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

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

Analysts Set New Price Targets

Several analysts have weighed in on ACCD shares. Guggenheim dropped their price objective on Accolade from $13.00 to $6.00 and set a “buy” rating for the company in a report on Friday, June 28th. Needham & Company LLC restated a “buy” rating and issued a $13.00 price objective on shares of Accolade in a report on Monday, June 24th. Truist Financial lowered their target price on shares of Accolade from $14.00 to $9.00 and set a “buy” rating for the company in a report on Friday, June 28th. Canaccord Genuity Group reduced their price target on Accolade from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Finally, Morgan Stanley dropped their price objective on Accolade from $12.00 to $6.00 and set an “equal weight” rating for the company in a report on Friday, June 28th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Accolade has a consensus rating of “Moderate Buy” and an average target price of $11.65.

Insider Transactions at Accolade

In related news, CAO Colin Mchugh sold 5,543 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $6.62, for a total value of $36,694.66. Following the completion of the sale, the chief accounting officer now owns 50,177 shares of the company’s stock, valued at $332,171.74. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 17,581 shares of company stock worth $111,946. Corporate insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Accolade by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 5,283,858 shares of the company’s stock worth $55,903,000 after buying an additional 157,464 shares in the last quarter. Certuity LLC acquired a new position in Accolade during the fourth quarter valued at approximately $603,000. Charles Schwab Investment Management Inc. boosted its position in Accolade by 6.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 555,982 shares of the company’s stock valued at $6,677,000 after purchasing an additional 34,559 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in Accolade by 233.8% in the first quarter. Los Angeles Capital Management LLC now owns 56,149 shares of the company’s stock valued at $588,000 after purchasing an additional 39,330 shares in the last quarter. Finally, Knights of Columbus Asset Advisors LLC increased its position in shares of Accolade by 100.0% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 54,124 shares of the company’s stock worth $650,000 after purchasing an additional 27,062 shares during the last quarter. 84.99% of the stock is owned by institutional investors and hedge funds.

Accolade Price Performance

Shares of ACCD opened at $3.55 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.80 and a current ratio of 2.80. The firm has a market capitalization of $284.04 million, a PE ratio of -3.06 and a beta of 2.00. The stock has a 50 day simple moving average of $6.74 and a 200 day simple moving average of $9.52. Accolade has a 52-week low of $3.48 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) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.13. The company had revenue of $110.50 million during the quarter, compared to the consensus estimate 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 prior year, the firm earned ($0.52) earnings per share. Sell-side analysts predict that Accolade will post -1.22 EPS for the current fiscal 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.