Accolade, Inc. (NASDAQ:ACCD) Sees Large Decrease in Short Interest

Accolade, Inc. (NASDAQ:ACCD) was the target of a significant drop in short interest in January. As of January 31st, there was short interest totalling 2,830,000 shares, a drop of 15.0% from the January 15th total of 3,330,000 shares. Based on an average daily volume of 2,010,000 shares, the days-to-cover ratio is currently 1.4 days.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ACCD. Needham & Company LLC restated a “hold” rating on shares of Accolade in a report on Wednesday, January 8th. Stifel Nicolaus restated a “hold” rating and issued a $7.03 target price (down previously from $8.00) on shares of Accolade in a report on Thursday, January 9th. Stephens reiterated an “equal weight” rating and set a $7.03 price target on shares of Accolade in a report on Wednesday. Raymond James reissued a “market perform” rating on shares of Accolade in a report on Thursday, January 9th. Finally, Leerink Partnrs downgraded shares of Accolade from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 8th. Twelve research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $7.46.

Accolade Stock Performance

Shares of NASDAQ ACCD opened at $6.90 on Friday. Accolade has a 1 year low of $3.08 and a 1 year high of $13.47. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.63 and a quick ratio of 2.63. The firm has a 50-day moving average of $5.38 and a 200 day moving average of $4.35. The stock has a market cap of $562.97 million, a P/E ratio of -3.07 and a beta of 2.20.

Accolade (NASDAQ:ACCD) last issued its quarterly earnings results on Friday, January 10th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.01. Accolade had a negative return on equity of 20.74% and a negative net margin of 40.36%. As a group, sell-side analysts expect that Accolade will post -1.2 EPS for the current fiscal year.

Insider Activity at Accolade

In related news, CEO Rajeev Singh sold 13,357 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $3.60, for a total value of $48,085.20. Following the completion of the sale, the chief executive officer now owns 814,316 shares in the company, valued at $2,931,537.60. The trade was a 1.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 41,127 shares of company stock valued at $164,674 over the last three months. 8.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Accolade

Several institutional investors and hedge funds have recently modified their holdings of ACCD. AQR Capital Management LLC raised its holdings in Accolade by 33.5% in the second quarter. AQR Capital Management LLC now owns 75,330 shares of the company’s stock worth $270,000 after buying an additional 18,885 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Accolade by 13.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,160 shares of the company’s stock worth $104,000 after acquiring an additional 3,416 shares during the last quarter. SG Americas Securities LLC lifted its position in Accolade by 150.0% in the 3rd quarter. SG Americas Securities LLC now owns 29,749 shares of the company’s stock valued at $115,000 after acquiring an additional 17,850 shares in the last quarter. Inspire Investing LLC boosted its stake in Accolade by 11.1% during the 3rd quarter. Inspire Investing LLC now owns 106,679 shares of the company’s stock valued at $411,000 after purchasing an additional 10,658 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in shares of Accolade in the 3rd quarter worth $46,000. 84.99% of the stock is currently owned by institutional investors.

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.