Maxim Group analyst Allen Klee has reiterated their bullish stance on HIT stock, giving a Buy rating on November 5.
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Allen Klee has given his Buy rating due to a combination of factors that highlight Health In Tech, Inc.’s strong financial performance and strategic growth initiatives. The company reported impressive third-quarter results with a significant year-over-year revenue increase of 90%, reaching $8.5 million, and an adjusted EBITDA of $1.0 million, both surpassing expectations. This financial strength is further supported by a solid cash position of $8.0 million and no debt, indicating the company’s ability to fund its operations without needing additional capital.
Moreover, Health In Tech’s expansion of its InsurTech platform through technological advancements and strategic partnerships is driving customer growth. The company’s plans to introduce new offerings, such as an improved underwriting solution and the re-launch of the HI Card, are expected to further enhance its market position. Additionally, the move into the mid-size market and the potential of a blockchain claims-paying offering are seen as significant opportunities to increase its total addressable market and address key industry challenges. These growth catalysts, combined with disciplined cost controls and a conservative balance sheet, underpin Klee’s positive outlook and the raised price target of $4.50.
Klee covers the Technology sector, focusing on stocks such as Roadzen Inc, T Stamp, Inc. Class A, and Research Solutions. According to TipRanks, Klee has an average return of -10.2% and a 32.66% success rate on recommended stocks.
In another report released on November 5, TR | OpenAI – 4o also upgraded the stock to a Buy with a $3.50 price target.