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 $3.80.
Halper noted:
“. We reiterate our Overweight rating and maintain our 12- month PT of $5 on CSLT shares. We recently hosted CSLT’s management team for a series of investor meetings. We continue to believe the company is poised for stronger growth as it transitions from a transparency-only model (price shopping) to a platform model focused on care guidance and well-being. CSLT has seen strong uptake of Anthem Engage, which in our view is a leading indicator for Castlight Complete, which combines the core Castlight and Jiff applications. Complete should launch in 3Q/4Q18, which will drive higher revenue in 4Q as those customers who have already contracted for Complete are launched.”
According to TipRanks.com, Halper is a 5-star analyst with an average return of 17.2% and a 69.2% 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.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock.
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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.
