ARK Investment Management LLC Cuts Stock Holdings in Accolade, Inc. (NASDAQ:ACCD)

ARK Investment Management LLC lowered its position in Accolade, Inc. (NASDAQ:ACCD) by 4.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,382,533 shares of the company’s stock after selling 258,915 shares during the period. ARK Investment Management LLC owned about 6.68% of Accolade worth $20,723,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Johnson Financial Group LLC purchased a new stake in Accolade in the 3rd quarter valued at about $1,642,000. Ballentine Partners LLC bought a new position in shares of Accolade in the third quarter valued at approximately $118,000. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of Accolade during the third quarter valued at approximately $46,000. Inspire Investing LLC lifted its holdings in Accolade by 11.1% during the third quarter. Inspire Investing LLC now owns 106,679 shares of the company’s stock worth $411,000 after acquiring an additional 10,658 shares during the period. Finally, Requisite Capital Management LLC purchased a new position in Accolade in the third quarter worth $456,000. 84.99% of the stock is owned by institutional investors.

Accolade Trading Up 4.4 %

Shares of NASDAQ ACCD opened at $3.56 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.72 and a current ratio of 2.72. Accolade, Inc. has a 52 week low of $3.08 and a 52 week high of $15.36. The business has a 50-day simple moving average of $3.76 and a two-hundred day simple moving average of $4.94.

Accolade (NASDAQ:ACCD) last released its quarterly earnings data on Tuesday, October 8th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.14. The company had revenue of $106.40 million during the quarter, compared to analyst estimates of $104.87 million. Accolade had a negative net margin of 18.16% and a negative return on equity of 18.43%. Accolade’s revenue was up 9.8% compared to the same quarter last year. During the same period last year, the business earned ($0.43) earnings per share. On average, equities analysts predict that Accolade, Inc. will post -0.92 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $8.00 target price on shares of Accolade in a research note on Monday, October 7th. Wells Fargo & Company lowered 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. Truist Financial reduced their target price on shares of Accolade from $9.00 to $7.50 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Canaccord Genuity Group lowered their price target on shares of Accolade from $13.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Finally, Barclays reduced their price objective on Accolade from $5.50 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.04.

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.