Castlight Health Inc. (CSLT) Rating Lowered to Hold at Zacks Investment Research
Castlight Health Inc. (NYSE:CSLT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors 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 research analysts have also recently issued reports on the company. Canaccord Genuity reaffirmed a “hold” rating and set a $5.00 target price on shares of Castlight Health in a research report on Sunday, September 11th. Morgan Stanley reaffirmed a “hold” rating and set a $4.00 target price on shares of Castlight Health in a research report on Thursday, August 25th. Finally, FBR & Co reaffirmed a “hold” rating and set a $4.00 target price on shares of Castlight Health in a research report on Wednesday, August 10th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $4.67.
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Castlight Health (NYSE:CSLT) traded down 3.79% on Tuesday, reaching $4.06. The company’s stock had a trading volume of 147,691 shares. The firm’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. The firm has a 50 day moving average of $4.13 and a 200 day moving average of $3.98.
Castlight Health (NYSE:CSLT) last announced its quarterly earnings data on Monday, August 8th. The company reported ($0.11) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.02. Castlight Health had a negative return on equity of 62.65% and a negative net margin of 88.48%. The firm earned $23.60 million during the quarter, compared to analysts’ expectations of $23.09 million. During the same quarter last year, the firm posted ($0.19) earnings per share. The company’s revenue for the quarter was up 27.6% compared to the same quarter last year. Analysts anticipate that Castlight Health will post ($0.40) earnings per share for the current year.
In other Castlight Health news, insider Jonathan Rende sold 8,286 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $4.25, for a total value of $35,215.50. Following the sale, the insider now directly owns 70,791 shares in the company, valued at $300,861.75. The sale was disclosed in a filing with the SEC, which is accessible through this link. 37.43% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of CSLT. Schwab Charles Investment Management Inc. raised its stake 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 worth $377,000 after buying an additional 1,638 shares during the last quarter. Geode Capital Management LLC raised its position in shares of 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 in the last quarter. Raymond James & Associates raised its position in shares of Castlight Health by 6.4% in the second quarter. Raymond James & Associates now owns 79,650 shares of the company’s stock worth $315,000 after buying an additional 4,800 shares in the last quarter. Teachers Advisors Inc. raised its position 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 worth $230,000 after buying an additional 6,947 shares in the last quarter. Finally, Concourse Capital Management LLC raised its position 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 worth $270,000 after buying an additional 8,046 shares in the last quarter. Hedge funds and other institutional investors own 51.35% of the company’s stock.
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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