Health Insurance Innovations Inc (NASDAQ:HIIQ)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity in a note issued to investors on Monday. They currently have a $39.00 price target on the financial services provider’s stock. Canaccord Genuity’s price objective indicates a potential upside of 85.05% from the stock’s current price.
The analysts wrote, “Date and time of first dissemination: October 16, 2017, 09:40 ET Date and time of production: October 16, 2017, 09:40 ET Target Price / Valuation Methodology: Health Insurance Innovations – HIIQ Our $39 PT is based on an 12.6x target multiple on our 2018 adj. EBITDA estimate. Our target multiple is a 25% discount to a peer group of non-provider health and insurance related technology companies.””
Other research analysts also recently issued reports about the stock. Craig Hallum restated a “buy” rating and issued a $38.00 price target (up from $28.00) on shares of Health Insurance Innovations in a research report on Thursday, August 3rd. ValuEngine downgraded shares of Health Insurance Innovations from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Zacks Investment Research downgraded shares of Health Insurance Innovations from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Health Insurance Innovations in a research report on Monday, June 26th. Finally, Cantor Fitzgerald reiterated a “buy” rating and issued a $38.00 price objective on shares of Health Insurance Innovations in a research report on Friday, September 1st. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $31.33.
Health Insurance Innovations (HIIQ) traded up 11.64% on Monday, reaching $21.10. 3,212,335 shares of the company’s stock were exchanged. The firm has a market capitalization of $263.10 million, a price-to-earnings ratio of 17.07 and a beta of 0.53. The stock’s 50 day moving average price is $22.88 and its 200 day moving average price is $23.20. Health Insurance Innovations has a 1-year low of $4.00 and a 1-year high of $37.38.
Health Insurance Innovations (NASDAQ:HIIQ) last posted its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.13. Health Insurance Innovations had a net margin of 11.25% and a return on equity of 23.82%. The company had revenue of $61.80 million for the quarter, compared to the consensus estimate of $53.69 million. Health Insurance Innovations’s revenue was up 38.9% on a year-over-year basis. On average, analysts expect that Health Insurance Innovations will post $1.53 earnings per share for the current year.
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In other news, Director Robert S. Murley acquired 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were purchased at an average cost of $30.21 per share, for a total transaction of $90,630.00. Following the transaction, the director now directly owns 34,734 shares in the company, valued at approximately $1,049,314.14. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Bruce Telkamp sold 30,000 shares of Health Insurance Innovations stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $28.30, for a total transaction of $849,000.00. Following the completion of the sale, the chief executive officer now owns 74,001 shares in the company, valued at $2,094,228.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 170,077 shares of company stock worth $4,959,558. 30.00% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. Morgan Stanley lifted its position in Health Insurance Innovations by 240.2% in the 1st quarter. Morgan Stanley now owns 70,397 shares of the financial services provider’s stock valued at $1,127,000 after purchasing an additional 49,703 shares during the last quarter. Argent Capital Management LLC increased its stake in Health Insurance Innovations by 34.5% during the 2nd quarter. Argent Capital Management LLC now owns 175,975 shares of the financial services provider’s stock valued at $4,135,000 after buying an additional 45,100 shares during the period. Tudor Investment Corp ET AL acquired a new position in Health Insurance Innovations during the 1st quarter valued at about $648,000. Granite Point Capital Management L.P. increased its stake in Health Insurance Innovations by 8.8% during the 2nd quarter. Granite Point Capital Management L.P. now owns 87,900 shares of the financial services provider’s stock valued at $2,066,000 after buying an additional 7,100 shares during the period. Finally, Capital World Investors acquired a new position in Health Insurance Innovations during the 2nd quarter valued at about $11,680,000. Hedge funds and other institutional investors own 66.22% 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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