Health Insurance Innovations Inc (HIIQ) Given “Buy” Rating at Canaccord Genuity
Health Insurance Innovations Inc (NASDAQ:HIIQ)‘s stock had its “buy” rating reaffirmed by investment analysts at Canaccord Genuity in a research note issued on Monday. They presently have a $39.00 price objective on the financial services provider’s stock. Canaccord Genuity’s price objective would suggest a potential upside of 85.05% from the company’s current price.
The analysts wrote, “Date and time of first dissemination: October 16, 2017, 09:40 ET Date and time of production: October 16, 2017, 09:40 ET Target Price / Valuation Methodology: Health Insurance Innovations – HIIQ Our $39 PT is based on an 12.6x target multiple on our 2018 adj. EBITDA estimate. Our target multiple is a 25% discount to a peer group of non-provider health and insurance related technology companies.””
Several other equities analysts have also recently issued reports on HIIQ. ValuEngine cut Health Insurance Innovations from a “buy” rating to a “hold” rating in a report on Monday, August 14th. Zacks Investment Research upgraded Health Insurance Innovations from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Friday, August 4th. Craig Hallum reiterated a “buy” rating and issued a $38.00 price target (up previously from $28.00) on shares of Health Insurance Innovations in a report on Thursday, August 3rd. TheStreet cut Health Insurance Innovations from a “b-” rating to a “c” rating in a report on Thursday, September 28th. Finally, Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Health Insurance Innovations in a report on Monday, June 26th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Health Insurance Innovations has a consensus rating of “Buy” and a consensus target price of $31.33.
Shares of Health Insurance Innovations (NASDAQ HIIQ) traded up 11.64% during midday trading on Monday, reaching $21.10. 3,212,335 shares of the company’s stock were exchanged. The company has a market capitalization of $263.10 million, a PE ratio of 17.07 and a beta of 0.53. The firm has a 50-day moving average of $22.88 and a 200-day moving average of $23.20. Health Insurance Innovations has a 1-year low of $4.00 and a 1-year high of $37.38.
Health Insurance Innovations (NASDAQ:HIIQ) last posted its quarterly 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. The business had revenue of $61.80 million for the quarter, compared to analysts’ expectations of $53.69 million. Health Insurance Innovations had a return on equity of 23.82% and a net margin of 11.25%. The business’s quarterly revenue was up 38.9% on a year-over-year basis. Equities analysts expect that Health Insurance Innovations will post $1.53 earnings per share for the current fiscal year.
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In other Health Insurance Innovations news, insider Sheldon Wang sold 4,530 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $32.73, for a total transaction of $148,266.90. Following the transaction, the insider now owns 224,894 shares in the company, valued at $7,360,780.62. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Bruce Telkamp sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $26.27, for a total value of $394,050.00. Following the transaction, the chief executive officer now owns 29,201 shares in the company, valued at approximately $767,110.27. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 170,077 shares of company stock worth $4,959,558. Company insiders own 30.00% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Morgan Stanley boosted its holdings in Health Insurance Innovations by 240.2% during the first quarter. Morgan Stanley now owns 70,397 shares of the financial services provider’s stock worth $1,127,000 after buying an additional 49,703 shares during the last quarter. Argent Capital Management LLC boosted its holdings in Health Insurance Innovations by 34.5% during the second quarter. Argent Capital Management LLC now owns 175,975 shares of the financial services provider’s stock worth $4,135,000 after buying an additional 45,100 shares during the last quarter. Tudor Investment Corp ET AL bought a new position in Health Insurance Innovations during the first quarter worth about $648,000. Granite Point Capital Management L.P. boosted its holdings in Health Insurance Innovations by 8.8% during the second quarter. Granite Point Capital Management L.P. now owns 87,900 shares of the financial services provider’s stock worth $2,066,000 after buying an additional 7,100 shares during the last quarter. Finally, Capital World Investors bought a new position in Health Insurance Innovations during the second quarter worth about $11,680,000. Hedge funds and other institutional investors own 66.22% of the company’s stock.
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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