Why Shares of Accolade Fell This Week
Shares of Accolade (NASDAQ: ACCD) were down more than 25% for the week as of 10 a.m. on Friday, according to data provided by S&P Global Market Intelligence. The healthcare benefits company's stock closed last week at $10.58 a share then fell to as low as $7.70 in early trading on Friday. The stock is still up nearly 3% so far this year.
Accolade announced fiscal 2024 second-quarter earnings after the markets closed Wednesday, and the results were mixed. Revenue was up 11% year over year to $96.9 million, and the company's net loss was $32.8 million, down 29% over the same period last year. Considering the news, investors and analysts were disappointed that the company maintained its yearly guidance for revenue to be between $410 million and $414 million.
Several analysts downgraded their positions on Accolade stock on Thursday.
Source Fool.com
