Pallas Capital Advisors LLC Purchases New Position in Accolade, Inc. (NASDAQ:ACCD)

Pallas Capital Advisors LLC acquired a new position in shares of Accolade, Inc. (NASDAQ:ACCD) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 11,235 shares of the company’s stock, valued at approximately $38,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Millennium Management LLC raised its holdings in shares of Accolade by 244.7% during 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 purchased a new stake in shares of Accolade during the third quarter valued at approximately $3,842,000. Clearline Capital LP acquired a new position in shares of Accolade during the second quarter worth $2,974,000. Point72 Asset Management L.P. purchased a new position in shares of Accolade in the third quarter valued at $2,378,000. Finally, Johnson Financial Group LLC acquired a new stake in Accolade during the 3rd quarter valued at $1,642,000. Hedge funds and other institutional investors own 84.99% of the company’s stock.

Accolade Price Performance

Shares of NASDAQ:ACCD opened at $6.86 on Thursday. The company has a market cap of $552.48 million, a PE ratio of -6.66 and a beta of 2.08. Accolade, Inc. has a fifty-two week low of $3.08 and a fifty-two week high of $13.93. The firm has a 50-day simple moving average of $3.88 and a 200 day simple moving average of $3.83. 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 (NASDAQ:ACCD) last posted its earnings results on Friday, January 10th. The company reported ($0.30) EPS for the quarter, beating 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%. On average, sell-side analysts anticipate that Accolade, Inc. will post -0.92 EPS for the current year.

Insider Buying and Selling

In other news, CEO Rajeev Singh sold 13,357 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $3.60, for a total transaction of $48,085.20. Following the completion of the transaction, the chief executive officer now owns 814,316 shares of the company’s stock, valued at approximately $2,931,537.60. The trade was a 1.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 41,298 shares of company stock worth $149,987 in the last three months. 8.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ACCD. Morgan Stanley decreased their price objective on shares of Accolade from $6.00 to $5.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 17th. Needham & Company LLC restated a “hold” rating on shares of Accolade in a research note on Wednesday, January 8th. Canaccord Genuity Group reaffirmed a “hold” rating on shares of Accolade in a research report on Wednesday, January 8th. Stifel Nicolaus reissued a “hold” rating and set a $7.03 price target (down previously from $8.00) on shares of Accolade in a research report on Thursday, January 9th. Finally, Leerink Partners reaffirmed a “market perform” rating on shares of Accolade in a report on Wednesday, January 8th. Twelve analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.55.

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.