Health Insurance Innovations (HIIQ) Cut to “Buy” at BidaskClub

BidaskClub cut shares of Health Insurance Innovations (NASDAQ:HIIQ) from a strong-buy rating to a buy rating in a research note published on Saturday.

Several other brokerages have also issued reports on HIIQ. Cantor Fitzgerald restated an overweight rating and set a $38.00 target price on shares of Health Insurance Innovations in a research report on Tuesday, September 12th. Canaccord Genuity restated a buy rating and set a $39.00 target price (up from $30.00) on shares of Health Insurance Innovations in a research report on Friday, August 4th. ValuEngine upgraded shares of Health Insurance Innovations from a buy rating to a strong-buy rating in a research report on Monday, October 2nd. Zacks Investment Research upgraded shares of Health Insurance Innovations from a hold rating to a buy rating and set a $33.00 price target for the company in a research report on Friday, August 4th. Finally, TheStreet lowered shares of Health Insurance Innovations from a b- rating to a c rating in a research report on Thursday, September 28th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $30.86.

Health Insurance Innovations (NASDAQ:HIIQ) opened at $22.02 on Friday. Health Insurance Innovations has a twelve month low of $12.50 and a twelve month high of $37.38. The firm has a market cap of $374.65, a P/E ratio of 15.41 and a beta of 0.65.

Health Insurance Innovations (NASDAQ:HIIQ) last released its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.11. The firm had revenue of $63.34 million during the quarter, compared to analysts’ expectations of $59.30 million. Health Insurance Innovations had a net margin of 5.98% and a return on equity of 21.32%. The firm’s quarterly revenue was up 37.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.33 earnings per share. analysts anticipate that Health Insurance Innovations will post 1.39 EPS for the current fiscal year.

Health Insurance Innovations announced that its board has initiated a share buyback plan on Monday, October 16th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

In related news, insider Sheldon Wang sold 4,530 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $32.73, for a total transaction of $148,266.90. Following the sale, the insider now owns 224,894 shares of the company’s stock, valued at $7,360,780.62. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 30.00% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in HIIQ. PNC Financial Services Group Inc. purchased a new stake in shares of Health Insurance Innovations in the second quarter valued at $113,000. Advisors Asset Management Inc. purchased a new stake in shares of Health Insurance Innovations in the third quarter valued at $142,000. Nationwide Fund Advisors purchased a new stake in shares of Health Insurance Innovations in the second quarter valued at $149,000. Chicago Equity Partners LLC purchased a new stake in shares of Health Insurance Innovations in the third quarter valued at $158,000. Finally, First Trust Advisors LP purchased a new stake in shares of Health Insurance Innovations in the third quarter valued at $171,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Health Insurance Innovations (NASDAQ:HIIQ)

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