Slide Insurance (NASDAQ:SLDE) Trading 5.4% Higher – What’s Next?

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) shot up 5.4% during mid-day trading on Tuesday . The company traded as high as $18.47 and last traded at $18.42. 572,392 shares traded hands during trading, a decline of 50% from the average session volume of 1,135,909 shares. The stock had previously closed at $17.47.

Analyst Ratings Changes

A number of equities analysts have issued reports on SLDE shares. Morgan Stanley upped their target price on Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 17th. Piper Sandler lifted their target price on shares of Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Slide Insurance in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods raised their price target on shares of Slide Insurance from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Finally, Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 10th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.17.

Slide Insurance Price Performance

The business’s 50 day moving average is $16.25.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.30. The company had revenue of $265.69 million during the quarter, compared to analyst estimates of $279.36 million.

Slide Insurance declared that its Board of Directors has authorized a share repurchase program on Wednesday, August 27th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. American Century Companies Inc. bought a new stake in shares of Slide Insurance during the second quarter worth about $56,229,000. Raymond James Financial Inc. bought a new position in shares of Slide Insurance in the second quarter valued at approximately $33,063,000. Capital World Investors increased its position in shares of Slide Insurance by 49.4% during the third quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock valued at $70,767,000 after acquiring an additional 1,483,180 shares during the last quarter. Hood River Capital Management LLC bought a new stake in Slide Insurance during the second quarter worth $31,542,000. Finally, Balyasny Asset Management L.P. boosted its position in Slide Insurance by 314.8% in the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock worth $21,753,000 after purchasing an additional 1,045,826 shares during the last quarter.

About Slide Insurance

Launched in 2021, we are a technology enabled, fast-growing, coastal specialty insurer. We focus on profitable underwriting of single family and condominium policies in the property and casualty (“P&C”) industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (“SIC”).