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 $41.85, close to its 52-week high of $44.30.
Close wrote:
“We maintain our BUY rating on HIIQ and raise our PT to $62. The table is being set in which ’19 could be a year of accelerating revenue and adj-EBITDA growth, reversing the normalization that is contemplated in ’18. The upcoming Oct. 1 change in STM duration (3-month to 1-year) and the individual mandate penalty removal (Jan.1, ’19) should make HIIQ’s insurance products more attractive from both a financial and quality perspective. We have taken a conservative stance with respect to our estimates as not to get too far ahead of the company, but overall we are encouraged with the growth opportunity and bias that estimates move higher as ’18 progresses.”
According to TipRanks.com, Close is a 5-star analyst with an average return of 14.2% and a 61.3% success rate. Close covers the Services sector, focusing on stocks such as Envision Healthcare, Hms Holdings Corp, and Evolent Health.
Health Insurance Innovations has an analyst consensus of Strong Buy, with a price target consensus of $54.60, which is a 30.5% upside from current levels. In a report released today, 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 positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of HIIQ in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
