Morgan Stanley Cuts Accolade (NASDAQ:ACCD) Price Target to $5.00

Accolade (NASDAQ:ACCD) had its price target lowered by Morgan Stanley from $6.00 to $5.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

ACCD has been the subject of a number of other research reports. Truist Financial lowered their price target on 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 dropped their price target on Accolade from $13.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Barclays reduced their price objective on shares of Accolade from $5.50 to $5.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 target price on shares of Accolade in a research report on Monday, October 7th. Finally, Wells Fargo & Company cut their target price on shares of Accolade from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.96.

Accolade Stock Performance

Shares of ACCD stock opened at $3.32 on Tuesday. The company has a market capitalization of $267.38 million, a P/E ratio of -3.22 and a beta of 2.07. Accolade has a fifty-two week low of $3.08 and a fifty-two week high of $15.36. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.72 and a current ratio of 2.72. The stock has a 50 day moving average price of $3.52 and a two-hundred day moving average price of $4.10.

Accolade (NASDAQ:ACCD) last announced 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 net margin of 18.16% and a negative return on equity of 18.43%. The business had revenue of $106.40 million during the quarter, compared to analysts’ expectations of $104.87 million. During the same quarter in the prior year, the company posted ($0.43) EPS. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. Analysts expect that Accolade will post -0.92 earnings per share for the current year.

Insider Activity

In related news, CEO Rajeev Singh sold 13,357 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $3.60, for a total value of $48,085.20. Following the sale, the chief executive officer now owns 814,316 shares in the company, valued at approximately $2,931,537.60. This trade represents a 1.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 42,095 shares of company stock valued at $150,475 in the last 90 days. 8.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Accolade

A number of institutional investors and hedge funds have recently modified their holdings of ACCD. Mission Creek Capital Partners Inc. bought a new position in Accolade in the third quarter valued at about $38,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Accolade in the third quarter worth approximately $46,000. SG Americas Securities LLC bought a new stake in shares of Accolade during the 2nd quarter valued at $43,000. Wolverine Trading LLC purchased a new stake in shares of Accolade in the 3rd quarter worth $51,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised 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 purchasing an additional 3,789 shares during the period. 84.99% of the stock is currently owned by hedge funds and other 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.