Health Insurance Innovations (HIIQ) Given “Buy” Rating at Cantor Fitzgerald

Health Insurance Innovations (NASDAQ:HIIQ)‘s stock had its “buy” rating reissued by stock analysts at Cantor Fitzgerald in a research report issued on Thursday, March 28th, Stock Target Advisor reports. They presently have a $75.00 target price on the financial services provider’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 214.47% from the company’s previous close.

The analysts wrote, “. We reiterate our Overweight rating on HIIQ shares and our price target remains at $75. 27, new documents were posted concerning the pending FTC lawsuit against Steve Dorfman. As a reminder, the FTC placed a temporary restraining order on HIIQ subsequently ended its relationship with Simple and Mr. Dorfman. Recently, investors have been concerned about HIIQ’s past relationship with Simple and Mr. Dorfman. We point out that HIIQ is legally not allowed to cancel polices sold by Simple Health. It continues to collect payment on these policies as an administrator. Consumers can always chose to terminate the policies.””

A number of other brokerages have also weighed in on HIIQ. BidaskClub raised shares of Health Insurance Innovations from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 22nd. B. Riley downgraded shares of Health Insurance Innovations from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $50.00 to $45.00 in a research note on Wednesday, February 27th. Zacks Investment Research downgraded shares of Health Insurance Innovations from a “buy” rating to a “hold” rating in a research note on Friday, March 8th. ValuEngine upgraded shares of Health Insurance Innovations from a “hold” rating to a “buy” rating in a research note on Thursday, March 7th. Finally, Lake Street Capital increased their price objective on shares of Health Insurance Innovations to $80.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Health Insurance Innovations presently has an average rating of “Buy” and a consensus target price of $60.13.

NASDAQ HIIQ traded down $0.10 on Thursday, reaching $23.85. The company had a trading volume of 707,844 shares, compared to its average volume of 900,449. The firm has a market cap of $410.60 million, a PE ratio of 12.96 and a beta of 1.73. Health Insurance Innovations has a 1-year low of $21.65 and a 1-year high of $63.13.

Health Insurance Innovations (NASDAQ:HIIQ) last announced its earnings results on Wednesday, March 6th. The financial services provider reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.21. The firm had revenue of $131.90 million during the quarter, compared to analyst estimates of $83.12 million. Health Insurance Innovations had a net margin of 4.49% and a return on equity of 28.34%. The company’s revenue for the quarter was up 89.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.37 EPS. Analysts expect that Health Insurance Innovations will post 2.67 earnings per share for the current fiscal year.

In other news, Director John Fichthorn purchased 93,742 shares of Health Insurance Innovations stock in a transaction that occurred on Wednesday, March 20th. The shares were acquired at an average price of $29.28 per share, for a total transaction of $2,744,765.76. Following the transaction, the director now owns 72,869 shares of the company’s stock, valued at approximately $2,133,604.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gavin Southwell sold 6,150 shares of the stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $40.02, for a total transaction of $246,123.00. Following the sale, the chief executive officer now owns 609,723 shares in the company, valued at approximately $24,401,114.46. The disclosure for this sale can be found here. Insiders have sold 117,666 shares of company stock worth $4,739,789 over the last ninety days. Insiders own 55.94% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. boosted its position in shares of Health Insurance Innovations by 220.3% during the 4th quarter. Meeder Asset Management Inc. now owns 2,841 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 1,954 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Health Insurance Innovations by 328.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,310 shares of the financial services provider’s stock worth $88,000 after acquiring an additional 2,538 shares in the last quarter. Ibex Investors LLC acquired a new stake in shares of Health Insurance Innovations during the 3rd quarter worth approximately $218,000. Macquarie Group Ltd. boosted its position in shares of Health Insurance Innovations by 196.3% during the 4th quarter. Macquarie Group Ltd. now owns 3,556 shares of the financial services provider’s stock worth $95,000 after acquiring an additional 2,356 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its position in shares of Health Insurance Innovations by 366.5% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,203 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 3,302 shares in the last quarter. Institutional investors and hedge funds own 99.34% of the company’s stock.

About Health Insurance Innovations

Health Insurance Innovations, Inc operates as a cloud-based technology platform and distributor of individual and family health insurance plans, and supplemental products in the United States. It offers short-term medical plans that provide 3 months to 12 months of health insurance coverage with various deductible and copay levels; health benefit insurance plans, which offer fixed cash benefits and additional benefits for procedures and services; and supplemental insurance products, including life insurance policies, dental plans, vision plans, cancer/critical illness plans, deductible and gap protection plans, and pharmacy benefit cards.

Further Reading: Net Asset Value

Analyst Recommendations for Health Insurance Innovations (NASDAQ:HIIQ)

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