Castlight Health Inc. (CSLT) Downgraded by Zacks Investment Research
Castlight Health Inc. (NYSE:CSLT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note 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 analysts have also issued reports about the stock. FBR & Co restated a “hold” rating and issued a $4.00 price objective on shares of Castlight Health in a report on Wednesday, August 10th. Canaccord Genuity restated a “hold” rating and issued a $5.00 price objective 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 objective on shares of Castlight Health in a report on Thursday, August 25th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $4.67.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/11/castlight-health-inc-cslt-downgraded-by-zacks-investment-research.html
Shares of Castlight Health (NYSE:CSLT) traded down 3.79% during mid-day trading on Tuesday, reaching $4.06. The company’s stock had a trading volume of 148,266 shares. The company has a 50-day moving average of $4.13 and a 200-day moving average of $3.98. The company’s market cap is $416.96 million. Castlight Health has a 12 month low of $2.54 and a 12 month high of $5.39.
Castlight Health (NYSE:CSLT) last posted its earnings results on Monday, August 8th. The company reported ($0.11) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.02. The company earned $23.60 million during the quarter, compared to analyst estimates of $23.09 million. Castlight Health had a negative net margin of 88.48% and a negative return on equity of 62.65%. Castlight Health’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.19) earnings per share. Equities research analysts forecast that Castlight Health will post ($0.40) earnings per share for the current fiscal year.
In related 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 completion of the sale, the insider now owns 70,791 shares of the company’s stock, valued at $300,861.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 37.43% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Castlight Health during the second quarter valued at $136,000. Stifel Financial Corp increased its stake 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 valued at $152,000 after buying an additional 11,130 shares during the period. KCG Holdings Inc. increased its stake 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 valued at $196,000 after buying an additional 38,948 shares during the period. Teachers Advisors Inc. increased its stake in shares of Castlight Health by 13.6% in the second quarter. Teachers Advisors Inc. now owns 58,064 shares of the company’s stock valued at $230,000 after buying an additional 6,947 shares during the period. Finally, Concourse Capital Management LLC increased its stake in shares of Castlight Health by 13.4% in the second quarter. Concourse Capital Management LLC now owns 68,286 shares of the company’s stock valued at $270,000 after buying an additional 8,046 shares during the period. 51.35% of the stock is 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Castlight Health Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Castlight Health Inc. and related companies with MarketBeat.com's FREE daily email newsletter.