Leerink Partnrs Downgrades Accolade (NASDAQ:ACCD) to Hold

Accolade (NASDAQ:ACCD) was downgraded by investment analysts at Leerink Partnrs from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. Leerink Partners restated a “market perform” rating on shares of Accolade in a research note on Wednesday. Barclays cut 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. Morgan Stanley decreased their price objective on shares of Accolade from $6.00 to $5.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Stifel Nicolaus reaffirmed a “hold” rating and set a $7.03 price objective (down previously from $8.00) on shares of Accolade in a report on Thursday. Finally, Needham & Company LLC restated a “hold” rating on shares of Accolade in a research note on Wednesday. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.55.

Accolade Price Performance

Shares of ACCD opened at $6.86 on Wednesday. The firm has a market capitalization of $552.48 million, a price-to-earnings ratio of -6.66 and a beta of 2.08. The firm’s fifty day simple moving average is $3.66 and its 200-day simple moving average is $3.83. Accolade has a twelve month low of $3.08 and a twelve month high of $15.36. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.49.

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

Insider Activity

In related news, CEO Rajeev Singh sold 13,357 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $3.60, for a total transaction of $48,085.20. Following the sale, the chief executive officer now owns 814,316 shares of the company’s stock, valued at approximately $2,931,537.60. The trade was a 1.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 40,881 shares of company stock valued at $144,987 over the last quarter. Corporate insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On Accolade

Institutional investors and hedge funds have recently modified their holdings of the company. Mission Creek Capital Partners Inc. acquired a new position in Accolade during the third quarter worth about $38,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in shares of Accolade in the third quarter worth $46,000. Wolverine Trading LLC acquired a new stake in shares of Accolade during the third quarter valued at $51,000. Point72 Asia Singapore Pte. Ltd. raised its stake in Accolade by 1,144.1% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 20,913 shares of the company’s stock valued at $81,000 after purchasing an additional 19,232 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in Accolade in the 3rd quarter valued at about $96,000. 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 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.