Cantor Fitzgerald reaffirmed their buy rating on shares of Health Insurance Innovations, Inc. (NASDAQ:HIIQ) in a report published on Wednesday, November 1st. They currently have a $38.00 price objective on the financial services provider’s stock.
“3Q17 results were solid. HIIQ reported strong 3Q17 results with revenue and EPS above FactSet consensus expectations and our estimates. Revenue of $63.3 million (+37.4% y/y) was above FactSet consensus of $58.3 million and our estimate of $62.8 million. Revenue growth was primarily driven by an increase in policies in force. In the quarter, HIIQ has seen a sales mix shift to more Health Benefits Plans. Adjusted EBITDA of 20.3% expanded 270bps, reflecting inherent leverage in the model. Adjusted EPS was $0.46 vs. FactSet consensus of $0.39 and our estimate of $0.45.”,” Cantor Fitzgerald’s analyst wrote.
A number of other equities analysts have also commented on HIIQ. Zacks Investment Research raised shares of Health Insurance Innovations from a hold rating to a buy rating and set a $33.00 price target on the stock in a report on Friday, August 4th. Canaccord Genuity reaffirmed a buy rating and set a $39.00 target price (up previously from $30.00) on shares of Health Insurance Innovations in a report on Friday, August 4th. Craig Hallum reaffirmed a buy rating and set a $38.00 target price (up previously from $28.00) on shares of Health Insurance Innovations in a report on Thursday, August 3rd. ValuEngine raised shares of Health Insurance Innovations from a hold rating to a buy rating in a research report on Friday, September 1st. Finally, Northland Securities reissued a buy rating and set a $37.00 price target on shares of Health Insurance Innovations in a research report on Tuesday, October 17th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $30.86.
Health Insurance Innovations (NASDAQ:HIIQ) last announced its quarterly earnings results on Wednesday, November 1st. The financial services provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.11. The company had revenue of $63.34 million for the quarter, compared to analysts’ expectations of $59.30 million. Health Insurance Innovations had a net margin of 5.98% and a return on equity of 21.32%. Health Insurance Innovations’s revenue was up 37.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.33 EPS. equities research analysts predict that Health Insurance Innovations will post 1.39 earnings per share for the current fiscal year.
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Health Insurance Innovations announced that its Board of Directors has approved a share repurchase program on Monday, October 16th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
In other news, CEO of HealthPocket Bruce Telkamp sold 9,970 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $36.19, for a total value of $360,814.30. Following the transaction, the insider now owns 19,500 shares of the company’s stock, valued at $705,705. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Sheldon Wang sold 4,530 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $32.73, for a total transaction of $148,266.90. Following the completion of the transaction, the insider now directly owns 224,894 shares in the company, valued at approximately $7,360,780.62. The disclosure for this sale can be found here. Insiders sold 48,576 shares of company stock valued at $1,584,152 over the last quarter. Company insiders own 30.00% of the company’s stock.
A number of hedge funds have recently bought and sold shares of HIIQ. PNC Financial Services Group Inc. bought a new position in Health Insurance Innovations during the second quarter valued at $113,000. Advisors Asset Management Inc. bought a new position in Health Insurance Innovations during the third quarter valued at $142,000. Nationwide Fund Advisors purchased a new stake in shares of Health Insurance Innovations during the second quarter valued at $149,000. Chicago Equity Partners LLC purchased a new stake in shares of Health Insurance Innovations during the third quarter valued at $158,000. Finally, First Trust Advisors LP purchased a new stake in shares of Health Insurance Innovations during the third quarter valued at $171,000. Institutional investors and hedge funds own 63.72% of the company’s stock.
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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