Health Insurance Innovations Inc (NASDAQ:HIIQ) has been given an average recommendation of “Buy” by the eleven analysts that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $36.60.
Several research analysts have issued reports on the stock. BidaskClub upgraded shares of Health Insurance Innovations from a “hold” rating to a “buy” rating in a report on Tuesday, January 23rd. ValuEngine raised shares of Health Insurance Innovations from a “hold” rating to a “buy” rating in a research report on Friday. 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. Canaccord Genuity reissued a “buy” rating and set a $39.00 price target on shares of Health Insurance Innovations in a research report on Monday, October 16th. Finally, Zacks Investment Research raised shares of Health Insurance Innovations from a “hold” rating to a “strong-buy” rating and set a $24.00 price target for the company in a research report on Tuesday, October 17th.
Health Insurance Innovations (HIIQ) traded down $1.75 during trading on Tuesday, reaching $24.20. 274,261 shares of the company were exchanged, compared to its average volume of 340,558. The stock has a market capitalization of $400.33, a P/E ratio of 19.84 and a beta of 0.62. Health Insurance Innovations has a 52 week low of $12.65 and a 52 week high of $37.38.
Health Insurance Innovations announced that its Board of Directors has approved a share repurchase 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 reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In related news, CTO Sheldon Wang sold 5,000 shares of Health Insurance Innovations stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $25.00, for a total value of $125,000.00. Following the sale, the chief technology officer now owns 194,001 shares of the company’s stock, valued at approximately $4,850,025. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 62,464 shares of company stock worth $1,605,100 in the last three months. 30.00% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. acquired a new position in shares of Health Insurance Innovations during the second quarter worth about $113,000. Advisors Asset Management Inc. acquired a new stake in Health Insurance Innovations in the third quarter valued at $142,000. Nationwide Fund Advisors acquired a new stake in Health Insurance Innovations in the second quarter valued at $149,000. Chicago Equity Partners LLC acquired a new stake in Health Insurance Innovations in the third quarter valued at $158,000. Finally, First Trust Advisors LP acquired a new stake in Health Insurance Innovations in the third quarter valued at $171,000. 68.36% of the stock is currently owned by hedge funds and other institutional investors.
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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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