Accolade (NASDAQ:ACCD) Shares Gap Up on Earnings Beat

Accolade, Inc. (NASDAQ:ACCD)’s stock price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $6.13, but opened at $6.33. Accolade shares last traded at $6.34, with a volume of 602,666 shares.

The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.13. Accolade had a negative net margin of 20.62% and a negative return on equity of 20.26%. The firm had revenue of $110.50 million for the quarter, compared to the consensus estimate of $105.22 million. During the same quarter in the previous year, the company earned ($0.52) earnings per share. The business’s revenue was up 18.6% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ACCD. Truist Financial lowered their price objective on Accolade from $14.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday. Guggenheim cut their price objective on Accolade from $13.00 to $6.00 and set a “buy” rating for the company in a report on Friday. Barclays dropped their target price on shares of Accolade from $11.00 to $5.50 and set an “equal weight” rating for the company in a research report on Friday. Needham & Company LLC restated a “buy” rating and issued a $13.00 price target on shares of Accolade in a research report on Monday, June 24th. Finally, Morgan Stanley dropped their price objective on shares of Accolade from $12.00 to $6.00 and set an “equal weight” rating for the company in a report on Friday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.89.

Insiders Place Their Bets

In related news, CAO Colin Mchugh sold 5,543 shares of Accolade stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $6.62, for a total transaction of $36,694.66. Following the completion of the sale, the chief accounting officer now directly owns 50,177 shares of the company’s stock, valued at $332,171.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders sold 14,746 shares of company stock valued at $104,586. 8.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Fairman Group LLC bought a new position in shares of Accolade during the fourth quarter worth $14,139,000. Ieq Capital LLC bought a new position in Accolade during the fourth quarter worth about $13,387,000. ARK Investment Management LLC grew its stake in Accolade by 12.6% in the fourth quarter. ARK Investment Management LLC now owns 6,805,208 shares of the company’s stock valued at $81,731,000 after acquiring an additional 762,685 shares during the period. JFG Wealth Management LLC bought a new stake in shares of Accolade in the fourth quarter worth about $5,657,000. Finally, Bellevue Group AG raised its position in shares of Accolade by 6.6% during the first quarter. Bellevue Group AG now owns 4,804,514 shares of the company’s stock worth $50,351,000 after purchasing an additional 297,110 shares during the period. Institutional investors and hedge funds own 84.99% of the company’s stock.

Accolade Trading Down 44.0 %

The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.47. The stock has a 50-day moving average price of $7.09 and a 200 day moving average price of $9.66.

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.