Health Insurance Innovations (NASDAQ:HIIQ) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Tuesday.
Several other analysts have also weighed in on HIIQ. Cantor Fitzgerald reissued a “buy” rating and set a $38.00 price objective on shares of Health Insurance Innovations in a report on Monday, September 25th. TheStreet lowered Health Insurance Innovations from a “b-” rating to a “c” rating in a report on Thursday, September 28th. ValuEngine raised Health Insurance Innovations from a “buy” rating to a “strong-buy” rating in a report on Monday, October 2nd. Zacks Investment Research lowered Health Insurance Innovations from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Finally, Canaccord Genuity reissued a “buy” rating and set a $39.00 price objective on shares of Health Insurance Innovations in a report on Monday, October 16th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $32.67.
Health Insurance Innovations (NASDAQ HIIQ) opened at $27.30 on Tuesday. The company has a market capitalization of $451.61, a P/E ratio of 22.38 and a beta of 0.65. Health Insurance Innovations has a 1 year low of $12.65 and a 1 year high of $37.38.
Health Insurance Innovations announced that its Board of Directors has authorized a stock buyback program on Monday, October 16th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
In related news, CTO Sheldon Wang sold 1,232 shares of the business’s stock in a transaction on Friday, December 28th. The stock was sold at an average price of $25.00, for a total value of $30,800.00. Following the sale, the chief technology officer now owns 137,769 shares of the company’s stock, valued at approximately $3,444,225. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert S. Murley purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The stock was bought at an average cost of $22.50 per share, for a total transaction of $112,500.00. Following the purchase, the director now owns 39,734 shares in the company, valued at $894,015. The disclosure for this purchase can be found here. Insiders have sold a total of 57,464 shares of company stock worth $1,463,600 in the last three months. 30.00% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Bowling Portfolio Management LLC acquired a new stake in Health Insurance Innovations in the 4th quarter valued at $2,608,000. Schwab Charles Investment Management Inc. boosted its stake in Health Insurance Innovations by 8.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 63,851 shares of the financial services provider’s stock valued at $1,594,000 after buying an additional 5,009 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Health Insurance Innovations in the 3rd quarter valued at $368,000. Tenzing Global Management LLC acquired a new stake in Health Insurance Innovations in the 3rd quarter valued at $1,015,000. Finally, Lyon Street Capital LLC boosted its stake in Health Insurance Innovations by 49.4% in the 3rd quarter. Lyon Street Capital LLC now owns 936,747 shares of the financial services provider’s stock valued at $13,583,000 after buying an additional 309,668 shares in the last quarter. 67.90% of the stock is currently owned by institutional investors and hedge funds.
Health Insurance Innovations Company Profile
Health Insurance Innovations, Inc is a developer, distributor and cloud-based administrator of individual and family health insurance plans (IFPs) and supplemental products, which include short-term medical (STM) insurance plans, and guaranteed-issue and underwritten hospital indemnity plans. The Company also develops, distributes and administers supplemental products, which include a range of additional insurance and non-insurance products, such as pharmacy benefit cards, dental plans, vision plans, cancer/critical illness plans, deductible and gap protection plans, and life insurance policies that are purchased as supplements to IFP.
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