In a new filing with the Securities and Exchange Commission, Adage Capital Management, managed by Phill Gross and Robert Atchinson, has revealed a new passive stake in Castlight Health Inc (NYSE:CSLT). The fund owns 554,000 class B common stock shares of the company, representing 5% of the class. In a separate filing, Lee Ainslie’s Maverick Capital has reported a 39.9% stake in Castlight Health (NYSE: CSLT). The fund raised its position to 8.18 million class B common stock shares from 450,000 shares the fund disclosed in March.
San Francisco-based Castlight Health (NYSE: CSLT) provides cloud-based software for health care. The company is a pioneer of the enterprise healthcare cloud and makes health care data actionable. The company went public last month, but its stock price went down by over 50% since then. Recently, Morgan Stanley has started coverage of the company, according to Benzinga and set the “Equal-Weight” rating.
Boston-based Adage Capital is founded by Phil Gross and Robert Atchinson in 2001. The fund’s equity portfolio value was $37.8 billion at the end of the fourth quarter of 2013. Recently, Adage Capital initiated a stake in OvaScience Inc (NASDAQ:OVAS), holding more than 1.31 million shares.
Lee Ainslie is a pure long/short equity investor. He buys what he thinks will beat the market and he sells what he thinks will underperform. According to Maverick’s latest 13F filing, eBay Inc (NASDAQ:EBAY) was the most valuable holding, in which the fund held 5.73 million shares at the end of 2013. Another important holding was Citrix Systems Inc. (NASDAQ:CTXS), in which Maverick disclosed ownership of 4.86 million shares. In The Home Depot Inc. (NYSE:HD), the fund owned a $297.7 million stake, containing 3.62 million shares.