Zacks Investment Research upgraded shares of Health Insurance Innovations, Inc. (NASDAQ:HIIQ) from a hold rating to a strong-buy rating in a research report released on Tuesday, October 17th. The brokerage currently has $24.00 price objective on the financial services provider’s stock.
According to Zacks, “Health Insurance Innovations, Inc. operates as a developer and administrator of web-based individual health insurance plans and ancillary products. Its product portfolio consists of short-term medical plans, accident, sickness & hospital medical plans, ancillary insurance, life insurance, lifestyle and discount services. Health Insurance Innovations, Inc. is based in Tampa, Florida. “
Several other research firms have also recently issued reports on HIIQ. ValuEngine cut shares of Health Insurance Innovations from a buy rating to a hold rating in a report on Monday, August 14th. Cantor Fitzgerald reissued a buy rating and set a $38.00 target price on shares of Health Insurance Innovations in a research note on Friday, September 1st. Canaccord Genuity reissued a buy rating and set a $39.00 target price on shares of Health Insurance Innovations in a research note on Friday, September 1st. Craig Hallum reissued a buy rating and set a $38.00 target price (up from $28.00) on shares of Health Insurance Innovations in a research note on Thursday, August 3rd. Finally, Raymond James Financial, Inc. reissued a market perform rating on shares of Health Insurance Innovations in a research note on Monday, June 26th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $30.86.
Shares of Health Insurance Innovations (HIIQ) traded down $0.12 during trading hours on Tuesday, hitting $22.38. 272,805 shares of the company were exchanged, compared to its average volume of 1,072,507. Health Insurance Innovations has a twelve month low of $5.70 and a twelve month high of $37.38. The company has a market cap of $369.95, a P/E ratio of 15.31 and a beta of 0.63.
Health Insurance Innovations (NASDAQ:HIIQ) last posted its earnings results on Wednesday, November 1st. The financial services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.35 by $0.11. Health Insurance Innovations had a net margin of 5.98% and a return on equity of 21.32%. The firm had revenue of $63.34 million during the quarter, compared to analysts’ expectations of $59.30 million. During the same quarter in the prior year, the firm earned $0.33 EPS. Health Insurance Innovations’s quarterly revenue was up 37.4% on a year-over-year basis. analysts anticipate that Health Insurance Innovations will post 1.65 earnings per share for the current year.
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Health Insurance Innovations announced that its board has initiated 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 buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
In other Health Insurance Innovations news, CEO of HealthPocket Bruce Telkamp sold 9,970 shares of the 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 completion of the sale, the insider now directly owns 19,500 shares of the company’s stock, valued at approximately $705,705. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Sheldon Wang sold 4,530 shares of the stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $32.73, for a total transaction of $148,266.90. Following the completion of the sale, the insider now directly owns 224,894 shares of the company’s stock, valued at $7,360,780.62. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,576 shares of company stock valued at $1,584,152. Insiders own 30.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in HIIQ. PNC Financial Services Group Inc. bought a new position in shares of Health Insurance Innovations during the 2nd quarter worth about $113,000. Nationwide Fund Advisors bought a new position in shares of Health Insurance Innovations during the 2nd quarter worth about $149,000. Chicago Equity Partners LLC bought a new position in shares of Health Insurance Innovations during the 3rd quarter worth about $158,000. First Trust Advisors LP bought a new position in shares of Health Insurance Innovations during the 3rd quarter worth about $171,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Health Insurance Innovations by 11.5% during the 1st quarter. Bank of New York Mellon Corp now owns 12,270 shares of the financial services provider’s stock worth $197,000 after acquiring an additional 1,266 shares during the period. 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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