Accolade (NASDAQ:ACCD) Shares Gap Up – Should You Buy?

Shares of Accolade, Inc. (NASDAQ:ACCD) 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.

Analyst Upgrades and Downgrades

ACCD has been the subject of several research reports. Leerink Partnrs downgraded Accolade from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Truist Financial reduced their price objective on Accolade from $9.00 to $7.50 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Company cut their target price on shares of Accolade from $7.00 to $6.00 and set an “equal weight” rating for the company in a research note on Friday, October 11th. Leerink Partners reaffirmed a “market perform” rating on shares of Accolade in a research note on Wednesday. Finally, William Blair downgraded shares of Accolade from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $7.55.

Accolade Trading Down 0.3 %

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 firm has a fifty day moving average of $3.66 and a 200-day moving average of $3.83. The firm 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 released its quarterly earnings results on Friday, January 10th. The company reported ($0.30) earnings per share (EPS) 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%. Equities research analysts forecast that Accolade, Inc. will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Rajeev Singh sold 13,357 shares of Accolade 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 owns 814,316 shares of the company’s stock, valued at approximately $2,931,537.60. This trade represents a 1.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 40,881 shares of company stock worth $144,987 over the last ninety days. 8.20% of the stock is currently owned by company insiders.

Institutional Trading of 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 shares of Accolade during the 3rd quarter worth about $38,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in shares of Accolade in the 3rd quarter worth approximately $46,000. Wolverine Trading LLC bought a new stake in shares of Accolade in the 3rd quarter worth approximately $51,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Accolade by 1,144.1% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 20,913 shares of the company’s stock worth $81,000 after purchasing an additional 19,232 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in shares of Accolade during the third quarter valued at approximately $96,000. 84.99% of the stock is currently owned by institutional investors and hedge funds.

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.