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Rajeev Singh, Chief Executive Officer of Accolade, Inc. (NASDAQ:ACCD), recently sold 541 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold on January 13 at an average price of $6.879 per share, amounting to a total transaction value of $3,721. The transaction comes as Accolade, currently valued at approximately $559 million, shows strong momentum with a nearly 104% return over the past week. According to InvestingPro analysis, the company maintains a "GREAT" overall financial health score of 3.04 out of 5. This sale was conducted to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs), as noted in the filing.
Additionally, on January 10, Singh acquired 1,650 shares of common stock following the conversion of RSUs. These transactions did not involve any cash exchange as each RSU was converted into one share of common stock, as specified in the filing.
Following these transactions, Singh holds 819,588 shares directly. He also has indirect ownership of 651,619 shares through Avanti Holdings, LLC, where he has voting and investment power. The stock currently trades near $6.85, having recovered significantly from its 52-week low of $3.08, though still well below its high of $14.73.
In other recent news, Accolade's financial performance surpassed revenue expectations with a total of $106.4 million. The company also reaffirmed its fiscal year 2025 revenue guidance between $460 million to $475 million. However, Wells Fargo (NYSE:WFC) suggested potential revenue delays into FY26 due to extended contract negotiations. Accolade also announced a significant merger with Transcarent, which is anticipated to bolster Accolade's market position by combining its health solutions with Transcarent's WayFinding solutions. This merger is expected to provide a broader range of services to over 1,400 employer and payer clients.
Accolade's stock rating was downgraded from Buy to Hold by Stifel analysts, following a review of the company's strategic peer transitions and the assumption of a comprehensive process. The firm adjusted the price target for Accolade to $7.03, reflecting the offer price for the company. Other analyst firms such as Truist Securities, Stephens, Wells Fargo, and Canaccord Genuity also adjusted their ratings and price targets for Accolade's stock.
These are the recent developments involving Accolade, including the company's financial performance, merger with Transcarent, and changes in stock ratings by various analyst firms.
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