Zacks Investment Research Downgrades Castlight Health Inc. (CSLT) to Hold
Castlight Health Inc. (NYSE:CSLT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Castlight Health, Inc. operates as a provider of cloud-based software. Its enables enterprises to gain control over their rapidly escalating health care costs. The Company’s Enterprise Healthcare Cloud allows its customers to conquer the complexity of the existing health care system by providing personalized, actionable information to their employees, implementing technology-enabled benefit designs and integrating disparate systems and applications. Castlight Health, Inc. is headquartered in San Francisco, California. “
Several other equities research analysts have also commented on CSLT. FBR & Co restated a “hold” rating and issued a $4.00 price target on shares of Castlight Health in a report on Wednesday, August 10th. Canaccord Genuity restated a “hold” rating and issued a $5.00 price target on shares of Castlight Health in a report on Thursday, August 11th. Finally, Morgan Stanley restated a “hold” rating and issued a $4.00 price target on shares of Castlight Health in a report on Thursday, August 25th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $4.67.
Castlight Health (NYSE:CSLT) opened at 4.11 on Tuesday. Castlight Health has a 52 week low of $2.54 and a 52 week high of $5.39. The stock’s market cap is $422.09 million. The stock’s 50 day moving average is $4.13 and its 200 day moving average is $3.99.
Castlight Health (NYSE:CSLT) last posted its quarterly earnings results on Monday, August 8th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.02. Castlight Health had a negative net margin of 88.48% and a negative return on equity of 62.65%. The business earned $23.60 million during the quarter, compared to analyst estimates of $23.09 million. During the same quarter in the previous year, the business posted ($0.19) EPS. The company’s quarterly revenue was up 27.6% compared to the same quarter last year. Analysts predict that Castlight Health will post ($0.40) EPS for the current year.
In related news, insider Jonathan Rende sold 8,286 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $4.25, for a total transaction of $35,215.50. Following the completion of the transaction, the insider now owns 70,791 shares in the company, valued at approximately $300,861.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 37.43% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CSLT. Schwab Charles Investment Management Inc. raised its position in Castlight Health by 1.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 95,094 shares of the company’s stock valued at $377,000 after buying an additional 1,638 shares during the period. Stifel Financial Corp raised its position in shares of Castlight Health by 40.9% in the second quarter. Stifel Financial Corp now owns 38,330 shares of the company’s stock worth $152,000 after buying an additional 11,130 shares during the last quarter. Metropolitan Life Insurance Co. NY bought a new position in shares of Castlight Health during the second quarter worth about $136,000. Polar Capital LLP raised its position in shares of Castlight Health by 60.5% in the second quarter. Polar Capital LLP now owns 419,704 shares of the company’s stock worth $1,654,000 after buying an additional 158,246 shares during the last quarter. Finally, KCG Holdings Inc. raised its position in shares of Castlight Health by 370.4% in the second quarter. KCG Holdings Inc. now owns 49,463 shares of the company’s stock worth $196,000 after buying an additional 38,948 shares during the last quarter. Hedge funds and other institutional investors own 51.35% of the company’s stock.
Castlight Health Company Profile
Castlight Health, Inc offers a health benefits platform that engages employees to make healthcare decisions, and enables employers to communicate and measure their benefit programs. The Company operates through cloud-based products segment. Its products deliver employee engagement and enable employers to integrate benefit programs into a single platform available to employees and their families.
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