Why Shares of Accolade Soared This Week
Shares of Accolade (NASDAQ: ACCD) were up as much as 25% for the week early Friday, according to data provided by S&P Global Market Intelligence. The stock closed last week at $7.43 a share, and then rose to as high as $10.01 on Tuesday. It saw a 52-week low of $4.61 and a 52-week high of $22.92 and is down more than 56% over the past 12 months.
The independent health benefits navigator announced third-quarter earnings on Monday. Accolade reported revenue of $90.9 million, up 9% year over year, and a net income loss of $39.9 million, compared to positive net income of $22.5 in the same period a year ago.
What really drove the healthcare stock up was likely the company's fiscal 2023 and 2024 forecasts, which surpassed analysts' projections. The company said it expects revenue in fiscal 2023 (which ends Feb. 28) of between $361 million and $365 million, compared to $310 million in fiscal 2022. For 2024, the company's preliminary forecast projected revenue of $410 million.
Source Fool.com
