Canaccord Genuity set a $39.00 price target on Health Insurance Innovations, Inc. (NASDAQ:HIIQ) in a research report sent to investors on Sunday morning. The firm currently has a buy rating on the financial services provider’s stock.
Several other research firms also recently issued reports on HIIQ. Cantor Fitzgerald reiterated an overweight rating and issued a $38.00 price objective on shares of Health Insurance Innovations in a report on Tuesday, September 12th. ValuEngine upgraded Health Insurance Innovations from a buy rating to a strong-buy rating in a report on Monday, October 2nd. Zacks Investment Research upgraded 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. Craig Hallum reiterated a buy rating and issued a $38.00 price objective (up previously from $28.00) on shares of Health Insurance Innovations in a report on Thursday, August 3rd. Finally, TheStreet downgraded Health Insurance Innovations from a b- rating to a c rating in a report on Thursday, September 28th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $30.86.
Shares of Health Insurance Innovations (NASDAQ HIIQ) opened at $24.25 on Friday. Health Insurance Innovations has a 1 year low of $8.30 and a 1 year high of $37.38. The company has a market capitalization of $402.77, a price-to-earnings ratio of 16.57 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, beating the Zacks’ consensus estimate of $0.35 by $0.11. Health Insurance Innovations had a return on equity of 21.32% and a net margin of 5.98%. The company had revenue of $63.34 million for the quarter, compared to the consensus estimate of $59.30 million. During the same quarter in the previous year, the business earned $0.33 earnings per share. The company’s revenue for the quarter was up 37.4% on a year-over-year basis. analysts forecast that Health Insurance Innovations will post 1.65 earnings per share for the current fiscal year.
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Health Insurance Innovations declared that its board has approved a stock buyback program on Monday, October 16th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, CEO of HealthPocket Bruce Telkamp sold 9,970 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $36.19, for a total transaction of $360,814.30. Following the completion of the transaction, the insider now directly owns 19,500 shares of the company’s stock, valued at approximately $705,705. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert S. Murley bought 3,000 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were bought at an average cost of $30.21 per share, with a total value of $90,630.00. Following the completion of the purchase, 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 a total of 48,576 shares of company stock valued at $1,584,152 over the last three months. 30.00% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC acquired a new position in Health Insurance Innovations during the 3rd quarter worth $368,000. Tenzing Global Management LLC acquired a new position in Health Insurance Innovations during the 3rd quarter worth $1,015,000. Lyon Street Capital LLC grew its stake in Health Insurance Innovations by 49.4% during the 3rd quarter. Lyon Street Capital LLC now owns 936,747 shares of the financial services provider’s stock worth $13,583,000 after purchasing an additional 309,668 shares in the last quarter. B. Riley Financial Inc. grew its stake in Health Insurance Innovations by 62.0% during the 3rd quarter. B. Riley Financial Inc. now owns 405,000 shares of the financial services provider’s stock worth $5,873,000 after purchasing an additional 155,000 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new position in Health Insurance Innovations during the 3rd quarter worth $1,879,000. 62.42% of the stock is owned by hedge funds and other 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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