Health Insurance Innovations, Inc. (NASDAQ:HIIQ)‘s stock had its “buy” rating reissued by Northland Securities in a report issued on Tuesday, October 17th. They currently have a $37.00 target price on the financial services provider’s stock. Northland Securities’ price target points to a potential upside of 78.31% from the stock’s previous close.
HIIQ has been the topic of a number of other reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $35.00 price objective (up from $30.00) on shares of Health Insurance Innovations in a research report on Monday, July 17th. Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Health Insurance Innovations in a research report on Monday, June 26th. Zacks Investment Research lowered shares of Health Insurance Innovations from a “buy” rating to a “hold” rating in a research report on Wednesday, October 11th. Canaccord Genuity reaffirmed a “buy” rating and set a $39.00 target price on shares of Health Insurance Innovations in a research report on Friday, September 1st. Finally, ValuEngine raised shares of Health Insurance Innovations from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. One 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 stock. Health Insurance Innovations currently has a consensus rating of “Buy” and a consensus price target of $30.86.
Shares of Health Insurance Innovations (HIIQ) opened at 20.75 on Tuesday. The stock has a market capitalization of $258.73 million, a P/E ratio of 16.79 and a beta of 0.51. The stock has a 50 day moving average price of $20.74 and a 200 day moving average price of $23.46. Health Insurance Innovations has a 52 week low of $4.00 and a 52 week high of $37.38.
Health Insurance Innovations (NASDAQ:HIIQ) last announced its earnings results on Wednesday, August 2nd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.13. Health Insurance Innovations had a net margin of 5.56% and a return on equity of 22.89%. The firm had revenue of $61.80 million for the quarter, compared to analysts’ expectations of $53.69 million. Health Insurance Innovations’s quarterly revenue was up 38.9% compared to the same quarter last year. On average, equities research analysts expect that Health Insurance Innovations will post $1.57 EPS for the current year.
Health Insurance Innovations announced that its Board of Directors has authorized a stock buyback plan on Monday, October 16th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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In other news, CFO Michael D. Hershberger sold 5,000 shares of Health Insurance Innovations stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $27.49, for a total transaction of $137,450.00. Following the completion of the sale, the chief financial officer now directly owns 98,569 shares in the company, valued at $2,709,661.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Bruce Telkamp sold 15,000 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $27.76, for a total transaction of $416,400.00. Following the transaction, the chief executive officer now directly owns 45,801 shares of the company’s stock, valued at approximately $1,271,435.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,077 shares of company stock valued at $2,893,758. 30.00% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of HIIQ. Russell Investments Group Ltd. purchased a new position in shares of Health Insurance Innovations during the second quarter worth $14,467,000. Lyon Street Capital LLC purchased a new position in shares of Health Insurance Innovations during the first quarter worth $8,772,000. Capital World Investors purchased a new position in shares of Health Insurance Innovations during the second quarter worth $11,680,000. Renaissance Technologies LLC raised its holdings in shares of Health Insurance Innovations by 68.3% during the second quarter. Renaissance Technologies LLC now owns 1,010,400 shares of the financial services provider’s stock worth $23,744,000 after purchasing an additional 410,197 shares during the last quarter. Finally, Summit Partners Public Asset Management LLC purchased a new position in shares of Health Insurance Innovations during the first quarter worth $4,320,000. 65.68% of the stock is owned by hedge funds and other institutional investors.
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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