Slide Insurance (NASDAQ:SLDE) Trading 3.4% Higher – Here’s What Happened

Slide Insurance Holdings, Inc. (NASDAQ:SLDE)’s share price rose 3.4% during mid-day trading on Monday . The stock traded as high as $19.84 and last traded at $19.81. Approximately 1,054,217 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 1,168,312 shares. The stock had previously closed at $19.16.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Morgan Stanley increased their price objective on shares of Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 10th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Slide Insurance in a report on Friday. Piper Sandler boosted their price objective on Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Finally, Keefe, Bruyette & Woods upped their price objective on Slide Insurance from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.17.

Slide Insurance Stock Up 3.4%

The firm’s fifty day moving average is $16.89. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.04.

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

Hedge Funds Weigh In On Slide Insurance

A number of hedge funds and other institutional investors have recently modified their holdings of SLDE. Jacobs Levy Equity Management Inc. bought a new position in Slide Insurance in the third quarter worth approximately $992,000. XTX Topco Ltd purchased a new position in shares of Slide Insurance in the 3rd quarter valued at $782,000. Alyeska Investment Group L.P. raised its position in shares of Slide Insurance by 191.2% in the 3rd quarter. Alyeska Investment Group L.P. now owns 558,966 shares of the company’s stock worth $8,823,000 after acquiring an additional 367,044 shares in the last quarter. Verition Fund Management LLC purchased a new stake in shares of Slide Insurance during the 3rd quarter worth $847,000. Finally, Millennium Management LLC lifted its stake in shares of Slide Insurance by 377.4% during the 3rd quarter. Millennium Management LLC now owns 722,895 shares of the company’s stock worth $11,411,000 after purchasing an additional 571,483 shares during the last quarter.

Slide Insurance Company Profile

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”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer(“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries.