 35.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 278,611 shares of the company’s stock after selling 150,686 shares during the quarter. Bank of New York Mellon Corp’s holdings in Accolade were worth $997,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of Accolade during the 2nd quarter valued at about $43,000. Allspring Global Investments Holdings LLC acquired a new position in Accolade during the first quarter worth approximately $87,000. GGV Capital LLC raised its stake in Accolade by 242.9% during the first quarter. GGV Capital LLC now owns 18,063 shares of the company’s stock worth $189,000 after purchasing an additional 12,795 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Accolade by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock worth $205,000 after purchasing an additional 2,586 shares during the period. Finally, Principal Financial Group Inc. acquired a new position in shares of Accolade in the 1st quarter valued at $259,000. 84.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ACCD has been the subject of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and set a $13.00 price objective on shares of Accolade in a report on Monday, June 24th. Stifel Nicolaus dropped their price target on Accolade from $13.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Truist Financial reduced their price objective on Accolade from $14.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Guggenheim dropped their target price on shares of Accolade from $13.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Finally, Morgan Stanley reduced their price target 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, Accolade presently has a consensus rating of “Moderate Buy” and an average price target of $11.65.

Accolade Trading Down 5.3 %

NASDAQ ACCD opened at $3.97 on Friday. The stock has a market cap of $317.63 million, a P/E ratio of -3.42 and a beta of 2.00. The company’s fifty day simple moving average is $4.01 and its 200-day simple moving average is $6.30. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 0.48. Accolade, Inc. has a 52 week low of $3.35 and a 52 week high of $15.36.

Accolade (NASDAQ:ACCD) last issued its quarterly earnings data on Thursday, June 27th. The company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.13. The firm had revenue of $110.50 million for the quarter, compared to analyst estimates of $105.22 million. Accolade had a negative net margin of 20.62% and a negative return on equity of 20.30%. The firm’s revenue was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.52) EPS. Equities research analysts predict that Accolade, Inc. will post -1.11 EPS for the current fiscal year.

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.