Health Insurance Innovations, Inc. (HIIQ) Shares Down 7.2%

Health Insurance Innovations, Inc. (NASDAQ:HIIQ)’s share price traded down 7.2% during trading on Wednesday . The company traded as low as $16.70 and last traded at $17.40. 1,505,732 shares traded hands during trading, an increase of 42% from the average session volume of 1,058,630 shares. The stock had previously closed at $18.75.

A number of equities analysts have commented on the stock. Zacks Investment Research downgraded shares of Health Insurance Innovations from a “buy” rating to a “hold” rating in a research report on Wednesday. ValuEngine upgraded shares of Health Insurance Innovations from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 2nd. TheStreet downgraded shares of Health Insurance Innovations from a “b-” rating to a “c” rating in a research report on Thursday, September 28th. Cantor Fitzgerald restated a “buy” rating and set a $38.00 price objective on shares of Health Insurance Innovations in a research report on Monday, September 25th. Finally, Canaccord Genuity restated a “buy” rating and set a $39.00 price objective on shares of Health Insurance Innovations in a research report on Wednesday, September 13th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Health Insurance Innovations currently has an average rating of “Buy” and an average target price of $31.33.

The firm has a 50-day moving average price of $24.59 and a 200-day moving average price of $23.13. The company has a market cap of $216.96 million, a price-to-earnings ratio of 14.08 and a beta of 0.51.

Health Insurance Innovations (NASDAQ:HIIQ) last issued its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.13. Health Insurance Innovations had a net margin of 5.56% and a return on equity of 22.89%. The business had revenue of $61.80 million for the quarter, compared to analysts’ expectations of $53.69 million. The firm’s quarterly revenue was up 38.9% on a year-over-year basis. Equities analysts predict that Health Insurance Innovations, Inc. will post $1.53 earnings per share for the current year.

In related 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 acquired at an average cost of $30.21 per share, for a total transaction of $90,630.00. Following the completion of the purchase, the director now directly owns 34,734 shares in the company, valued at $1,049,314.14. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Bruce Telkamp sold 30,000 shares of Health Insurance Innovations stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $26.68, for a total transaction of $800,400.00. Following the sale, the chief executive officer now owns 104,001 shares in the company, valued at $2,774,746.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 189,827 shares of company stock worth $5,479,608. Company insiders own 30.00% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Morgan Stanley raised its stake in shares of Health Insurance Innovations by 240.2% during the first 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 in the last quarter. Argent Capital Management LLC raised its stake in shares of Health Insurance Innovations by 34.5% during the second quarter. Argent Capital Management LLC now owns 175,975 shares of the financial services provider’s stock valued at $4,135,000 after purchasing an additional 45,100 shares in the last quarter. Tudor Investment Corp ET AL bought a new stake in shares of Health Insurance Innovations during the first quarter valued at about $648,000. Granite Point Capital Management L.P. raised its stake in shares of Health Insurance Innovations by 8.8% during the second 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 purchasing an additional 7,100 shares in the last quarter. Finally, Timpani Capital Management LLC bought a new stake in shares of Health Insurance Innovations during the second quarter valued at about $3,674,000. Institutional investors and hedge funds own 66.21% 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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