Acadian Asset Management LLC Invests $1.23 Million in Accolade, Inc. (NASDAQ:ACCD)

Acadian Asset Management LLC bought a new position in shares of Accolade, Inc. (NASDAQ:ACCD) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 343,704 shares of the company’s stock, valued at approximately $1,229,000.

Several other hedge funds have also modified their holdings of ACCD. SG Americas Securities LLC purchased a new stake in shares of Accolade during the 2nd quarter worth about $43,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Accolade by 22.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,373 shares of the company’s stock worth $73,000 after acquiring an additional 3,789 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Accolade during the 1st quarter worth about $87,000. Versor Investments LP purchased a new stake in shares of Accolade during the 2nd quarter worth about $150,000. Finally, GGV Capital LLC lifted its stake in Accolade by 242.9% in the 1st quarter. GGV Capital LLC now owns 18,063 shares of the company’s stock valued at $189,000 after buying an additional 12,795 shares in the last quarter. 84.99% of the stock is owned by hedge funds and other institutional investors.

Accolade Stock Up 8.4 %

Shares of NASDAQ ACCD opened at $4.26 on Monday. The company has a 50 day simple moving average of $3.94 and a 200-day simple moving average of $6.47. The company has a market capitalization of $340.83 million, a P/E ratio of -3.67 and a beta of 2.00. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.80 and a quick ratio of 2.80. Accolade, Inc. has a 1 year low of $3.35 and a 1 year high of $15.36.

Accolade (NASDAQ:ACCD) last posted its earnings results on Thursday, June 27th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.48) by $0.13. Accolade had a negative net margin of 20.62% and a negative return on equity of 20.30%. The firm had revenue of $110.50 million during the quarter, compared to the consensus estimate of $105.22 million. During the same quarter last year, the firm earned ($0.52) EPS. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. On average, equities research analysts predict that Accolade, Inc. will post -1.11 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ACCD shares. Barclays decreased their price target on shares of Accolade from $11.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Friday, June 28th. Truist Financial decreased their price target on shares of Accolade from $14.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Morgan Stanley decreased their price target on shares of Accolade from $12.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Friday, June 28th. Guggenheim decreased their price target on shares of Accolade from $13.00 to $6.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 price target on shares of Accolade in a research note on Monday, June 24th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.65.

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 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.