Health Insurance Innovations, Inc. (NASDAQ:HIIQ) shares dropped 0.4% on Wednesday . The company traded as low as $22.10 and last traded at $24.25. Approximately 438,300 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 641,311 shares. The stock had previously closed at $24.35.

HIIQ has been the topic of a number of research reports. Zacks Investment Research raised shares of Health Insurance Innovations from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research note on Friday, August 4th. Canaccord Genuity reissued a “buy” rating and issued a $39.00 target price (up from $30.00) on shares of Health Insurance Innovations in a research note on Friday, August 4th. Craig Hallum reissued a “buy” rating and issued a $38.00 target price (up from $28.00) on shares of Health Insurance Innovations in a research note on Thursday, August 3rd. Cantor Fitzgerald reissued a “buy” rating and issued a $38.00 target price on shares of Health Insurance Innovations in a research note on Monday, September 25th. Finally, ValuEngine raised shares of Health Insurance Innovations from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $30.86.

The stock has a market cap of $393.72, a PE ratio of 15.61 and a beta of 0.63.

Health Insurance Innovations (NASDAQ:HIIQ) last released its quarterly earnings results on Wednesday, November 1st. The financial services provider reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.11. The firm had revenue of $63.34 million for the quarter, compared to analyst estimates of $59.30 million. Health Insurance Innovations had a net margin of 5.98% and a return on equity of 21.32%. The business’s revenue for the quarter was up 37.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.33 EPS. equities analysts expect that Health Insurance Innovations, Inc. will post 1.65 earnings per share for the current fiscal year.

Health Insurance Innovations announced that its board has approved a stock buyback plan on Monday, October 16th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

In related news, insider Sheldon Wang sold 16,307 shares of Health Insurance Innovations stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $31.69, for a total value of $516,768.83. Following the completion of the sale, the insider now owns 229,001 shares in the company, valued at approximately $7,257,041.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert S. Murley bought 3,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was bought at an average price of $30.21 per share, with a total value of $90,630.00. Following the acquisition, the director now directly owns 34,734 shares in the company, valued at approximately $1,049,314.14. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 48,576 shares of company stock worth $1,584,152. Corporate insiders own 30.00% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. acquired a new stake in Health Insurance Innovations in the 2nd quarter valued at approximately $113,000. Nationwide Fund Advisors acquired a new stake in Health Insurance Innovations in the 2nd quarter valued at approximately $149,000. The Manufacturers Life Insurance Company grew its stake in shares of Health Insurance Innovations by 7,616.4% in the second quarter. The Manufacturers Life Insurance Company now owns 8,951 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 8,835 shares in the last quarter. Advisors Asset Management Inc. acquired a new position in shares of Health Insurance Innovations in the third quarter worth $142,000. Finally, Alliancebernstein L.P. acquired a new position in shares of Health Insurance Innovations in the second quarter worth $240,000. Hedge funds and other institutional investors own 62.42% of the company’s stock.

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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.

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