Zacks Investment Research upgraded shares of Health Insurance Innovations (NASDAQ:HIIQ) from a hold rating to a buy rating in a research report released on Thursday morning. Zacks Investment Research currently has $31.00 price objective on the financial services provider’s stock.

According to Zacks, “Health Insurance Innovations, Inc. operates as a developer and administrator of web-based individual health insurance plans and ancillary products. Its product portfolio consists of short-term medical plans, accident, sickness & hospital medical plans, ancillary insurance, life insurance, lifestyle and discount services. Health Insurance Innovations, Inc. is based in Tampa, Florida. “

Several other research analysts have also commented on HIIQ. TheStreet lowered shares of Health Insurance Innovations from a b- rating to a c rating in a research note on Thursday, September 28th. ValuEngine raised shares of 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 research note on Monday, October 16th. Northland Securities reiterated a buy rating and issued a $37.00 price target on shares of Health Insurance Innovations in a research note on Tuesday, October 17th. Finally, Cantor Fitzgerald reiterated a buy rating and issued a $38.00 price target on shares of Health Insurance Innovations in a research note on Wednesday, November 1st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Health Insurance Innovations presently has a consensus rating of Buy and an average price target of $33.83.

Health Insurance Innovations (NASDAQ:HIIQ) opened at $28.50 on Thursday. Health Insurance Innovations has a 12 month low of $12.65 and a 12 month high of $37.38. The company has a market cap of $477.33, a P/E ratio of 23.36 and a beta of 0.65.

Health Insurance Innovations (NASDAQ:HIIQ) last posted its quarterly earnings data 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. Health Insurance Innovations had a net margin of 5.98% and a return on equity of 21.32%. The business had revenue of $63.34 million during the quarter, compared to analyst estimates of $59.30 million. During the same quarter last year, the firm posted $0.33 earnings per share. The business’s revenue for the quarter was up 37.4% compared to the same quarter last year. analysts anticipate that Health Insurance Innovations will post 1.39 earnings per share for the current fiscal year.

Health Insurance Innovations declared that its Board of Directors has initiated a share repurchase program on Monday, October 16th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

In other news, Director Robert S. Murley purchased 5,000 shares of the firm’s stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 39,734 shares of the company’s stock, valued at $894,015. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Sheldon Wang sold 1,232 shares of Health Insurance Innovations stock in a transaction that occurred on Friday, December 28th. The stock was sold at an average price of $25.00, for a total transaction of $30,800.00. Following the completion of the transaction, the chief technology officer now owns 137,769 shares of the company’s stock, valued at approximately $3,444,225. The disclosure for this sale can be found here. Insiders sold 57,464 shares of company stock valued at $1,463,600 in the last quarter. 30.00% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. purchased a new position in Health Insurance Innovations in the second quarter worth approximately $113,000. Advisors Asset Management Inc. acquired a new stake in Health Insurance Innovations during the third quarter worth approximately $142,000. Nationwide Fund Advisors acquired a new stake in Health Insurance Innovations during the second quarter worth approximately $149,000. Chicago Equity Partners LLC acquired a new stake in Health Insurance Innovations during the third quarter worth approximately $158,000. Finally, First Trust Advisors LP acquired a new stake in Health Insurance Innovations during the third quarter worth approximately $171,000. Institutional investors own 67.90% of the company’s stock.

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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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