Health Insurance Innovations, Inc. (NASDAQ:HIIQ)‘s stock had its “buy” rating reiterated by stock analysts at Cantor Fitzgerald in a research report issued on Wednesday. They currently have a $38.00 target price on the financial services provider’s stock. Cantor Fitzgerald’s target price would suggest a potential upside of 76.74% from the company’s current price.

The analysts wrote, “3Q17 results were solid. HIIQ reported strong 3Q17 results with revenue and EPS above FactSet consensus expectations and our estimates. Revenue of $63.3 million (+37.4% y/y) was above FactSet consensus of $58.3 million and our estimate of $62.8 million. Revenue growth was primarily driven by an increase in policies in force. In the quarter, HIIQ has seen a sales mix shift to more Health Benefits Plans. Adjusted EBITDA of 20.3% expanded 270bps, reflecting inherent leverage in the model. Adjusted EPS was $0.46 vs. FactSet consensus of $0.39 and our estimate of $0.45.””

Several other equities analysts also recently commented on the company. Zacks Investment Research upgraded Health Insurance Innovations from a “hold” rating to a “strong-buy” rating and set a $24.00 target price for the company in a research report on Tuesday, October 17th. Northland Securities restated a “buy” rating and set a $37.00 target price on shares of Health Insurance Innovations in a research report on Tuesday, October 17th. Canaccord Genuity restated a “buy” rating and set a $39.00 target price on shares of Health Insurance Innovations in a research report on Monday, October 16th. ValuEngine upgraded Health Insurance Innovations from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 2nd. Finally, TheStreet downgraded Health Insurance Innovations from a “b-” rating to a “c” rating in a research 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 given a strong buy rating to the stock. Health Insurance Innovations presently has an average rating of “Buy” and an average target price of $30.86.

Health Insurance Innovations (NASDAQ:HIIQ) last announced its quarterly earnings data on Tuesday, October 31st. The financial services provider reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.11. Health Insurance Innovations had a return on equity of 22.89% and a net margin of 5.56%. The company had revenue of $63.34 million during the quarter, compared to the consensus estimate of $59.30 million. During the same quarter last year, the company earned $0.33 EPS. The company’s quarterly revenue was up 37.4% on a year-over-year basis.

Health Insurance Innovations declared that its Board of Directors has initiated a stock buyback plan on Monday, October 16th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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In other news, CFO Michael D. Hershberger sold 17,769 shares of Health Insurance Innovations stock in a transaction on Friday, September 1st. The stock was sold at an average price of $31.42, for a total value of $558,301.98. Following the completion of the sale, the chief financial officer now directly owns 94,569 shares of the company’s stock, valued at approximately $2,971,357.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO of HealthPocket Bruce Telkamp sold 11,501 shares of Health Insurance Innovations stock in a transaction on Monday, August 7th. The shares were sold at an average price of $31.45, for a total value of $361,706.45. Following the completion of the sale, the insider now directly owns 17,500 shares of the company’s stock, valued at $550,375. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,077 shares of company stock valued at $1,945,858. Corporate insiders own 30.00% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. acquired a new stake in shares of Health Insurance Innovations during the second quarter worth $113,000. Nationwide Fund Advisors acquired a new stake in shares of Health Insurance Innovations during the second quarter worth $149,000. The Manufacturers Life Insurance Company grew its stake in shares of Health Insurance Innovations by 7,616.4% during the second 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 during the period. Alliancebernstein L.P. acquired a new stake in shares of Health Insurance Innovations during the second quarter worth $240,000. Finally, Chicago Equity Partners LLC acquired a new stake in shares of Health Insurance Innovations during the third quarter worth $158,000. 64.18% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Health Insurance Innovations (NASDAQ:HIIQ)

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