Castlight Health, inc. (CSLT) Upgraded to “Buy” by Canaccord Genuity

Castlight Health, inc. (NYSE:CSLT) was upgraded by investment analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, MarketBeat reports.

Several other research firms also recently issued reports on CSLT. BidaskClub raised Castlight Health, inc. from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 13th. ValuEngine downgraded Castlight Health, inc. from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. Cowen and Company reissued a “market perform” rating and issued a $4.50 price target (up previously from $4.00) on shares of Castlight Health, inc. in a research note on Thursday, August 3rd. Finally, Dougherty & Co reissued a “buy” rating on shares of Castlight Health, inc. in a research note on Thursday, August 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $4.63.

Castlight Health, inc. (NYSE CSLT) traded down 1.10% on Tuesday, reaching $4.50. The company had a trading volume of 475,762 shares. Castlight Health, inc. has a 12 month low of $3.05 and a 12 month high of $5.50. The stock’s market capitalization is $592.59 million. The firm has a 50 day moving average price of $4.09 and a 200-day moving average price of $4.01.

Castlight Health, inc. (NYSE:CSLT) last posted its earnings results on Wednesday, August 2nd. The software maker reported ($0.07) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.02. The firm had revenue of $32.10 million for the quarter, compared to analyst estimates of $31.14 million. Castlight Health, inc. had a negative return on equity of 36.30% and a negative net margin of 42.54%. The company’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.11) earnings per share. Analysts forecast that Castlight Health, inc. will post ($0.25) earnings per share for the current fiscal year.

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In related news, CFO Mangini Siobhan Nolan sold 28,639 shares of Castlight Health, inc. stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $3.66, for a total value of $104,818.74. Following the sale, the chief financial officer now owns 41,622 shares of the company’s stock, valued at $152,336.52. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Giovanni M. Colella sold 26,800 shares of Castlight Health, inc. stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $3.89, for a total value of $104,252.00. Following the completion of the sale, the insider now directly owns 78,906 shares in the company, valued at approximately $306,944.34. The disclosure for this sale can be found here. Insiders sold a total of 208,287 shares of company stock worth $795,240 in the last three months. Company insiders own 37.43% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Oxford Asset Management acquired a new stake in shares of Castlight Health, inc. in the first quarter valued at about $102,000. Voya Investment Management LLC increased its position in shares of Castlight Health, inc. by 25.4% in the second quarter. Voya Investment Management LLC now owns 26,929 shares of the software maker’s stock valued at $112,000 after acquiring an additional 5,453 shares during the last quarter. Stifel Financial Corp increased its position in shares of Castlight Health, inc. by 4.3% in the first quarter. Stifel Financial Corp now owns 36,500 shares of the software maker’s stock valued at $133,000 after acquiring an additional 1,500 shares during the last quarter. Nationwide Fund Advisors increased its position in shares of Castlight Health, inc. by 49.5% in the second quarter. Nationwide Fund Advisors now owns 36,418 shares of the software maker’s stock valued at $151,000 after acquiring an additional 12,061 shares during the last quarter. Finally, FNY Partners Fund LP acquired a new stake in shares of Castlight Health, inc. in the first quarter valued at about $164,000. 41.29% of the stock is currently owned by institutional investors and hedge funds.

About Castlight Health, inc.

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 technology offering aggregates data and applies analytics to make healthcare data transparent.

Analyst Recommendations for Castlight Health, inc. (NYSE:CSLT)

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