Health Insurance Innovations, Inc. (NASDAQ:HIIQ)‘s stock had its “buy” rating restated by analysts at Canaccord Genuity in a report released on Wednesday. They currently have a $39.00 price target on the financial services provider’s stock. Canaccord Genuity’s price target indicates a potential upside of 97.47% from the stock’s current price.
Several other research firms also recently commented on HIIQ. ValuEngine downgraded shares of Health Insurance Innovations from a “buy” rating to a “hold” rating in a report on Monday, August 14th. Zacks Investment Research raised shares of Health Insurance Innovations from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Friday, August 4th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Health Insurance Innovations in a report on Friday, September 1st. Craig Hallum reaffirmed a “buy” rating and issued a $38.00 price objective (up from $28.00) on shares of Health Insurance Innovations in a report on Thursday, August 3rd. Finally, Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Health Insurance Innovations in a report on Monday, June 26th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Health Insurance Innovations currently has an average rating of “Buy” and a consensus target price of $31.33.
Health Insurance Innovations (HIIQ) opened at 19.75 on Wednesday. The company’s 50-day moving average is $31.42 and its 200-day moving average is $22.75. The company has a market cap of $246.26 million, a P/E ratio of 15.98 and a beta of 0.65. Health Insurance Innovations has a 12 month low of $4.00 and a 12 month high of $37.38.
Health Insurance Innovations (NASDAQ:HIIQ) last released its earnings results on Wednesday, August 2nd. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.13. The company had revenue of $61.80 million for the quarter, compared to the consensus estimate of $53.69 million. Health Insurance Innovations had a net margin of 5.56% and a return on equity of 22.89%. The company’s quarterly revenue was up 38.9% on a year-over-year basis. On average, equities research analysts expect that Health Insurance Innovations will post $1.53 EPS for the current fiscal year.
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In related news, CEO Bruce Telkamp sold 30,000 shares of the business’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $26.68, for a total value of $800,400.00. Following the completion of the transaction, the chief executive officer now directly owns 104,001 shares in the company, valued at approximately $2,774,746.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Sheldon Wang sold 26,421 shares of the business’s stock in a transaction on Monday, June 19th. The shares were sold at an average price of $22.99, for a total transaction of $607,418.79. Following the completion of the transaction, the insider now owns 262,577 shares of the company’s stock, valued at $6,036,645.23. The disclosure for this sale can be found here. Insiders sold a total of 221,248 shares of company stock worth $6,203,127 over the last ninety days. Insiders own 30.00% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. acquired a new position in shares of Health Insurance Innovations in the 2nd quarter valued at $113,000. Bank of Montreal Can acquired a new position in shares of Health Insurance Innovations in the 1st quarter valued at $118,000. Nationwide Fund Advisors acquired a new position in shares of Health Insurance Innovations in the 2nd quarter valued at $149,000. Bank of New York Mellon Corp lifted its stake in shares of Health Insurance Innovations by 11.5% in the 1st quarter. Bank of New York Mellon Corp now owns 12,270 shares of the financial services provider’s stock valued at $197,000 after purchasing an additional 1,266 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Health Insurance Innovations by 7,616.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,951 shares of the financial services provider’s stock valued at $210,000 after purchasing an additional 8,835 shares during the period. Hedge funds and other institutional investors own 90.32% of the company’s stock.
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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