Short Interest in Accolade, Inc. (NASDAQ:ACCD) Declines By 25.1%

Accolade, Inc. (NASDAQ:ACCD) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 3,640,000 shares, a decrease of 25.1% from the October 31st total of 4,860,000 shares. Based on an average daily trading volume, of 1,270,000 shares, the days-to-cover ratio is presently 2.9 days.

Wall Street Analysts Forecast Growth

ACCD has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $8.00 target price on shares of Accolade in a report on Monday, October 7th. Barclays lowered their price objective on shares of Accolade from $5.50 to $5.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 9th. Truist Financial dropped their target price on Accolade from $9.00 to $7.50 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Canaccord Genuity Group cut their price objective on shares of Accolade from $13.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, Stephens reduced their price objective on Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Accolade has a consensus rating of “Moderate Buy” and an average target price of $9.04.

Accolade Trading Up 2.9 %

NASDAQ:ACCD opened at $3.86 on Friday. The company has a quick ratio of 2.72, a current ratio of 2.72 and a debt-to-equity ratio of 0.49. Accolade has a 52-week low of $3.08 and a 52-week high of $15.36. The stock’s 50 day moving average price is $3.61 and its 200 day moving average price is $4.47. The company has a market capitalization of $310.88 million, a PE ratio of -3.75 and a beta of 2.02.

Accolade (NASDAQ:ACCD) last released its quarterly earnings results on Tuesday, October 8th. The company reported ($0.30) EPS 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 firm had revenue of $106.40 million during the quarter, compared to the consensus estimate of $104.87 million. During the same quarter in the prior year, the firm earned ($0.43) EPS. Accolade’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, research analysts anticipate that Accolade will post -0.92 EPS for the current year.

Institutional Investors Weigh In On Accolade

Large investors have recently modified their holdings of the stock. Clearline Capital LP acquired a new position in shares of Accolade during the second quarter worth about $2,974,000. Whetstone Capital Advisors LLC acquired a new stake in shares of Accolade during the 3rd quarter valued at approximately $3,842,000. Cubist Systematic Strategies LLC raised its holdings in Accolade by 273.4% during the second quarter. Cubist Systematic Strategies LLC now owns 260,040 shares of the company’s stock worth $931,000 after purchasing an additional 190,396 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Accolade during the 2nd quarter worth $1,229,000. Finally, Johnson Financial Group LLC acquired a new stake in shares of Accolade in the third quarter valued at approximately $1,642,000. Hedge funds and other institutional investors own 84.99% of the company’s stock.

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.