Granite Point Capital Management L.P. decreased its holdings in shares of Health Insurance Innovations Inc (NASDAQ:HIIQ) by 66.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,900 shares of the financial services provider’s stock after selling 58,000 shares during the quarter. Granite Point Capital Management L.P. owned approximately 0.18% of Health Insurance Innovations worth $434,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Lyon Street Capital LLC boosted its holdings in shares of Health Insurance Innovations by 49.4% during the 3rd quarter. Lyon Street Capital LLC now owns 936,747 shares of the financial services provider’s stock worth $13,583,000 after buying an additional 309,668 shares during the period. B. Riley Financial Inc. boosted its holdings in Health Insurance Innovations by 62.0% in the 3rd quarter. B. Riley Financial Inc. now owns 405,000 shares of the financial services provider’s stock valued at $5,873,000 after purchasing an additional 155,000 shares during the period. Engineers Gate Manager LP bought a new stake in Health Insurance Innovations in the 3rd quarter valued at $1,879,000. Stifel Financial Corp bought a new stake in Health Insurance Innovations in the 3rd quarter valued at $282,000. Finally, OxFORD Asset Management LLP bought a new stake in Health Insurance Innovations in the 3rd quarter valued at $3,553,000. 68.00% of the stock is owned by institutional investors and hedge funds.
Health Insurance Innovations Inc (HIIQ) traded up $0.45 during trading on Friday, reaching $24.95. 446,711 shares of the company traded hands, compared to its average volume of 457,163. Health Insurance Innovations Inc has a twelve month low of $12.65 and a twelve month high of $37.38. The company has a market cap of $405.26, a price-to-earnings ratio of 20.97 and a beta of 0.65.
Health Insurance Innovations declared that its Board of Directors has approved a stock buyback program on Monday, October 16th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
A number of brokerages have recently issued reports on HIIQ. 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 for the company in a research note on Tuesday, October 17th. Cantor Fitzgerald reiterated a “buy” rating and set a $38.00 target price on shares of Health Insurance Innovations in a research report on Friday, September 1st. Northland Securities reiterated a “buy” rating and set a $37.00 target price on shares of Health Insurance Innovations in a research report on Tuesday, October 17th. BidaskClub upgraded shares of Health Insurance Innovations from a “hold” rating to a “buy” rating in a research report on Friday, December 15th. Finally, Canaccord Genuity set a $39.00 price objective on shares of Health Insurance Innovations and gave the company a “buy” rating in a research report on Sunday, November 12th. One equities research 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. The company has a consensus rating of “Buy” and a consensus target price of $30.86.
In other Health Insurance Innovations news, insider Sheldon Wang sold 10,000 shares of Health Insurance Innovations stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $25.20, for a total transaction of $252,000.00. Following the completion of the transaction, the insider now directly owns 159,001 shares of the company’s stock, valued at $4,006,825.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert S. Murley bought 5,000 shares of Health Insurance Innovations stock in a transaction dated Friday, December 8th. The stock was acquired at an average cost of $22.50 per share, with a total value of $112,500.00. Following the transaction, the director now owns 39,734 shares of the company’s stock, valued at approximately $894,015. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 40,000 shares of company stock worth $1,027,000. 30.00% of the stock is owned by corporate insiders.
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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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