Health Insurance Innovations Inc (NASDAQ:HIIQ)
Health Insurance Innovations, Inc. (HIIQ), a cloud based health insurance company yesterday announced their second quarter 2016 financial results. Health Insurance Innovations reported second quarter earnings of $0.24 per share which was up from a loss of $0.04 per share same quarter of last year. Health Insurance Innovations reported second quarter revenues of $44.5 million which was up 96% year over year.
Health Insurance Innovations, Inc. CEO Comments
“Our second quarter performance demonstrated continued strong demand for our products with exceptional execution” said Patrick McNamee, HII’s Chief Executive Officer.
“AgileHealthInsurance.com, powered by the team at HealthPocket, delivered the strongest revenue growth of all channels. During the quarter, Agile sold approximately 16,000 STM policies and a record 2,500 supplemental dental and vision policies. Agile continues to be our largest distributor and will add new products this year to assure future growth” said McNamee.
HIIQ Technical Analysis
HIIQ opened trading yesterday at $3.98 which was the same exact price of the previous days closing price. HIIQ closed trading yesterday at $4.02 and spiked up after market to $5.24, equivalent to a 30% increase from the closing price. Taking a look at the daily chart we can see the last time HIIQ traded above these levels was on June 9th when it traded at $5.17. Taking a closer look at the daily chart we can see that HIIQ has been in a downward trend dating back to June 7th when it traded at $7.78. HIIQ has a float of 4.83 million shares and traded below the normal daily trading volume on Monday. For trading purposes, I would like to see HIIQ open trading on Tuesday above $4.85 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.20 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Health Insurance Innovations, Inc., incorporated on October 26, 2012, is a developer, distributor and virtual administrator of individual and family health insurance plans and supplemental products. The Company sells individual and family insurance plans (IFP) that include short-term medical (STM) insurance plans and hospital indemnity plans. The Company operates through Insurance Plan Development and Distribution (IPD) segment. The Company’s products include STM, hospital indemnity plans and supplemental products. The Company’s STM plans cover individuals for over 360 days with a range of co-pay and deductible options. Individual major medical (IMM) plans cover prescription drugs, pre-existing conditions and preventive care, while STM plans provide optional coverage for prescription drugs. Its hospital indemnity plans provide a daily cash benefit for hospital treatment and doctor office visits, as well as accidental injury and death or dismemberment benefits. The Company receives credit card and automated clearing house (ACH) payments directly from members at the time of sale. The Company also provides consumers with access to health insurance information search and comparison technology through its Website, HealthPocket.com. This free Website allows consumers to compare and rank various health insurance plans available for an individual, family or small business.