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Castlight Health is a Great Value Stock: Should You Buy Now?

Stock MarketsJul 01, 2021 09:30AM ET
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© Reuters. Castlight Health is a Great Value Stock: Should You Buy Now?

Despite their doubling in value since the beginning of this year, shares of health benefits platform provider Castlight Health (NYSE:CSLT) look undervalued at their current price level considering the company’s solid long-term growth prospects. However, given that the business is still not profitable, the question is, can the stock keep rallying? Read on to learn what we think.Health navigation solutions provider Castlight Health, Inc.’s (CSLT) platform connects health vendors, benefits resources, and plans into one comprehensive health and wellbeing experience. With increasing demand for the kind of services it offers, the stock of the San Francisco company has gained 93.4% over the past six months and 44.5% over the past month, to close yesterday’s trading session at $2.63, after hitting its 52-week high of $2.64.

But despite this impressive rally, the stock looks undervalued at the current price level, with a 2.29x forward EV/S, which is 69.3% lower than the 7.47x industry average. And in terms of forward P/S, CSLT’s 2.64x is 67.5% lower than the 8.12x industry average. With an increasing focus on modern healthcare services, CSLT is expected to witness further growth in the near-term, leveraging its wide portfolio of products and solutions.

We think that while the company’s business is still not profitable, its upbeat revenue outlook should help its stock keep moving higher.

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Castlight Health is a Great Value Stock: Should You Buy Now?
 

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