Accolade (NASDAQ:ACCD) Price Target Lowered to $7.00 at Canaccord Genuity Group

Accolade (NASDAQ:ACCD) had its price target decreased by Canaccord Genuity Group from $13.00 to $7.00 in a report issued on Wednesday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other analysts have also issued reports on the company. Stifel Nicolaus decreased their price target on Accolade from $13.00 to $8.00 and set a buy rating on the stock in a research note on Friday, June 28th. Morgan Stanley lowered their target price on shares of Accolade from $12.00 to $6.00 and set an equal weight rating for the company in a report on Friday, June 28th. Stephens cut their price target on shares of Accolade from $10.00 to $8.00 and set an overweight rating on the stock in a research note on Wednesday. Needham & Company LLC reissued a buy rating and set a $8.00 price objective on shares of Accolade in a research note on Monday, October 7th. Finally, Barclays cut their target price on Accolade from $5.50 to $5.00 and set an equal weight rating on the stock in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $9.04.

Accolade Stock Performance

NASDAQ:ACCD opened at $3.79 on Wednesday. Accolade has a 1-year low of $3.35 and a 1-year high of $15.36. The firm has a 50 day simple moving average of $4.02 and a 200-day simple moving average of $5.73. The firm has a market cap of $305.25 million, a PE ratio of -3.68 and a beta of 1.99. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.72 and a quick ratio of 2.80.

Accolade (NASDAQ:ACCD) last issued its quarterly earnings results on Tuesday, October 8th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate 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 firm posted ($0.43) EPS. Accolade’s revenue was up 9.8% on a year-over-year basis. On average, equities analysts expect that Accolade will post -1.09 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ACCD. SG Americas Securities LLC purchased a new stake in shares of Accolade during the 2nd quarter valued at about $43,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Accolade by 22.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,373 shares of the company’s stock worth $73,000 after acquiring an additional 3,789 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Accolade in the first quarter valued at approximately $87,000. The Manufacturers Life Insurance Company raised its stake in shares of Accolade by 13.3% during the second quarter. The Manufacturers Life Insurance Company now owns 29,160 shares of the company’s stock valued at $104,000 after purchasing an additional 3,416 shares during the period. Finally, Versor Investments LP acquired a new position in shares of Accolade during the second quarter worth $150,000. Institutional investors and hedge funds own 84.99% of the company’s stock.

Accolade Company Profile

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.