Accolade (NASDAQ:ACCD) Shares Gap Down After Analyst Downgrade

Shares of Accolade, Inc. (NASDAQ:ACCD) gapped down before the market opened on Friday after Canaccord Genuity Group lowered their price target on the stock from $18.00 to $16.00. The stock had previously closed at $9.19, but opened at $7.87. Canaccord Genuity Group currently has a buy rating on the stock. Accolade shares last traded at $8.19, with a volume of 200,076 shares traded.

ACCD has been the subject of a number of other research reports. Stifel Nicolaus cut their target price on shares of Accolade from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Monday. Wells Fargo & Company boosted their target price on shares of Accolade from $10.00 to $12.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 9th. Barclays dropped their target price on shares of Accolade from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Friday. Piper Sandler boosted their target price on shares of Accolade from $12.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, January 9th. Finally, William Blair reiterated an “outperform” rating on shares of Accolade in a research report on Tuesday, January 9th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.07.

Institutional Investors Weigh In On Accolade

A number of institutional investors have recently modified their holdings of ACCD. Allspring Global Investments Holdings LLC acquired a new position in shares of Accolade during the 1st quarter valued at $87,000. Los Angeles Capital Management LLC lifted its position in shares of Accolade by 233.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 56,149 shares of the company’s stock valued at $588,000 after acquiring an additional 39,330 shares during the period. Fairman Group LLC acquired a new position in shares of Accolade during the 4th quarter valued at $14,139,000. PNC Financial Services Group Inc. lifted its position in shares of Accolade by 52,492.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 33,659 shares of the company’s stock valued at $404,000 after acquiring an additional 33,595 shares during the period. Finally, Ieq Capital LLC acquired a new position in shares of Accolade during the 4th quarter valued at $13,387,000. 84.99% of the stock is owned by institutional investors.

Accolade Stock Down 9.1 %

The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.48. The stock’s 50-day moving average is $9.75 and its 200-day moving average is $9.92. The company has a market cap of $646.37 million, a price-to-earnings ratio of -5.10 and a beta of 2.08.

Accolade (NASDAQ:ACCD) last posted its quarterly earnings results on Thursday, April 25th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.01. The company had revenue of $124.80 million during the quarter, compared to analyst estimates of $123.91 million. Accolade had a negative net margin of 31.59% and a negative return on equity of 27.27%. The firm’s revenue for the quarter was up 26.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.42) earnings per share. On average, analysts anticipate that Accolade, Inc. will post -1.33 earnings per share 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.