Health Insurance Innovations (HIIQ) Trading 5% Higher on Earnings Beat

Health Insurance Innovations Inc (NASDAQ:HIIQ) shares traded up 5% during trading on Monday following a stronger than expected earnings report. The stock traded as high as $46.76 and last traded at $45.00. 754,013 shares changed hands during mid-day trading, an increase of 92% from the average session volume of 391,761 shares. The stock had previously closed at $42.85.

The financial services provider reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.02. Health Insurance Innovations had a net margin of 5.39% and a return on equity of 19.43%. The firm had revenue of $74.00 million during the quarter, compared to analysts’ expectations of $73.39 million. During the same period in the previous year, the company earned $0.46 earnings per share. The firm’s quarterly revenue was up 16.4% on a year-over-year basis.

A number of analysts have commented on HIIQ shares. ValuEngine raised shares of Health Insurance Innovations from a “hold” rating to a “buy” rating in a report on Thursday, July 5th. BidaskClub cut shares of Health Insurance Innovations from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 4th. B. Riley upped their target price on shares of Health Insurance Innovations from $56.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, September 27th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $65.00 target price on shares of Health Insurance Innovations in a report on Thursday, August 16th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $62.00 target price (up from $55.00) on shares of Health Insurance Innovations in a report on Thursday, August 2nd. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Health Insurance Innovations presently has an average rating of “Buy” and a consensus price target of $55.62.



In other news, CEO of HealthPocket, Inc. division Bruce Telkamp sold 7,517 shares of the stock in a transaction on Monday, August 6th. The shares were sold at an average price of $43.20, for a total value of $324,734.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sheldon Wang sold 6,593 shares of the stock in a transaction on Monday, August 6th. The stock was sold at an average price of $43.33, for a total transaction of $285,674.69. The disclosure for this sale can be found here. 55.94% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Royce & Associates LP purchased a new stake in shares of Health Insurance Innovations in the second quarter worth $2,462,000. Argent Capital Management LLC increased its stake in shares of Health Insurance Innovations by 170.9% in the second quarter. Argent Capital Management LLC now owns 127,700 shares of the financial services provider’s stock worth $4,131,000 after purchasing an additional 80,555 shares in the last quarter. Globeflex Capital L P increased its stake in shares of Health Insurance Innovations by 14.3% in the second quarter. Globeflex Capital L P now owns 16,000 shares of the financial services provider’s stock worth $518,000 after purchasing an additional 2,000 shares in the last quarter. Peregrine Capital Management LLC purchased a new stake in shares of Health Insurance Innovations in the second quarter worth $7,525,000. Finally, Renaissance Technologies LLC increased its stake in shares of Health Insurance Innovations by 6.1% in the second quarter. Renaissance Technologies LLC now owns 1,012,300 shares of the financial services provider’s stock worth $32,748,000 after purchasing an additional 57,800 shares in the last quarter. 87.32% of the stock is owned by hedge funds and other institutional investors.

The company has a market capitalization of $719.15 million, a PE ratio of 41.22 and a beta of 0.54.

About Health Insurance Innovations (NASDAQ:HIIQ)

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 provides three months of health insurance coverage with various deductible and copay levels; health benefit insurance plans, which offer daily cash benefit for hospital treatment and doctor office visits, as well as accidental injury and death or dismemberment benefits; and supplemental insurance products, including pharmacy benefit cards, dental plans, vision plans, cancer/critical illness plans, deductible and gap protection plans, and life insurance policies.

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