Health Insurance Innovations (HIIQ) Receives “Buy” Rating from Cantor Fitzgerald
Health Insurance Innovations (NASDAQ:HIIQ)‘s stock had its “buy” rating reaffirmed by research analysts at Cantor Fitzgerald in a note issued to investors on Tuesday. They presently have a $38.00 price target on the financial services provider’s stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 66.30% from the company’s current price.
The analysts wrote, “Hopefully, the multi-state regulatory review matter is resolved in the next few months. Management indicated that it is possible that the matter is resolved within the next three to four months as these reviews typically take one to two years. It is difficult for us to determine the exact impact of this review, but the company remains confident that the impact will be limited.””
Several other research firms have also recently commented on HIIQ. BidaskClub cut Health Insurance Innovations from a “buy” rating to a “hold” rating in a research note on Saturday. ValuEngine upgraded Health Insurance Innovations from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 2nd. Canaccord Genuity reissued a “buy” rating and issued a $39.00 price objective on shares of Health Insurance Innovations in a report on Wednesday, September 13th. TheStreet lowered Health Insurance Innovations from a “b-” rating to a “c” rating in a report on Thursday, September 28th. Finally, Zacks Investment Research lowered Health Insurance Innovations from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $30.86.
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, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.11. Health Insurance Innovations had a return on equity of 21.32% and a net margin of 5.98%. The business had revenue of $63.34 million for the quarter, compared to analysts’ expectations of $59.30 million. During the same quarter in the previous year, the firm posted $0.33 earnings per share. The company’s revenue was up 37.4% compared to the same quarter last year. equities research analysts expect that Health Insurance Innovations will post 1.39 earnings per share for the current fiscal year.
Health Insurance Innovations declared that its board has approved a stock buyback plan on Monday, October 16th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
In related news, Director Robert S. Murley bought 5,000 shares of the 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 completion of the acquisition, the director now owns 39,734 shares of the company’s stock, valued at $894,015. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 30.00% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. AXA grew its holdings in shares of Health Insurance Innovations by 3.5% during the second quarter. AXA now owns 23,396 shares of the financial services provider’s stock valued at $550,000 after purchasing an additional 784 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Health Insurance Innovations by 26.3% during the third quarter. Wells Fargo & Company MN now owns 17,591 shares of the financial services provider’s stock valued at $256,000 after purchasing an additional 3,665 shares during the last quarter. Cadence Capital Management LLC grew its holdings in shares of Health Insurance Innovations by 5.8% during the second quarter. Cadence Capital Management LLC now owns 67,833 shares of the financial services provider’s stock valued at $1,594,000 after purchasing an additional 3,690 shares during the last quarter. PNC Financial Services Group Inc. bought a new position in shares of Health Insurance Innovations during the second quarter valued at approximately $113,000. Finally, Nationwide Fund Advisors bought a new position in shares of Health Insurance Innovations during the second quarter valued at approximately $149,000. 68.11% 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.
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