Health Insurance Innovations, Inc. (NASDAQ:HIIQ)‘s stock had its “buy” rating reissued by equities researchers at Northland Securities in a report released on Tuesday, October 17th. They presently have a $37.00 target price on the financial services provider’s stock. Northland Securities’ price target points to a potential upside of 67.99% from the company’s current price.
HIIQ has been the subject of a number of other reports. Canaccord Genuity restated a “buy” rating and issued a $39.00 target price on shares of Health Insurance Innovations in a report on Wednesday, September 13th. Zacks Investment Research upgraded shares of Health Insurance Innovations from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a report on Friday, August 4th. Craig Hallum reiterated a “buy” rating and set a $38.00 price objective (up from $28.00) on shares of Health Insurance Innovations in a research note on Thursday, August 3rd. Cantor Fitzgerald reiterated a “buy” rating and set a $38.00 price objective on shares of Health Insurance Innovations in a research note on Friday, September 1st. Finally, ValuEngine upgraded shares of Health Insurance Innovations from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Health Insurance Innovations currently has an average rating of “Buy” and a consensus target price of $30.86.
Shares of Health Insurance Innovations (HIIQ) traded down $0.48 on Tuesday, reaching $22.03. 227,832 shares of the company’s stock were exchanged, compared to its average volume of 1,072,507. The firm has a market capitalization of $369.95, a PE ratio of 15.31 and a beta of 0.63. Health Insurance Innovations has a one year low of $5.70 and a one year high of $37.38.
Health Insurance Innovations (NASDAQ:HIIQ) last posted its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.11. The business had revenue of $63.34 million during the quarter, compared to analyst estimates of $59.30 million. Health Insurance Innovations had a net margin of 5.98% and a return on equity of 21.32%. The company’s revenue was up 37.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 earnings per share. sell-side analysts forecast that Health Insurance Innovations will post 1.65 EPS for the current year.
Health Insurance Innovations declared that its board has approved a stock repurchase program on Monday, October 16th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In related news, insider Sheldon Wang sold 4,530 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $32.73, for a total value of $148,266.90. Following the completion of the transaction, the insider now owns 224,894 shares in the company, valued at approximately $7,360,780.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert S. Murley bought 3,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was bought at an average price of $30.21 per share, with a total value of $90,630.00. Following the transaction, the director now directly owns 34,734 shares in the company, valued at $1,049,314.14. The disclosure for this purchase can be found here. Insiders have sold 48,576 shares of company stock valued at $1,584,152 in the last 90 days. Insiders own 30.00% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. purchased a new stake in Health Insurance Innovations during the second quarter valued at about $113,000. Nationwide Fund Advisors purchased a new stake in shares of Health Insurance Innovations in the second quarter worth approximately $149,000. The Manufacturers Life Insurance Company lifted its position in shares of Health Insurance Innovations by 7,616.4% in the second quarter. The Manufacturers Life Insurance Company now owns 8,951 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 8,835 shares in the last quarter. Alliancebernstein L.P. purchased a new stake in shares of Health Insurance Innovations in the second quarter worth approximately $240,000. Finally, Chicago Equity Partners LLC purchased a new stake in shares of Health Insurance Innovations in the third quarter worth approximately $158,000. 64.28% of the stock is owned by institutional investors.
About Health Insurance Innovations
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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