Zacks Investment Research upgraded shares of Health Insurance Innovations (NASDAQ:HIIQ) from a hold rating to a buy rating in a research note published on Saturday morning, Zacks.com reports. They currently have $24.00 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 equities research analysts also recently commented on the stock. Craig Hallum lowered their price objective on shares of Health Insurance Innovations from $65.00 to $50.00 and set a buy rating for the company in a research note on Tuesday, August 6th. Lake Street Capital reduced their target price on shares of Health Insurance Innovations from $50.00 to $40.00 and set a buy rating for the company in a report on Tuesday, August 6th. ValuEngine raised shares of Health Insurance Innovations from a strong sell rating to a sell rating in a report on Tuesday, August 6th. TheStreet cut shares of Health Insurance Innovations from a b- rating to a c rating in a report on Tuesday, May 7th. Finally, BidaskClub cut shares of Health Insurance Innovations from a hold rating to a sell rating in a report on Tuesday, August 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Health Insurance Innovations currently has a consensus rating of Buy and an average price target of $51.13.
Health Insurance Innovations (NASDAQ:HIIQ) last posted its quarterly earnings data on Monday, August 5th. The financial services provider reported $0.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.46. Health Insurance Innovations had a net margin of 3.44% and a return on equity of 29.83%. The business had revenue of $58.36 million during the quarter, compared to the consensus estimate of $76.76 million. During the same period in the previous year, the firm posted $0.53 earnings per share. The business’s revenue for the quarter was down 18.7% compared to the same quarter last year. As a group, research analysts forecast that Health Insurance Innovations will post 3.52 earnings per share for the current fiscal year.
In related news, major shareholder Michael W. Kosloske sold 52,526 shares of the firm’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $25.29, for a total transaction of $1,328,382.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Michael W. Kosloske sold 41,393 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $25.59, for a total transaction of $1,059,246.87. Following the transaction, the insider now directly owns 320 shares of the company’s stock, valued at approximately $8,188.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 327,691 shares of company stock valued at $8,504,415. 47.88% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in Health Insurance Innovations by 1.8% in the fourth quarter. BlackRock Inc. now owns 854,321 shares of the financial services provider’s stock valued at $22,835,000 after buying an additional 14,963 shares in the last quarter. State of New Jersey Common Pension Fund D increased its holdings in Health Insurance Innovations by 21.7% in the first quarter. State of New Jersey Common Pension Fund D now owns 560,000 shares of the financial services provider’s stock valued at $15,019,000 after buying an additional 100,000 shares in the last quarter. River Road Asset Management LLC purchased a new position in Health Insurance Innovations in the first quarter valued at $10,621,000. B. Riley Financial Inc. increased its holdings in Health Insurance Innovations by 97.1% in the first quarter. B. Riley Financial Inc. now owns 377,608 shares of the financial services provider’s stock valued at $10,127,000 after buying an additional 185,988 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS increased its holdings in Health Insurance Innovations by 46.1% in the second quarter. Kornitzer Capital Management Inc. KS now owns 317,295 shares of the financial services provider’s stock valued at $8,224,000 after buying an additional 100,170 shares in the last quarter.
About Health Insurance Innovations
Health Insurance Innovations, Inc operates as a cloud-based technology platform and distributor of individual and family health insurance plans, and supplemental products in the United States. It offers short-term medical plans that provide 3 months to 12 months of health insurance coverage with various deductible and copay levels; health benefit insurance plans, which offer fixed cash benefits and additional benefits for procedures and services; and supplemental insurance products, including life insurance policies, dental plans, vision plans, cancer/critical illness plans, deductible and gap protection plans, and pharmacy benefit cards.
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