Canaccord Genuity reaffirmed their buy rating on shares of Health Insurance Innovations (NASDAQ:HIIQ) in a research report released on Friday morning. The brokerage currently has a $39.00 price target on the financial services provider’s stock.
“We reiterate our BUY rating and $39 PT. Issued today, (preliminary) final ACA enrollment figures at 8.8M fell ~400K short of last year, which is more than some experts expected given the headwinds the enrollment process faced this year. However, we maintain our view that it is difficult to gauge how the ACA enrollment levels (vs. last year) will impact HIIQ. On another note, the tax bill will repeal the individual mandate in 2019, which we explain below should be positive for demand for HIIQ’s offering. We remain bullish on HIIQ and believe that the longer-term outlook remains favorable.”,” the firm’s analyst commented.
Other research analysts also recently issued reports about the stock. Northland Securities restated a buy rating and issued a $37.00 target price on shares of Health Insurance Innovations in a research note on Tuesday, October 17th. Zacks Investment Research upgraded shares of Health Insurance Innovations from a hold rating to a strong-buy rating and set a $24.00 price objective on the stock in a research note on Tuesday, October 17th. ValuEngine upgraded shares of Health Insurance Innovations from a hold rating to a buy rating in a research note on Friday, September 1st. Cantor Fitzgerald reiterated a buy rating and set a $38.00 price objective on shares of Health Insurance Innovations in a research note on Friday, September 1st. Finally, BidaskClub upgraded shares of Health Insurance Innovations from a hold rating to a buy rating in a research note on Friday, December 15th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued 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.
Health Insurance Innovations (NASDAQ:HIIQ) last announced its earnings results on Wednesday, November 1st. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.11. The business had revenue of $63.34 million during the quarter, compared to the consensus estimate of $59.30 million. Health Insurance Innovations had a net margin of 5.98% and a return on equity of 21.32%. The business’s quarterly revenue was up 37.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.33 earnings per share. research analysts anticipate that Health Insurance Innovations will post 1.39 earnings per share for the current fiscal year.
Health Insurance Innovations declared that its board has initiated a share buyback program on Monday, October 16th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
In related news, insider Sheldon Wang sold 10,000 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $25.20, for a total value of $252,000.00. Following the sale, the insider now owns 159,001 shares of the company’s stock, valued at approximately $4,006,825.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert S. Murley acquired 5,000 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The stock was purchased at an average cost of $22.50 per share, for a total transaction of $112,500.00. Following the acquisition, the director now owns 39,734 shares in the company, valued at $894,015. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 30,000 shares of company stock worth $777,000. Insiders own 30.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley increased its stake 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 valued at $1,127,000 after buying an additional 49,703 shares during the period. Argent Capital Management LLC boosted its position in shares of Health Insurance Innovations by 34.5% during the 2nd 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. Emerald Mutual Fund Advisers Trust boosted its position in shares of Health Insurance Innovations by 3.1% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 462,963 shares of the financial services provider’s stock valued at $6,713,000 after purchasing an additional 14,008 shares in the last quarter. Comerica Bank bought a new position in shares of Health Insurance Innovations during the 3rd quarter valued at about $473,000. Finally, Trellus Management Company LLC bought a new position in shares of Health Insurance Innovations during the 3rd quarter valued at about $326,000. 68.00% of the stock is currently owned by institutional investors and hedge funds.
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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