Canaccord Genuity Reaffirms Buy Rating for Health Insurance Innovations, Inc. (HIIQ)
Health Insurance Innovations, Inc. (NASDAQ:HIIQ)‘s stock had its “buy” rating reissued by Canaccord Genuity in a research report issued to clients and investors on Friday. They currently have a $39.00 target price on the financial services provider’s stock. Canaccord Genuity’s price objective would suggest a potential upside of 25.81% from the company’s current price.
Other equities research analysts also recently issued reports about the company. UBS AG upgraded Health Insurance Innovations to an “outperform” rating in a report on Thursday, May 4th. Raymond James Financial, Inc. upgraded Health Insurance Innovations from a “market perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a report on Thursday, May 4th. Zacks Investment Research upgraded Health Insurance Innovations from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Friday, May 5th. TheStreet upgraded Health Insurance Innovations from a “c” rating to a “b-” rating in a report on Monday, May 22nd. Finally, Craig Hallum initiated coverage on Health Insurance Innovations in a report on Monday, June 12th. They issued a “buy” rating and a $28.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $30.83.
Health Insurance Innovations (NASDAQ:HIIQ) traded down 7.88% during trading on Friday, reaching $31.00. The company had a trading volume of 2,782,471 shares. Health Insurance Innovations has a one year low of $4.00 and a one year high of $35.85. The firm’s 50 day moving average is $30.80 and its 200 day moving average is $22.18. The company has a market capitalization of $386.54 million, a PE ratio of 25.08 and a beta of 0.68.
Health Insurance Innovations (NASDAQ:HIIQ) last issued its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.13. Health Insurance Innovations had a return on equity of 22.89% and a net margin of 5.56%. The business had revenue of $61.80 million for the quarter, compared to the consensus estimate of $53.69 million. The firm’s revenue for the quarter was up 38.9% on a year-over-year basis. On average, equities research analysts predict that Health Insurance Innovations will post $1.53 earnings per share for the current year.
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In related news, CEO Bruce Telkamp sold 30,000 shares of the stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $26.68, for a total value of $800,400.00. Following the transaction, the chief executive officer now owns 104,001 shares of the company’s stock, valued at $2,774,746.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Sheldon Wang sold 4,750 shares of the stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $25.80, for a total value of $122,550.00. Following the completion of the transaction, the insider now directly owns 224,001 shares in the company, valued at approximately $5,779,225.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 194,242 shares of company stock worth $5,088,007. Company insiders own 30.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new position in shares of Health Insurance Innovations during the second quarter valued at about $14,467,000. Lyon Street Capital LLC purchased a new position in shares of Health Insurance Innovations during the first quarter valued at about $8,772,000. Capital World Investors purchased a new position in shares of Health Insurance Innovations during the second quarter valued at about $11,680,000. Renaissance Technologies LLC boosted its position in shares of Health Insurance Innovations by 68.3% in the second quarter. Renaissance Technologies LLC now owns 1,010,400 shares of the financial services provider’s stock valued at $23,744,000 after buying an additional 410,197 shares during the period. Finally, Cortina Asset Management LLC purchased a new position in shares of Health Insurance Innovations during the first quarter valued at about $5,192,000. 88.96% of the stock is currently owned by institutional investors.
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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