Short Interest in Accolade, Inc. (NASDAQ:ACCD) Drops By 17.0%

Accolade, Inc. (NASDAQ:ACCD) was the target of a large decline in short interest in July. As of July 15th, there was short interest totalling 3,120,000 shares, a decline of 17.0% from the June 30th total of 3,760,000 shares. Based on an average daily volume of 1,390,000 shares, the days-to-cover ratio is presently 2.2 days.

Insiders Place Their Bets

In other news, CAO Colin Mchugh sold 5,543 shares of Accolade stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $6.62, for a total value of $36,694.66. Following the sale, the chief accounting officer now directly owns 50,177 shares of the company’s stock, valued at $332,171.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 17,529 shares of company stock worth $102,466 in the last 90 days. 8.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new stake in Accolade in the 2nd quarter valued at about $43,000. AJOVista LLC bought a new stake in shares of Accolade during the fourth quarter valued at approximately $68,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Accolade by 22.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,373 shares of the company’s stock valued at $73,000 after purchasing an additional 3,789 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Accolade in the first quarter worth approximately $87,000. Finally, GGV Capital LLC grew its stake in Accolade by 242.9% in the first 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. Hedge funds and other institutional investors own 84.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ACCD shares. Morgan Stanley reduced their price target on shares of Accolade from $12.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Friday, June 28th. Guggenheim reduced their target price on shares of Accolade from $13.00 to $6.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Barclays decreased their target price on shares of Accolade from $11.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Friday, June 28th. Canaccord Genuity Group dropped their price target on Accolade from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Finally, Stifel Nicolaus decreased their price objective on Accolade from $13.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $11.65.

Accolade Trading Down 2.0 %

ACCD opened at $4.00 on Tuesday. Accolade has a one year low of $3.35 and a one year high of $15.36. 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 stock has a market cap of $320.04 million, a price-to-earnings ratio of -3.45 and a beta of 2.00. The stock’s 50 day moving average price is $5.34 and its 200-day moving average price is $8.42.

Accolade (NASDAQ:ACCD) last announced its quarterly earnings data on Thursday, June 27th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.13. Accolade had a negative return on equity of 20.30% and a negative net margin of 20.62%. The company had revenue of $110.50 million for the quarter, compared to the consensus estimate of $105.22 million. During the same quarter in the prior year, the company posted ($0.52) EPS. Accolade’s quarterly revenue was up 18.6% on a year-over-year basis. On average, equities analysts forecast that Accolade will post -1.17 EPS for the current 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.