Connecture (Nasdaq:CNXR) has been selling private and public health insurance exchange distribution systems since 1999 — when Barack Obama was still a community organizer in Chicago — but it’s having trouble getting stock investors’ minds off of oil prices.
The company raised $53 million Friday by selling 6.6 million shares to the public at $8 each.
The shares have been selling for $8 to $9.30 since then and closed today at $8.86.
The company reported a net loss of $15 million on $57 million in revenue for the first three quarters of 2014, but about 70 health insurers use Connecture systems to sell coverage through more than 30 public and private exchanges. Roughly 20 million shoppers pay $130 billion in premiums per year for health coverage and other products they buy through Connecture systems.
The premium revenue that flows through Connecture systems amounts to 0.9 percent of 2014 U.S. Gross Domestic Product (GDP).
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