Zacks Investment Research downgraded shares of Castlight Health Inc. (NYSE:CSLT) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.
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 analysts have also recently weighed in on CSLT. FBR & Co reiterated a hold rating and set a $4.00 price objective on shares of Castlight Health in a report on Wednesday, August 10th. Canaccord Genuity reiterated a hold rating and set a $5.00 price objective on shares of Castlight Health in a report on Thursday, August 11th. Finally, Morgan Stanley reiterated a hold rating and set a $4.00 price objective on shares of Castlight Health in a report on Thursday, August 25th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Castlight Health has a consensus rating of Hold and an average price target of $4.67.
Shares of Castlight Health (NYSE:CSLT) traded up 0.271% during midday trading on Tuesday, reaching $4.071. The company’s stock had a trading volume of 12,215 shares. The firm’s market cap is $418.09 million. The company has a 50-day moving average price of $4.14 and a 200-day moving average price of $3.98. Castlight Health has a 12 month low of $2.54 and a 12 month high of $5.39.
Castlight Health (NYSE:CSLT) last released its quarterly earnings data on Monday, August 8th. The company reported ($0.11) earnings per share for the quarter, beating the Thomson Reuters’ 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 business had revenue of $23.60 million for the quarter, compared to analysts’ expectations of $23.09 million. During the same quarter in the previous year, the business posted ($0.19) EPS. Castlight Health’s revenue for the quarter was up 27.6% on a year-over-year basis. Equities analysts expect 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 that occurred on Tuesday, August 16th. The stock was sold at an average price of $4.25, for a total transaction of $35,215.50. Following the transaction, the insider now owns 70,791 shares of the company’s stock, valued at approximately $300,861.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 37.43% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Spark Investment Management LLC bought a new position in Castlight Health during the first quarter valued at $537,000. State Street Corp raised its position 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 raised its position 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 raised its position 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 raised its position 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 hedge funds and other 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.