Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

Health Insurance Innovations is a stock many investors are watching right now. HIIQ is currently sporting a Zacks Rank of #1 (Strong Buy) and an A for Value. The stock holds a P/E ratio of 3.79, while its industry has an average P/E of 7.60. Over the last 12 months, HIIQ's Forward P/E has been as high as 22.02 and as low as 3.77, with a median of 9.41.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. HIIQ has a P/S ratio of 0.68. This compares to its industry's average P/S of 0.69.

These are only a few of the key metrics included in Health Insurance Innovations's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, HIIQ looks like an impressive value stock at the moment.