US LNG exports surge but will buyers in China turn up?
Accolade, Inc. (NASDAQ:ACCD) President Robert Cavanaugh recently reported a stock sale valued at $3,828, according to a filing with the Securities and Exchange Commission. The transaction, dated March 4, involved the sale of 550 shares of Accolade’s common stock at a price of $6.96 per share. The sale comes amid strong momentum for ACCD shares, which have surged 65% over the past six months and more than doubled year-to-date. InvestingPro analysis suggests the stock is currently trading below its Fair Value.
The sale was executed to cover tax withholding obligations tied to the vesting and settlement of restricted stock units (RSUs), as noted in the filing. This mandatory "sell to cover" transaction was not a discretionary action by Cavanaugh. According to InvestingPro data, ACCD has shown significant price volatility, with 7 additional exclusive ProTips available to subscribers.
On March 3, Cavanaugh also converted 1,569 RSUs into common stock, increasing his direct ownership to 218,458 shares. These RSUs, granted on June 27, 2023, are set to vest gradually, with a portion vesting on the first anniversary of the vesting commencement date, June 1, 2024. The company, currently valued at $571 million, maintains strong liquidity with a current ratio of 2.63.
In other recent news, Accolade Inc . has announced its acquisition by Transcarent, a private healthcare company, for $621 million in an all-cash transaction. Accolade shareholders will receive $7.03 per share, a substantial premium over the previous stock price. This acquisition is expected to be completed in the second quarter of 2025, pending regulatory and stockholder approvals. Following the announcement, Raymond (NSE:RYMD) James adjusted its rating on Accolade from Outperform to Market Perform, reflecting the acquisition’s impact on the company’s market performance.
Meanwhile, Stifel downgraded Accolade’s stock from Buy to Hold, aligning its price target with the offer price of $7.03, suggesting limited near-term movement. Truist Securities, however, maintained a Buy rating and reiterated a $7.50 price target, highlighting the synergistic potential of the merger. The merger is expected to enhance the combined entity’s market position, serving over 1,400 employer and payer clients. Accolade’s previous financial guidance has been withdrawn, and the company plans to report its third-quarter financial results within the previously provided guidance range. These developments mark significant changes for Accolade as it transitions to becoming a privately held company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.