Health Insurance Innovations, Inc. (NASDAQ:HIIQ) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.11, Bloomberg Earnings reports. Health Insurance Innovations had a net margin of 5.56% and a return on equity of 22.89%. The company had revenue of $63.34 million for the quarter, compared to the consensus estimate of $59.30 million. During the same period in the prior year, the firm posted $0.33 EPS. The company’s quarterly revenue was up 37.4% compared to the same quarter last year.
HIIQ has been the topic of a number of recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $38.00 price objective on shares of Health Insurance Innovations in a research report on Tuesday, September 12th. Canaccord Genuity reissued a “buy” rating and issued a $39.00 price objective (up from $30.00) on shares of Health Insurance Innovations in a research report on Friday, August 4th. ValuEngine raised 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 downgraded shares of Health Insurance Innovations from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Craig Hallum reissued a “buy” rating and issued a $38.00 price objective (up from $28.00) on shares of Health Insurance Innovations in a research report on Thursday, August 3rd. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Health Insurance Innovations presently has an average rating of “Buy” and an average price target of $30.86.
In related news, CFO Michael D. Hershberger sold 17,769 shares of Health Insurance Innovations stock in a transaction on Friday, September 1st. The shares were sold at an average price of $31.42, for a total value of $558,301.98. Following the completion of the sale, the chief financial officer now owns 94,569 shares in the company, valued at $2,971,357.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sheldon Wang sold 16,307 shares of Health Insurance Innovations stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $31.69, for a total transaction of $516,768.83. Following the completion of the sale, the insider now owns 229,001 shares of the company’s stock, valued at approximately $7,257,041.69. The disclosure for this sale can be found here. Insiders have sold 60,077 shares of company stock worth $1,945,858 in the last quarter. Insiders own 30.00% of the company’s stock.
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Health Insurance Innovations declared that its Board of Directors has initiated a stock repurchase plan on Monday, October 16th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
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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