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 research 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. “
Other research analysts also recently issued research reports about the stock. Canaccord Genuity reiterated a “hold” rating and issued a $5.00 price target on shares of Castlight Health in a research note on Sunday, September 11th. Morgan Stanley reiterated a “hold” rating and issued a $4.00 price target on shares of Castlight Health in a research note on Thursday, August 25th. Finally, FBR & Co reiterated a “hold” rating and issued a $4.00 price target on shares of Castlight Health in a research note on Wednesday, August 10th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Castlight Health currently has a consensus rating of “Hold” and a consensus target price of $4.67.
Shares of Castlight Health (NYSE:CSLT) opened at 4.11 on Tuesday. The stock has a 50 day moving average of $4.13 and a 200 day moving average of $3.99. Castlight Health has a 12-month low of $2.54 and a 12-month high of $5.39. The stock’s market capitalization is $422.09 million.
Castlight Health (NYSE:CSLT) last issued its quarterly earnings results on Monday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company earned $23.60 million during the quarter, compared to the consensus estimate of $23.09 million. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. The firm’s quarterly revenue was up 27.6% on a year-over-year basis. Equities research analysts anticipate that Castlight Health will post ($0.40) EPS for the current fiscal year.
In other Castlight Health news, insider Jonathan Rende sold 8,286 shares of the firm’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 sale, the insider now owns 70,791 shares of the company’s stock, valued at $300,861.75. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 37.43% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Spark Investment Management LLC bought a new stake in Castlight Health during the first quarter worth $537,000. State Street Corp boosted its stake in Castlight Health by 16.5% in the first quarter. State Street Corp now owns 570,979 shares of the company’s stock worth $1,904,000 after buying an additional 80,998 shares during the last quarter. Geode Capital Management LLC boosted its stake in Castlight Health by 1.1% in the first quarter. Geode Capital Management LLC now owns 248,630 shares of the company’s stock worth $827,000 after buying an additional 2,763 shares during the last quarter. Prudential PLC boosted its stake in Castlight Health by 88.7% in the first quarter. Prudential PLC now owns 3,237,882 shares of the company’s stock worth $10,782,000 after buying an additional 1,521,759 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Castlight Health by 88.8% in the first quarter. Renaissance Technologies LLC now owns 339,400 shares of the company’s stock worth $1,130,000 after buying an additional 159,658 shares during the last quarter. 51.35% of the stock is currently owned by institutional investors.
About Castlight Health
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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