Health Insurance Innovations, Inc. (HIIQ) Upgraded at Zacks Investment Research
Health Insurance Innovations, Inc. (NASDAQ:HIIQ) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday. The brokerage currently has a $24.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 9.34% from the stock’s current price.
According to Zacks, “Health Insurance Innovations, Inc. operates as a developer and administrator of web-based individual health insurance plans and ancillary products. Its product portfolio consists of short-term medical plans, accident, sickness & hospital medical plans, ancillary insurance, life insurance, lifestyle and discount services. Health Insurance Innovations, Inc. is based in Tampa, Florida. “
HIIQ has been the topic of a number of other reports. ValuEngine cut Health Insurance Innovations from a “buy” rating to a “hold” rating in a research note on Monday, August 14th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $38.00 price target on shares of Health Insurance Innovations in a research note on Friday, September 1st. Canaccord Genuity reaffirmed a “buy” rating and issued a $39.00 price target on shares of Health Insurance Innovations in a research note on Friday, September 1st. Craig Hallum reaffirmed a “buy” rating and issued a $38.00 price target (up from $28.00) on shares of Health Insurance Innovations in a research note on Thursday, August 3rd. Finally, Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Health Insurance Innovations in a research note on Monday, June 26th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Health Insurance Innovations has a consensus rating of “Buy” and a consensus target price of $30.86.
Shares of Health Insurance Innovations (HIIQ) traded up 4.03% during mid-day trading on Tuesday, reaching $21.95. The company had a trading volume of 1,719,910 shares. Health Insurance Innovations has a 12-month low of $4.00 and a 12-month high of $37.38. The firm has a market capitalization of $273.69 million, a PE ratio of 17.76 and a beta of 0.53. The stock has a 50 day moving average price of $22.88 and a 200 day moving average price of $23.20.
Health Insurance Innovations (NASDAQ:HIIQ) last announced its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.13. The company 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 22.89% and a net margin of 5.56%. Health Insurance Innovations’s quarterly revenue was up 38.9% on a year-over-year basis. On average, equities analysts forecast that Health Insurance Innovations will post $1.57 earnings per share for the current year.
Health Insurance Innovations announced that its Board of Directors has authorized a stock repurchase program on Monday, October 16th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
In related news, Director Robert S. Murley bought 3,000 shares of the company’s stock in a transaction on Friday, September 1st. The shares were acquired at an average price of $30.21 per share, with a total value of $90,630.00. Following the transaction, the director now owns 34,734 shares of the company’s stock, valued at $1,049,314.14. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Bruce Telkamp sold 15,000 shares of the stock in a transaction on Monday, July 24th. The shares were sold at an average price of $27.76, for a total value of $416,400.00. Following the sale, the chief executive officer now directly owns 74,001 shares in the company, valued at approximately $2,054,267.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 140,077 shares of company stock worth $4,159,158. Company insiders own 30.00% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. bought a new stake in Health Insurance Innovations during the 2nd quarter valued at $113,000. Nationwide Fund Advisors acquired a new stake in shares of Health Insurance Innovations in the 2nd quarter worth $149,000. Bank of New York Mellon Corp boosted its position 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 worth $197,000 after purchasing an additional 1,266 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position 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 worth $210,000 after purchasing an additional 8,835 shares in the last quarter. Finally, Alliancebernstein L.P. acquired a new stake in shares of Health Insurance Innovations in the 2nd quarter worth $240,000. 66.22% of the stock is currently owned by institutional investors and hedge funds.
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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