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

Accolade (NASDAQ:ACCD) had its price target reduced by Truist Financial from $14.00 to $9.00 in a report released on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other equities analysts have also recently commented on ACCD. Morgan Stanley reduced 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 report on Friday, April 26th. Stifel Nicolaus reduced their target price on shares of Accolade from $15.00 to $13.00 and set a buy rating for the company in a report on Monday, April 22nd. Wells Fargo & Company lowered their price target on shares of Accolade from $12.00 to $10.00 and set an equal weight rating on the stock in a report on Tuesday, April 30th. Barclays reduced their price objective on Accolade from $13.00 to $11.00 and set an equal weight rating for the company in a report on Friday, April 26th. Finally, Guggenheim decreased their target price on Accolade from $17.00 to $13.00 and set a buy rating on the stock in a research report on Wednesday, May 8th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $11.65.

Accolade Stock Down 44.0 %

Shares of ACCD stock opened at $3.58 on Friday. Accolade has a 52-week low of $3.52 and a 52-week high of $15.36. The stock has a market cap of $286.44 million, a price-to-earnings ratio of -3.09 and a beta of 2.10. The firm’s 50-day moving average is $7.09 and its 200-day moving average is $9.66. 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, beating the consensus estimate of ($0.48) by $0.13. Accolade had a negative return on equity of 20.26% and a negative net margin of 20.62%. The firm had revenue of $110.50 million for the quarter, compared to analyst estimates of $105.22 million. During the same quarter in the prior year, the company earned ($0.52) earnings per share. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. Sell-side analysts predict that Accolade will post -1.23 EPS for the current year.

Insider Activity

In related news, CAO Colin Mchugh sold 5,543 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $6.62, for a total value of $36,694.66. Following the transaction, the chief accounting officer now owns 50,177 shares in the company, valued at $332,171.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 14,746 shares of company stock worth $104,586. 8.30% of the stock is currently owned by company insiders.

Institutional Trading of Accolade

Several large investors have recently made changes to their positions in the company. AJOVista LLC bought a new position in Accolade in the fourth quarter valued at about $68,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Accolade in the 1st quarter valued at approximately $87,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Accolade by 39.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,584 shares of the company’s stock valued at $199,000 after purchasing an additional 4,656 shares during the last quarter. GGV Capital LLC increased its position in Accolade by 242.9% during the 1st quarter. GGV Capital LLC now owns 18,063 shares of the company’s stock worth $189,000 after purchasing an additional 12,795 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Accolade by 15.3% during the 1st 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 in the last quarter. Institutional investors and hedge funds own 84.99% of the company’s stock.

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.