Raymond James Reaffirms "Market Perform" Rating for Accolade (NASDAQ:ACCD)

Raymond James restated their market perform rating on shares of Accolade (NASDAQ:ACCD - Free Report) in a report issued on Thursday,Benzinga reports.

ACCD has been the subject of a number of other research reports. Stephens reduced their price objective on Accolade from $10.00 to $8.00 and set an "overweight" rating for the company in a research report on Wednesday, October 9th. Canaccord Genuity Group restated a "hold" rating on shares of Accolade in a report on Wednesday. Leerink Partners reiterated a "market perform" rating on shares of Accolade in a research note on Wednesday. Wells Fargo & Company cut their price objective on shares of Accolade from $7.00 to $6.00 and set an "equal weight" rating on the stock in a research report on Friday, October 11th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Accolade in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Accolade has a consensus rating of "Hold" and an average target price of $8.88.

Accolade Stock Up 104.8 %

Accolade stock traded up $3.51 on Thursday, hitting $6.86. 24,724,925 shares of the stock traded hands, compared to its average volume of 5,729,745. The business's fifty day simple moving average is $3.66 and its 200 day simple moving average is $3.83. The firm has a market cap of $552.48 million, a P/E ratio of -6.66 and a beta of 2.08. 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 has a 1 year low of $3.08 and a 1 year high of $15.36.

Accolade (NASDAQ:ACCD - Get Free Report) last announced its quarterly earnings data on Tuesday, October 8th. The company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates of ($0.44) by $0.14. Accolade had a negative net margin of 18.16% and a negative return on equity of 18.43%. The business had revenue of $106.40 million for the quarter, compared to analysts' expectations of $104.87 million. During the same quarter in the prior year, the company earned ($0.43) earnings per share. The business's revenue was up 9.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Accolade will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Rajeev Singh sold 13,357 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $3.60, for a total value of $48,085.20. Following the transaction, the chief executive officer now owns 814,316 shares of the company's stock, valued at $2,931,537.60. This trade represents 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 through this hyperlink. Over the last ninety days, insiders have sold 42,006 shares of company stock worth $149,228. Company insiders own 8.20% of the company's stock.

Institutional Investors Weigh In On Accolade

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Whetstone Capital Advisors LLC bought a new stake in shares of Accolade during the 3rd quarter valued at $3,842,000. Clearline Capital LP purchased a new position in shares of Accolade in the second quarter valued at about $2,974,000. Cubist Systematic Strategies LLC boosted its stake in shares of Accolade by 273.4% in the second quarter. Cubist Systematic Strategies LLC now owns 260,040 shares of the company's stock worth $931,000 after acquiring an additional 190,396 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Accolade during the second quarter worth about $1,229,000. Finally, Johnson Financial Group LLC bought a new stake in Accolade during the 3rd quarter valued at approximately $1,642,000. Institutional investors 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.