Health Insurance Innovations (NASDAQ:HIIQ) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
Other equities analysts have also recently issued reports about the stock. BidaskClub cut shares of Health Insurance Innovations from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. Canaccord Genuity set a $39.00 target price on shares of Health Insurance Innovations and gave the company a “buy” rating in a research report on Sunday, November 12th. Cantor Fitzgerald restated a “buy” rating and issued a $38.00 target price on shares of Health Insurance Innovations in a research report on Wednesday, November 1st. Northland Securities restated a “buy” rating and issued a $37.00 target price on shares of Health Insurance Innovations in a research report on Tuesday, October 17th. Finally, TheStreet cut shares of Health Insurance Innovations from a “b-” rating to a “c” rating in a research report on Thursday, September 28th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $32.67.
Shares of Health Insurance Innovations (NASDAQ:HIIQ) traded up $0.50 during trading on Wednesday, reaching $25.50. 298,000 shares of the company’s stock traded hands, compared to its average volume of 338,800. Health Insurance Innovations has a twelve month low of $12.65 and a twelve month high of $37.38. The firm has a market cap of $452.44, a PE ratio of 20.90 and a beta of 0.65.
Health Insurance Innovations announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 16th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, insider Sheldon Wang sold 10,000 shares of Health Insurance Innovations stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $25.20, for a total transaction of $252,000.00. Following the sale, the insider now directly owns 159,001 shares of the company’s stock, valued at approximately $4,006,825.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert S. Murley purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The shares were bought at an average cost of $22.50 per share, for a total transaction of $112,500.00. Following the completion of the acquisition, the director now directly owns 39,734 shares in the company, valued at approximately $894,015. The disclosure for this purchase can be found here. Insiders have sold a total of 52,464 shares of company stock worth $1,338,600 over the last ninety days. 30.00% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in HIIQ. Vanguard Group Inc. grew its holdings in shares of Health Insurance Innovations by 92.2% during the 1st quarter. Vanguard Group Inc. now owns 406,293 shares of the financial services provider’s stock valued at $6,500,000 after purchasing an additional 194,907 shares during the last quarter. Geode Capital Management LLC grew its holdings in Health Insurance Innovations by 57.0% during the 1st quarter. Geode Capital Management LLC now owns 62,992 shares of the financial services provider’s stock worth $1,007,000 after acquiring an additional 22,860 shares during the last quarter. Morgan Stanley grew its holdings in Health Insurance Innovations by 240.2% during the 1st quarter. Morgan Stanley now owns 70,397 shares of the financial services provider’s stock worth $1,127,000 after acquiring an additional 49,703 shares during the last quarter. Schwab Charles Investment Management Inc. bought a new stake in Health Insurance Innovations during the 2nd quarter worth approximately $440,000. Finally, Rhumbline Advisers bought a new stake in Health Insurance Innovations during the 2nd quarter worth approximately $277,000. 68.00% of the stock is currently owned by institutional investors.
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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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