Health Insurance Innovations, Inc. (HIIQ) Holdings Trimmed by Granite Point Capital Management L.P.

Granite Point Capital Management L.P. decreased its position in Health Insurance Innovations, Inc. (NASDAQ:HIIQ) by 66.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 29,900 shares of the financial services provider’s stock after selling 58,000 shares during the period. Granite Point Capital Management L.P. owned about 0.18% of Health Insurance Innovations worth $434,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. AXA increased its holdings in Health Insurance Innovations by 3.5% in the second quarter. AXA now owns 23,396 shares of the financial services provider’s stock valued at $550,000 after buying an additional 784 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Health Insurance Innovations by 11.5% in the first quarter. Bank of New York Mellon Corp now owns 12,270 shares of the financial services provider’s stock valued at $197,000 after purchasing an additional 1,266 shares during the period. Wells Fargo & Company MN grew its position in shares of Health Insurance Innovations by 26.3% in the third quarter. Wells Fargo & Company MN now owns 17,591 shares of the financial services provider’s stock valued at $256,000 after purchasing an additional 3,665 shares during the period. Cadence Capital Management LLC grew its position in shares of Health Insurance Innovations by 5.8% in the second quarter. Cadence Capital Management LLC now owns 67,833 shares of the financial services provider’s stock valued at $1,594,000 after purchasing an additional 3,690 shares during the period. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Health Insurance Innovations in the second quarter valued at about $113,000. 68.11% of the stock is owned by institutional investors.

Several analysts have recently issued reports on the stock. ValuEngine lowered shares of Health Insurance Innovations from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. BidaskClub lowered shares of Health Insurance Innovations from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. Northland Securities reiterated a “buy” rating and issued a $37.00 target price on shares of Health Insurance Innovations in a research report on Tuesday, October 17th. TheStreet lowered shares of Health Insurance Innovations from a “b-” rating to a “c” rating in a research report on Thursday, September 28th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $39.00 target price on shares of Health Insurance Innovations in a research report on Monday, October 16th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned 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 $30.86.

Health Insurance Innovations, Inc. (NASDAQ HIIQ) opened at $21.95 on Thursday. The firm has a market cap of $364.32, a PE ratio of 14.98 and a beta of 0.65. Health Insurance Innovations, Inc. has a 52-week low of $12.65 and a 52-week high of $37.38.

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

Health Insurance Innovations declared that its board has authorized a share repurchase program 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 repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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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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Institutional Ownership by Quarter for Health Insurance Innovations (NASDAQ:HIIQ)

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