Castlight Health (CSLT) Shares Up -2.6%

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Castlight Health Inc (NYSE:CSLT) shares shot up 2.6% during mid-day trading on Monday . The company traded as high as $3.10 and last traded at $2.97. 6,914 shares traded hands during trading, a decline of 99% from the average session volume of 535,927 shares. The stock had previously closed at $3.05.

A number of brokerages recently issued reports on CSLT. Chardan Capital boosted their price objective on shares of Castlight Health from $5.75 to $6.00 and gave the company a “buy” rating in a report on Friday, May 11th. ValuEngine upgraded shares of Castlight Health from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Canaccord Genuity decreased their price objective on shares of Castlight Health from $7.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, July 31st. Cantor Fitzgerald restated a “buy” rating and set a $5.00 price objective on shares of Castlight Health in a report on Thursday, May 10th. Finally, Zacks Investment Research upgraded shares of Castlight Health from a “hold” rating to a “buy” rating and set a $5.00 price objective for the company in a report on Wednesday, July 11th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $5.56.

The firm has a market cap of $427.05 million, a price-to-earnings ratio of -11.23 and a beta of 1.19. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.02.

Castlight Health (NYSE:CSLT) last released its quarterly earnings results on Monday, July 30th. The software maker reported ($0.09) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.09). The company had revenue of $37.70 million during the quarter, compared to analysts’ expectations of $36.85 million. Castlight Health had a negative net margin of 38.02% and a negative return on equity of 22.89%. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.07) earnings per share. equities research analysts expect that Castlight Health Inc will post -0.3 earnings per share for the current fiscal year.

In other news, CFO Mangini Siobhan Nolan sold 5,619 shares of the company’s stock in a transaction that occurred on Friday, July 20th. The shares were sold at an average price of $5.18, for a total value of $29,106.42. Following the completion of the transaction, the chief financial officer now owns 141,109 shares in the company, valued at $730,944.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Seth B. Cohen sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 23rd. The shares were sold at an average price of $5.47, for a total transaction of $136,750.00. Following the completion of the transaction, the director now owns 297,716 shares of the company’s stock, valued at approximately $1,628,506.52. The disclosure for this sale can be found here. Insiders sold 74,711 shares of company stock valued at $366,921 in the last quarter. Corporate insiders own 22.58% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co. NY acquired a new position in shares of Castlight Health in the second quarter valued at approximately $120,000. MetLife Investment Advisors LLC bought a new stake in shares of Castlight Health in the fourth quarter worth $126,000. Allianz Asset Management GmbH bought a new stake in shares of Castlight Health in the first quarter worth $180,000. Rhumbline Advisers lifted its position in shares of Castlight Health by 30.9% in the second quarter. Rhumbline Advisers now owns 69,922 shares of the software maker’s stock worth $297,000 after purchasing an additional 16,520 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of Castlight Health by 13.1% in the first quarter. Swiss National Bank now owns 122,550 shares of the software maker’s stock worth $447,000 after purchasing an additional 14,200 shares in the last quarter. Institutional investors own 48.52% of the company’s stock.

About Castlight Health (NYSE:CSLT)

Castlight Health, Inc provides a software-as-a-service platform used for health benefits navigation for employees in the United States. Its platform matches employees to the resources their employers make available to them; managing a condition; and assists them to manage their benefits. The company also offers communication and testing, implementation, and user customer support services.

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