Health Insurance Innovations, Inc. (HIIQ) Given a $39.00 Price Target at Canaccord Genuity
Canaccord Genuity set a $39.00 price objective on Health Insurance Innovations, Inc. (NASDAQ:HIIQ) in a research note published on Sunday. The firm currently has a buy rating on the financial services provider’s stock.
HIIQ has been the subject of a number of other reports. Cantor Fitzgerald reiterated a buy rating and set a $38.00 price objective on shares of Health Insurance Innovations in a research report on Monday, September 25th. ValuEngine upgraded shares of Health Insurance Innovations from a buy rating to a strong-buy rating in a research report on Monday, October 2nd. TheStreet cut shares of Health Insurance Innovations from a b- rating to a c rating in a research report on Thursday, September 28th. Zacks Investment Research cut shares of Health Insurance Innovations from a buy rating to a hold rating in a research report on Wednesday, October 11th. Finally, Northland Securities reiterated a buy rating and set a $37.00 price objective on shares of Health Insurance Innovations in a research report on Tuesday, October 17th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Health Insurance Innovations presently has an average rating of Buy and a consensus target price of $30.86.
Health Insurance Innovations (HIIQ) traded up $0.15 during mid-day trading on Friday, reaching $23.95. 485,500 shares of the company were exchanged, compared to its average volume of 643,410. The firm has a market cap of $396.16, a PE ratio of 16.29 and a beta of 0.63. Health Insurance Innovations has a twelve month low of $7.52 and a twelve month high of $37.38.
Health Insurance Innovations (NASDAQ:HIIQ) last released its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.11. The business had revenue of $63.34 million during the quarter, compared to analysts’ expectations of $59.30 million. Health Insurance Innovations had a net margin of 5.98% and a return on equity of 21.32%. The firm’s quarterly revenue was up 37.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.33 EPS. equities research analysts anticipate that Health Insurance Innovations will post 1.65 EPS for the current fiscal year.
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Health Insurance Innovations announced that its board has authorized a share buyback program on Monday, October 16th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, Director Robert S. Murley acquired 3,000 shares of Health Insurance Innovations stock in a transaction dated Friday, September 1st. The shares were bought at an average cost of $30.21 per share, with a total value of $90,630.00. Following the purchase, the director now owns 34,734 shares in the company, valued at approximately $1,049,314.14. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Sheldon Wang sold 4,530 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $32.73, for a total transaction of $148,266.90. Following the completion of the sale, the insider now directly owns 224,894 shares in the company, valued at $7,360,780.62. The disclosure for this sale can be found here. Insiders have sold a total of 48,576 shares of company stock worth $1,584,152 over the last three months. Insiders own 30.00% of the company’s stock.
Large investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. bought a new stake in shares of Health Insurance Innovations in the 2nd quarter valued at $113,000. Nationwide Fund Advisors bought a new stake in shares of Health Insurance Innovations in the 2nd quarter valued at $149,000. The Manufacturers Life Insurance Company boosted its stake 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 valued at $210,000 after purchasing an additional 8,835 shares during the last quarter. Advisors Asset Management Inc. bought a new stake in shares of Health Insurance Innovations in the 3rd quarter valued at $142,000. Finally, Alliancebernstein L.P. bought a new stake in shares of Health Insurance Innovations in the 2nd quarter valued at $240,000. 62.42% of the stock is currently owned by institutional investors.
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.
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