Health Insurance Innovations (HIIQ) Upgraded to “Buy” at Zacks Investment Research

Health Insurance Innovations (NASDAQ:HIIQ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage presently has a $31.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 8.77% from the stock’s previous close.

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 subject of several other reports. BidaskClub upgraded Health Insurance Innovations from a “hold” rating to a “buy” rating in a report on Friday, December 15th. Northland Securities reiterated a “buy” rating and issued a $37.00 price objective on shares of Health Insurance Innovations in a report on Tuesday, October 17th. Canaccord Genuity set a $39.00 price objective on Health Insurance Innovations and gave the stock a “buy” rating in a report on Sunday, November 12th. Cantor Fitzgerald reiterated a “buy” rating and issued a $38.00 price objective on shares of Health Insurance Innovations in a report on Tuesday, December 12th. Finally, TheStreet downgraded Health Insurance Innovations from a “b-” rating to a “c” rating in a research note on Thursday, September 28th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $33.83.

Health Insurance Innovations (HIIQ) traded up $0.35 during midday trading on Thursday, reaching $28.50. The company had a trading volume of 221,169 shares, compared to its average volume of 441,287. Health Insurance Innovations has a 52 week low of $12.65 and a 52 week high of $37.38. The company has a market cap of $477.33, a P/E ratio of 23.36 and a beta of 0.65.

Health Insurance Innovations (NASDAQ:HIIQ) last released its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $0.46 EPS for the quarter, topping the 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 during the quarter, compared to the consensus estimate of $59.30 million. During the same period last year, the company earned $0.33 EPS. Health Insurance Innovations’s revenue for the quarter was up 37.4% on a year-over-year basis. sell-side analysts anticipate that Health Insurance Innovations will post 1.39 EPS for the current fiscal year.

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

In other Health Insurance Innovations news, CTO Sheldon Wang sold 5,000 shares of the business’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $25.00, for a total transaction of $125,000.00. Following the completion of the sale, the chief technology officer now directly owns 194,001 shares in the company, valued at approximately $4,850,025. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 57,464 shares of company stock valued at $1,463,600. Corporate insiders own 30.00% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in HIIQ. Capital World Investors bought a new stake in shares of Health Insurance Innovations during the 2nd quarter valued at about $11,680,000. Renaissance Technologies LLC grew its stake in shares of Health Insurance Innovations by 68.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,010,400 shares of the financial services provider’s stock valued at $23,744,000 after purchasing an additional 410,197 shares during the period. Lyon Street Capital LLC grew its stake in shares of 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 valued at $13,583,000 after purchasing an additional 309,668 shares during the period. Precept Management LLC grew its stake in shares of Health Insurance Innovations by 815.2% during the 2nd quarter. Precept Management LLC now owns 302,000 shares of the financial services provider’s stock valued at $7,097,000 after purchasing an additional 269,000 shares during the period. Finally, OxFORD Asset Management LLP purchased a new position in shares of Health Insurance Innovations during the 3rd quarter valued at about $3,553,000. Institutional investors and hedge funds own 67.90% of the company’s stock.

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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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