California-based Castlight Health Inc.'s stock lost 50.2% in July, the worst performance among major exchange-traded U.S. financial stocks with a market cap of more than $100 million and an average daily volume of greater than 20,000 shares.
The insurance technology company reported a non-GAAP net loss of $2.6 million, or a loss of 2 cents per share, for the second quarter, and revised its full-year revenue and income projections downward July 30, sending shares plummeting July 31. In addition, the company revealed that CEO John Doyle stepped down from his positions, effective July 26, and was succeeded by Maeve O'Meara.
Medallion Financial Corp. and Eagle Bancorp Inc. posted the second- and third-worst returns with 25.7% and 25.5% losses, respectively.
Minnesota-based GWG Holdings Inc. returned 52.1% in July, making it the highest returning financial stock for the month. Diebold Nixdorf Inc., a payment processor, was close behind with a 51.9% return.
The next two top-performing financial stocks in July came from mutual bank conversion IPOs. Pioneer Bancorp Inc. (MHC), the newly public stock holding company for Pioneer Bank (MHC), returned 44% after it began trading July 17, the third-highest return of the month. The New York-based bank raised $111.7 million through its IPO.
Click here for Pioneer Bancorp's conversion spotlight.
In the No. 4 spot, Richmond Mutual BanCorp. Inc., another mutual bank conversion, returned 32.0% after it began trading July 1. The bank raised approximately $130.3 million through its IPO.
Click here for Richmond Mutual's conversion spotlight.