In a report released today, Steven Halper from Cantor Fitzgerald reiterated a Buy rating on Castlight Health (CSLT), with a price target of $5. The company’s shares opened today at $2.46, close to its 52-week low of $1.86.
Halper wrote:
“. We reiterate our Overweight rating and maintain our $5 price target on CSLT shares. Earlier this month, we met with CSLT senior management. After launching Castlight Complete, which was one of the key milestones for 2018, management remains confident it can overcome churn and the loss of Walmart (WMT – Not Covered). Although 3Q18 churn was higher than expected, the company believes that it will stabilize this year and that 2019 performance will improve. Engage continues to be positive, as utilization doubled in 2018 (through 3Q).”
According to TipRanks.com, Halper is a top 100 analyst with an average return of 17.8% and a 63.5% success rate. Halper covers the Services sector, focusing on stocks such as WellCare Health Plans, Hms Holdings Corp, and Tivity Health Inc.
Currently, the analyst consensus on Castlight Health is a Moderate Buy with an average price target of $5.
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The company has a one-year high of $5.95 and a one-year low of $1.86. Currently, Castlight Health has an average volume of 539K.
Based on the recent corporate insider activity of 42 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.
