Health In Tech (NASDAQ:HIT) Shares Down 1.7% - Here's What Happened

Key Points

• Health In Tech (NASDAQ:HIT) shares fell by 1.7% to $3.49, with approximately 1.2 million shares traded during the session, which is a 6% increase from the average volume.
• Analysts have mixed views on HIT, with Wall Street Zen downgrading the stock from "strong-buy" to "buy," while Maxim Group upgraded it to "strong-buy" but set a target price of only $2.50.
• In its latest quarterly earnings report, Health In Tech met expectations with $0.01 earnings per share and reported revenues of $9.31 million, exceeding analyst expectations of $7.96 million.

Health In Tech, Inc. (NASDAQ:HIT - Get Free Report) shares were down 1.7% during mid-day trading on Wednesday . The stock traded as low as $3.40 and last traded at $3.49. Approximately 1,215,844 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 1,152,281 shares. The stock had previously closed at $3.55.

Analysts Set New Price Targets

Several equities analysts have issued reports on HIT shares. Wall Street Zen lowered Health In Tech from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Maxim Group upgraded Health In Tech to a "strong-buy" rating and set a $2.50 target price on the stock in a research note on Thursday, June 26th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Health In Tech in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $2.50.

Health In Tech Stock Down 1.7%

The firm has a fifty day simple moving average of $3.01 and a two-hundred day simple moving average of $1.56.

Health In Tech (NASDAQ:HIT - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. The business had revenue of $9.31 million during the quarter, compared to analyst estimates of $7.96 million.

Institutional Investors Weigh In On Health In Tech

A number of institutional investors and hedge funds have recently modified their holdings of HIT. XTX Topco Ltd acquired a new stake in shares of Health In Tech during the first quarter worth about $59,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Health In Tech during the first quarter worth about $41,000. Arete Wealth Advisors LLC acquired a new stake in shares of Health In Tech during the first quarter worth about $47,000. Finally, Jane Street Group LLC acquired a new stake in shares of Health In Tech during the first quarter worth about $48,000.

About Health In Tech

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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