Shares of Health Insurance Innovations Inc (NASDAQ:HIIQ) were down 0% on Monday after an insider sold shares in the company. The stock traded as low as $24.75 and last traded at $25.18. Approximately 536,066 shares traded hands during trading, an increase of 16% from the average daily volume of 462,613 shares. The stock had previously closed at $25.18.
Specifically, Director Robert S. Murley purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The shares were acquired at an average price of $22.50 per share, with a total value of $112,500.00. Following the purchase, the director now directly owns 39,734 shares in the company, valued at $894,015. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sheldon Wang sold 10,000 shares of the business’s stock in a transaction on Wednesday, December 27th. The shares were sold at an average price of $25.00, for a total value of $250,000.00. Following the completion of the sale, the insider now directly owns 144,001 shares in the company, valued at approximately $3,600,025. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,464 shares of company stock worth $1,463,600. 30.00% of the stock is owned by insiders.
A number of equities analysts have commented on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $38.00 price objective on shares of Health Insurance Innovations in a research note on Tuesday, September 12th. ValuEngine lowered Health Insurance Innovations from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. BidaskClub lowered Health Insurance Innovations from a “buy” rating to a “hold” rating in a research note on Saturday, December 9th. Canaccord Genuity reissued a “buy” rating and issued a $39.00 price objective on shares of Health Insurance Innovations in a research note on Wednesday, September 13th. Finally, TheStreet lowered Health Insurance Innovations from a “b-” rating to a “c” rating in a research note on Thursday, September 28th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $32.67.
Health Insurance Innovations (NASDAQ:HIIQ) last posted its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.11. The company had revenue of $63.34 million for the quarter, compared to analyst estimates of $59.30 million. Health Insurance Innovations had a return on equity of 21.32% and a net margin of 5.98%. The business’s revenue was up 37.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 earnings per share. research analysts anticipate that Health Insurance Innovations Inc will post 1.39 earnings per share for the current fiscal year.
Health Insurance Innovations declared that its board has approved a share repurchase 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 buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
Hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. bought a new stake in shares of Health Insurance Innovations during the second quarter worth $113,000. Nationwide Fund Advisors bought a new stake in shares of Health Insurance Innovations during the second quarter worth $149,000. The Manufacturers Life Insurance Company raised its position in shares of Health Insurance Innovations by 7,616.4% during the second quarter. The Manufacturers Life Insurance Company now owns 8,951 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 8,835 shares during the last quarter. Advisors Asset Management Inc. bought a new stake in shares of Health Insurance Innovations during the third quarter worth $142,000. Finally, Alliancebernstein L.P. bought a new stake in shares of Health Insurance Innovations during the second quarter worth $240,000. Institutional investors own 68.00% of the company’s stock.
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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