Health Insurance Innovations (HIIQ) Lowered to “Hold” at BidaskClub

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

A number of other equities research analysts also recently issued reports on the company. Cantor Fitzgerald reissued a “buy” rating and set a $38.00 price target on shares of Health Insurance Innovations in a research report on Tuesday, December 12th. Canaccord Genuity set a $39.00 price target on Health Insurance Innovations and gave the company a “buy” rating in a research report on Sunday, November 12th. Zacks Investment Research raised Health Insurance Innovations from a “hold” rating to a “strong-buy” rating and set a $24.00 price target for the company in a research report on Tuesday, October 17th. ValuEngine downgraded Health Insurance Innovations from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Finally, Northland Securities reissued a “buy” rating and set a $37.00 price target on shares of Health Insurance Innovations in a research report on Tuesday, October 17th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Health Insurance Innovations presently has an average rating of “Buy” and a consensus target price of $33.83.

Health Insurance Innovations (NASDAQ HIIQ) traded down $0.05 during mid-day trading on Friday, reaching $22.05. The company’s stock had a trading volume of 768,255 shares, compared to its average volume of 333,986. Health Insurance Innovations has a 1 year low of $12.65 and a 1 year high of $37.38. The stock has a market capitalization of $363.94, a P/E ratio of 18.07 and a beta of 0.62.

Health Insurance Innovations announced that its Board of Directors has authorized a stock buyback program on Monday, October 16th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

In other news, CTO Sheldon Wang sold 1,232 shares of the company’s stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $25.00, for a total value of $30,800.00. Following the completion of the sale, the chief technology officer now owns 137,769 shares of the company’s stock, valued at $3,444,225. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert S. Murley bought 5,000 shares of the firm’s stock in a transaction dated Friday, December 8th. The stock was bought 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 of the company’s stock, valued at $894,015. The disclosure for this purchase can be found here. Insiders sold 62,464 shares of company stock valued at $1,605,100 in the last ninety days. Company insiders own 30.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership boosted its position in shares of Health Insurance Innovations by 131.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 668,208 shares of the financial services provider’s stock worth $16,672,000 after buying an additional 379,308 shares during the period. BlackRock Inc. boosted its position in shares of Health Insurance Innovations by 0.5% in the fourth quarter. BlackRock Inc. now owns 823,596 shares of the financial services provider’s stock worth $20,548,000 after buying an additional 4,154 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Health Insurance Innovations by 13.1% in the fourth quarter. Bank of New York Mellon Corp now owns 46,636 shares of the financial services provider’s stock worth $1,164,000 after buying an additional 5,386 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Health Insurance Innovations by 112.8% in the fourth quarter. Wells Fargo & Company MN now owns 37,428 shares of the financial services provider’s stock worth $933,000 after acquiring an additional 19,837 shares in the last quarter. Finally, Granite Point Capital Management L.P. lifted its stake in shares of Health Insurance Innovations by 68.9% in the fourth quarter. Granite Point Capital Management L.P. now owns 50,500 shares of the financial services provider’s stock worth $1,260,000 after acquiring an additional 20,600 shares in the last quarter. 68.42% of the stock is owned by institutional investors.

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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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