ValuEngine Downgrades Health Insurance Innovations (HIIQ) to Hold

Health Insurance Innovations (NASDAQ:HIIQ) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report released on Thursday.

Several other equities research analysts also recently weighed in on HIIQ. Zacks Investment Research downgraded Health Insurance Innovations from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Canaccord Genuity reissued a “buy” rating and set a $39.00 price objective on shares of Health Insurance Innovations in a report on Monday, October 16th. Northland Securities reissued a “buy” rating and set a $37.00 price objective on shares of Health Insurance Innovations in a report on Tuesday, October 17th. Cantor Fitzgerald reissued a “buy” rating and set a $38.00 price objective on shares of Health Insurance Innovations in a report on Wednesday, November 1st. Finally, BidaskClub downgraded Health Insurance Innovations from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $33.83.

Health Insurance Innovations (NASDAQ HIIQ) traded down $1.55 during midday trading on Thursday, hitting $22.10. The company had a trading volume of 292,294 shares, compared to its average volume of 333,111. Health Insurance Innovations has a 12 month low of $12.65 and a 12 month high of $37.38. The firm has a market cap of $401.95, a P/E ratio of 18.57 and a beta of 0.62.

Health Insurance Innovations declared that its Board of Directors has initiated 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 often an indication that the company’s leadership believes its shares are undervalued.

In related news, Director Robert S. Murley bought 5,000 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was acquired at an average cost of $22.50 per share, with a total value of $112,500.00. Following the transaction, the director now directly owns 39,734 shares in the company, valued at $894,015. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sheldon Wang sold 10,000 shares of the firm’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $26.30, for a total value of $263,000.00. Following the transaction, the insider now directly owns 169,001 shares of the company’s stock, valued at $4,444,726.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 62,464 shares of company stock valued at $1,605,100. 30.00% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. Lyon Street Capital LLC raised its position 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 during the last quarter. Emerald Mutual Fund Advisers Trust raised its position in shares of Health Insurance Innovations by 3.1% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 462,963 shares of the financial services provider’s stock worth $6,713,000 after acquiring an additional 14,008 shares in the last quarter. B. Riley Financial Inc. raised its position in shares of Health Insurance Innovations by 62.0% in the 3rd quarter. B. Riley Financial Inc. now owns 405,000 shares of the financial services provider’s stock worth $5,873,000 after acquiring an additional 155,000 shares in the last quarter. OxFORD Asset Management LLP bought a new position in shares of Health Insurance Innovations in the 3rd quarter worth about $3,553,000. Finally, State Street Corp bought a new position in shares of Health Insurance Innovations in the 2nd quarter worth about $3,430,000. 68.42% of the stock is owned by institutional investors and hedge funds.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Health Insurance Innovations (NASDAQ:HIIQ)

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