Cantor Fitzgerald analyst Steven Halper reiterated a Buy rating on Castlight Health (NYSE: CSLT) today and set a price target of $5. The company’s shares opened today at $3.70.
Halper said:
“. We reiterate our Overweight rating on CSLT shares and our 12-month price target is $5. After the close on the company announced several management changes. and former Jiff CEO will be leaving the company. Mr. Newell will also step down from the Board of Directors. Jiff was an important acquisition for Castlight as it accelerated and enhanced the company’s product strategy (away from just transparency). It also improved CSLT’s sales capabilities. The company is in the process of re-platforming the Jiff product onto its platform, which should be launch later this year.”
According to TipRanks.com, Halper is a top 100 analyst with an average return of 20.0% and a 71.9% success rate. Halper covers the Services sector, focusing on stocks such as WellCare Health Plans, Tivity Health Inc, and Hms Holdings Corp.
Castlight Health has an analyst consensus of Moderate Buy, with a price target consensus of $5.
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Based on Castlight Health’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $14.44 million. In comparison, last year the company had a GAAP net loss of $14.81 million.
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Castlight Health, Inc. engages in the provision of healthcare information technology solutions. It offers health benefits platforms which enables benefit leaders to communicate and measure their programs. The company was founded by Todd Y. Park, Bryan E. Roberts, and Giovanni M. Colella in January 2008 and is headquartered in San Francisco, CA.
