Health Insurance Innovations, Inc. (HIIQ) Shares Down 1.3% After Insider Selling
Shares of Health Insurance Innovations, Inc. (NASDAQ:HIIQ) were down 1.3% during mid-day trading on Friday following insider selling activity. The company traded as low as $30.00 and last traded at $30.00. Approximately 388,852 shares traded hands during trading, a decline of 26% from the average daily volume of 526,202 shares. The stock had previously closed at $30.40.
Specifically, insider Sheldon Wang sold 5,149 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $21.60, for a total value of $111,218.40. Following the transaction, the insider now directly owns 228,751 shares of the company’s stock, valued at $4,941,021.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael D. Hershberger sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $23.22, for a total value of $116,100.00. Following the completion of the transaction, the chief financial officer now directly owns 105,369 shares in the company, valued at $2,446,668.18. The disclosure for this sale can be found here. Insiders sold 238,288 shares of company stock worth $6,523,892 over the last three months. Insiders own 30.00% of the company’s stock.
A number of research analysts have recently weighed in on the company. Zacks Investment Research raised Health Insurance Innovations from a “hold” rating to a “strong-buy” rating and set a $27.00 price objective on the stock in a research report on Wednesday, June 21st. Craig Hallum assumed coverage on Health Insurance Innovations in a research report on Monday, June 12th. They set a “buy” rating and a $28.00 price objective on the stock. Canaccord Genuity reaffirmed a “buy” rating and set a $39.00 price objective (up from $30.00) on shares of Health Insurance Innovations in a research report on Friday, August 4th. Finally, ValuEngine cut Health Insurance Innovations from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Health Insurance Innovations has an average rating of “Buy” and a consensus target price of $31.33.
The company has a market cap of $373.45 million, a PE ratio of 24.23 and a beta of 0.65. The firm’s 50-day moving average price is $31.49 and its 200-day moving average price is $22.59.
Health Insurance Innovations (NASDAQ:HIIQ) last issued its earnings results on Wednesday, August 2nd. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.13. The firm had revenue of $61.80 million for the quarter, compared to the consensus estimate of $53.69 million. Health Insurance Innovations had a return on equity of 22.89% and a net margin of 5.56%. The company’s revenue was up 38.9% compared to the same quarter last year. Equities analysts predict that Health Insurance Innovations, Inc. will post $1.53 earnings per share for the current year.
A number of hedge funds have recently modified their holdings of HIIQ. Bank of Montreal Can purchased a new position in Health Insurance Innovations during the first quarter worth approximately $118,000. Bank of New York Mellon Corp boosted its position in Health Insurance Innovations by 11.5% during the first quarter. Bank of New York Mellon Corp now owns 12,270 shares of the financial services provider’s stock worth $197,000 after purchasing an additional 1,266 shares in the last quarter. Airain ltd purchased a new position in Health Insurance Innovations during the first quarter worth approximately $537,000. Millrace Asset Group Inc. purchased a new position in Health Insurance Innovations during the first quarter worth approximately $1,840,000. Finally, SG Americas Securities LLC purchased a new position in Health Insurance Innovations during the first quarter worth approximately $252,000. Institutional investors own 90.32% of the company’s stock.
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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