Zacks Investment Research downgraded shares of Health Insurance Innovations, Inc. (NASDAQ:HIIQ) from a buy rating to a hold rating in a report released on Wednesday.
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. “
A number of other research analysts have also commented on HIIQ. Raymond James Financial, Inc. reissued a market perform rating on shares of Health Insurance Innovations in a report on Monday, June 26th. Canaccord Genuity reissued a buy rating and set a $30.00 price target on shares of Health Insurance Innovations in a report on Thursday, July 13th. Cantor Fitzgerald reissued an overweight rating and set a $35.00 price target (up from $30.00) on shares of Health Insurance Innovations in a report on Monday, July 17th. Craig Hallum reissued a buy rating and set a $38.00 price target (up from $28.00) on shares of Health Insurance Innovations in a report on Thursday, August 3rd. Finally, ValuEngine lowered Health Insurance Innovations from a buy rating to a hold rating in a report on Monday, August 14th. Two 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. Health Insurance Innovations has an average rating of Buy and an average target price of $31.33.
Health Insurance Innovations (NASDAQ HIIQ) traded up 5.029% during trading on Wednesday, hitting $18.275. 744,980 shares of the stock were exchanged. Health Insurance Innovations has a one year low of $4.00 and a one year high of $37.38. The stock’s 50 day moving average is $24.12 and its 200-day moving average is $23.09. The company has a market cap of $227.87 million, a price-to-earnings ratio of 14.786 and a beta of 0.51.
Health Insurance Innovations (NASDAQ:HIIQ) last posted its earnings results on Wednesday, August 2nd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.13. The company had revenue of $61.80 million for the quarter, compared to analysts’ expectations of $53.69 million. Health Insurance Innovations had a return on equity of 22.89% and a net margin of 5.56%. Health Insurance Innovations’s revenue was up 38.9% compared to the same quarter last year. On average, equities research analysts expect that Health Insurance Innovations will post $1.53 earnings per share for the current fiscal year.
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In related news, insider Sheldon Wang sold 4,530 shares of Health Insurance Innovations stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $32.73, for a total transaction of $148,266.90. Following the transaction, the insider now directly owns 224,894 shares of the company’s stock, valued at $7,360,780.62. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO of HealthPocket Bruce Telkamp sold 9,970 shares of Health Insurance Innovations stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $36.19, for a total value of $360,814.30. Following the transaction, the insider now directly owns 19,500 shares in the company, valued at $705,705. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 185,077 shares of company stock worth $5,357,058. 30.00% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its holdings in Health Insurance Innovations by 68.3% during the second quarter. Renaissance Technologies LLC now owns 1,010,400 shares of the financial services provider’s stock worth $23,744,000 after acquiring an additional 410,197 shares during the period. Lyon Street Capital LLC grew its holdings in Health Insurance Innovations by 14.4% during the second quarter. Lyon Street Capital LLC now owns 627,079 shares of the financial services provider’s stock worth $14,736,000 after acquiring an additional 78,818 shares during the period. Russell Investments Group Ltd. acquired a new position in Health Insurance Innovations during the second quarter worth about $14,467,000. Capital World Investors acquired a new position in Health Insurance Innovations during the second quarter worth about $11,680,000. Finally, Emerald Mutual Fund Advisers Trust grew its holdings in Health Insurance Innovations by 12.5% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 448,955 shares of the financial services provider’s stock worth $10,550,000 after acquiring an additional 50,000 shares during the period. 66.21% of the stock is currently owned by hedge funds and other institutional investors.
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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