8.2% Stake of Health Insurance Innovations Inc (HIIQ) Owned by Cannell Capital LLC
Cannell Capital LLC
recently stated that they own a 8.2% stake in Health Insurance Innovations Inc (NASDAQ:HIIQ) in a Schedule 13G disclosure that was filed with the Securities and Exchange Commission (SEC) on Friday, December 15th. The investor owns 1,035,187 shares of the stock worth about $27,846,530. The reporting parties listed on the disclosure included J Carlo Cannell and Cannell Capital LLC. The disclosure is available through the SEC website at this hyperlink.
Shares of Health Insurance Innovations Inc (NASDAQ:HIIQ) traded down $0.65 on Friday, reaching $26.90. 1,020,000 shares of the company traded hands, compared to its average volume of 494,240. Health Insurance Innovations Inc has a 1 year low of $12.65 and a 1 year high of $37.38. The stock has a market cap of $445.00, a P/E ratio of 17.04 and a beta of 0.65.
Health Insurance Innovations (NASDAQ:HIIQ) last announced its earnings results on Wednesday, November 1st. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.11. Health Insurance Innovations had a net margin of 5.98% and a return on equity of 21.32%. The firm had revenue of $63.34 million for the quarter, compared to the consensus estimate of $59.30 million. During the same period in the prior year, the firm earned $0.33 EPS. The firm’s revenue for the quarter was up 37.4% on a year-over-year basis. analysts anticipate that Health Insurance Innovations Inc will post 1.39 EPS for the current year.
Health Insurance Innovations declared that its board has approved a stock repurchase program on Monday, October 16th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
In other news, Director Robert S. Murley purchased 5,000 shares of the stock in a transaction on Friday, December 8th. The stock was bought at an average price of $22.50 per share, for a total transaction of $112,500.00. Following the acquisition, the director now directly owns 39,734 shares of the company’s stock, valued at approximately $894,015. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 30.00% of the stock is owned by corporate insiders.
Several equities analysts have weighed in on HIIQ shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $38.00 target price on shares of Health Insurance Innovations in a report on Tuesday, September 12th. BidaskClub lowered shares of Health Insurance Innovations from a “buy” rating to a “hold” rating in a report on Saturday, December 9th. ValuEngine upgraded shares of Health Insurance Innovations from a “buy” rating to a “strong-buy” rating in a report on Monday, October 2nd. Canaccord Genuity reiterated a “buy” rating and issued a $39.00 target price on shares of Health Insurance Innovations in a report on Wednesday, September 13th. Finally, TheStreet lowered shares of Health Insurance Innovations from a “b-” rating to a “c” rating in a report on Thursday, September 28th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $30.86.
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Health Insurance Innovations 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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