Accolade (NASDAQ:ACCD) Shares Gap Up – Here’s What Happened

Accolade, Inc. (NASDAQ:ACCD) shares gapped up before the market opened on Wednesday . The stock had previously closed at $3.35, but opened at $6.88. Accolade shares last traded at $6.88, with a volume of 5,400,398 shares.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ACCD. Raymond James reiterated a “market perform” rating on shares of Accolade in a research report on Thursday. Canaccord Genuity Group restated a “hold” rating on shares of Accolade in a research report on Wednesday. Stifel Nicolaus reaffirmed a “hold” rating and set a $7.03 price objective (down previously from $8.00) on shares of Accolade in a report on Thursday. Wells Fargo & Company dropped their price target on Accolade from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Friday, October 11th. Finally, Stephens decreased their price objective on shares of Accolade from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Ten investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Accolade presently has an average rating of “Hold” and a consensus price target of $7.55.

Accolade Price Performance

The company has a debt-to-equity ratio of 0.49, a current ratio of 2.72 and a quick ratio of 2.72. The company’s 50 day simple moving average is $3.66 and its 200 day simple moving average is $3.83. The stock has a market cap of $550.87 million, a P/E ratio of -6.64 and a beta of 2.08.

Accolade (NASDAQ:ACCD) last posted its quarterly earnings data on Friday, January 10th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.01. Accolade had a negative return on equity of 18.43% and a negative net margin of 18.16%. As a group, equities analysts forecast that Accolade, Inc. will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Rajeev Singh sold 13,357 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $3.60, for a total transaction of $48,085.20. Following the completion of the sale, the chief executive officer now directly owns 814,316 shares in the company, valued at $2,931,537.60. This represents a 1.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders sold 40,881 shares of company stock valued at $144,987. Insiders own 8.20% of the company’s stock.

Institutional Trading of Accolade

Several institutional investors have recently modified their holdings of the business. Millennium Management LLC grew its stake in shares of Accolade by 244.7% in the 2nd quarter. Millennium Management LLC now owns 2,623,201 shares of the company’s stock valued at $9,391,000 after buying an additional 1,862,178 shares during the period. Whetstone Capital Advisors LLC acquired a new stake in Accolade in the third quarter valued at approximately $3,842,000. Clearline Capital LP bought a new stake in shares of Accolade during the second quarter valued at approximately $2,974,000. Point72 Asset Management L.P. acquired a new position in shares of Accolade during the third quarter worth approximately $2,378,000. Finally, Johnson Financial Group LLC bought a new position in shares of Accolade in the 3rd quarter worth $1,642,000. Institutional investors own 84.99% of the company’s stock.

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 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.