Whetstone Capital Advisors LLC Purchases New Stake in Health In Tech, Inc. $HIT

Key Points

• Whetstone Capital Advisors acquired 1.51 million shares of Health In Tech, valued at approximately $1.53 million, representing about 2.3% of the company.
• Health In Tech shares were trading at $0.94, near their 12-month low of $0.85 and below their 50-day and 200-day moving averages. The company reported quarterly revenue of $8.06 million and an EPS loss of $0.04, missing estimates by $0.01.
• Analyst sentiment is mixed but averages a “Moderate Buy” rating, with a consensus price target of $3.50; Maxim lowered its target to $3.00 while maintaining a Buy rating.

Whetstone Capital Advisors LLC acquired a new position in shares of Health In Tech, Inc. (NASDAQ:HIT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,509,766 shares of the company's stock, valued at approximately $1,525,000. Whetstone Capital Advisors LLC owned about 2.30% of Health In Tech at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new stake in shares of Health In Tech during the first quarter worth approximately $41,000. Jane Street Group LLC bought a new stake in shares of Health In Tech during the 1st quarter valued at $48,000. Squarepoint Ops LLC bought a new stake in shares of Health In Tech during the 3rd quarter valued at $46,000. Two Sigma Investments LP bought a new position in shares of Health In Tech in the 3rd quarter worth $386,000. Finally, Raymond James Financial Inc. bought a new position in shares of Health In Tech in the 3rd quarter worth $45,000.

Health In Tech Trading Up 0.6%

Shares of Health In Tech stock opened at $0.94 on Thursday. The stock's fifty day simple moving average is $1.04 and its 200 day simple moving average is $1.24. The company has a market capitalization of $61.37 million, a PE ratio of -13.38 and a beta of 2.72. Health In Tech, Inc. has a 12 month low of $0.85 and a 12 month high of $4.02.

Health In Tech (NASDAQ:HIT - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.01). The business had revenue of $8.06 million during the quarter.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HIT. Weiss Ratings reissued a "sell (d)" rating on shares of Health In Tech in a research note on Tuesday, June 30th. Maxim Group cut their price target on shares of Health In Tech from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $3.50.

Health In Tech Company Profile

Health in Tech, Inc engages in the provision of insurance technology platforms which offer a marketplace of processes in the healthcare industry. Its services include Stone Mountain Risk, eDIYBS, HI Card, HI Performance Network, and Ancillary Products. The company was founded by Tim Johnson in 2014 and is headquartered in Stuart, FL.

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