Canaccord Genuity analyst Richard Close maintained a Buy rating on Health Insurance Innovations (NASDAQ: HIIQ) today and set a price target of $62. The company’s shares opened today at $50.80, close to its 52-week high of $52.
Close commented:
“We believe the management change could prove to be a positive for growth as HIIQ’s management takes a more active role in the previously acquired operations. In the past, we highlighted the opportunity for Agile and believe that it could drive margin expansion for the company, especially as the three-month rule is reversed back to one year on October 1, 2019.”
According to TipRanks.com, Close is a 5-star analyst with an average return of 18.5% and a 64.3% success rate. Close covers the Services sector, focusing on stocks such as Envision Healthcare, Hms Holdings Corp, and Evolent Health.
Currently, the analyst consensus on Health Insurance Innovations is a Strong Buy with an average price target of $56.50, an 11.2% upside from current levels. In a report issued on August 2, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $65 price target.
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Based on Health Insurance Innovations’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $2.87 million. In comparison, last year the company had a net profit of $4.38 million.
Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is neutral on the stock.
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Health Insurance Innovations, Inc. engages in the distribtuion of individual and family health insurance plans. It offers short-term medical; accident, sickness, and hospital; ancillary; lifestyle and discount services; and dental insurance plans. The company was founded by Michael W. Kosloske in 2008 and is headquartered in Tampa, FL.
