Short Interest in Accolade, Inc. (NASDAQ:ACCD) Rises By 15.4%

Accolade, Inc. (NASDAQ:ACCD) was the recipient of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 2,780,000 shares, a growth of 15.4% from the February 29th total of 2,410,000 shares. Based on an average daily volume of 746,700 shares, the short-interest ratio is currently 3.7 days.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ACCD shares. Raymond James lifted their target price on shares of Accolade from $12.00 to $16.00 and gave the stock an “outperform” rating in a report on Tuesday, January 9th. William Blair reissued an “outperform” rating on shares of Accolade in a report on Tuesday, January 9th. Barclays initiated coverage on shares of Accolade in a report on Wednesday, January 3rd. They issued an “equal weight” rating and a $13.00 price target for the company. Stifel Nicolaus decreased their price target on shares of Accolade from $17.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 4th. Finally, Truist Financial boosted their price target on shares of Accolade from $15.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Accolade has an average rating of “Moderate Buy” and a consensus target price of $15.67.

Insider Buying and Selling

In related news, CEO Rajeev Singh sold 21,530 shares of the business’s stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $15.02, for a total value of $323,380.60. Following the completion of the transaction, the chief executive officer now owns 742,162 shares in the company, valued at approximately $11,147,273.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 65,370 shares of company stock worth $953,666 in the last quarter. Insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Accolade

A number of institutional investors and hedge funds have recently modified their holdings of ACCD. Fairman Group LLC bought a new stake in shares of Accolade in the 4th quarter valued at about $14,139,000. Ieq Capital LLC acquired a new position in Accolade in the 4th quarter valued at about $13,387,000. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Accolade by 111.1% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,798,993 shares of the company’s stock valued at $19,033,000 after buying an additional 946,970 shares during the last quarter. Millennium Management LLC grew its stake in Accolade by 65.4% in the 2nd quarter. Millennium Management LLC now owns 2,127,585 shares of the company’s stock valued at $15,744,000 after buying an additional 840,925 shares during the last quarter. Finally, ARK Investment Management LLC grew its stake in Accolade by 12.6% in the 4th quarter. ARK Investment Management LLC now owns 6,805,208 shares of the company’s stock valued at $81,731,000 after buying an additional 762,685 shares during the last quarter. 84.99% of the stock is owned by institutional investors.

Accolade Trading Up 4.9 %

Shares of NASDAQ:ACCD opened at $10.48 on Monday. The company’s 50-day moving average price is $11.03 and its two-hundred day moving average price is $10.13. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.35 and a quick ratio of 2.35. Accolade has a one year low of $6.33 and a one year high of $17.00. The stock has a market capitalization of $811.26 million, a PE ratio of -6.35 and a beta of 2.08.

Accolade (NASDAQ:ACCD) last issued its quarterly earnings results on Monday, January 8th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.17. The firm had revenue of $99.37 million for the quarter, compared to analysts’ expectations of $96.16 million. Accolade had a negative net margin of 31.59% and a negative return on equity of 27.27%. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.56) EPS. On average, equities analysts forecast that Accolade will post -1.38 EPS for the current fiscal 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.