Slide Insurance (NASDAQ:SLDE) Shares Gap Up – Here’s Why

Slide Insurance Holdings, Inc. (NASDAQ:SLDE)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $16.98, but opened at $17.73. Slide Insurance shares last traded at $17.9770, with a volume of 475,759 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SLDE. Weiss Ratings reiterated a “hold (c-)” rating on shares of Slide Insurance in a research report on Friday, December 26th. Barclays boosted their target price on shares of Slide Insurance from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th. Zacks Research raised shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 17th. Texas Capital upgraded shares of Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Finally, Keefe, Bruyette & Woods upped their price objective on Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $24.40.

Slide Insurance Stock Performance

The stock has a 50-day moving average of $17.31 and a 200 day moving average of $16.73. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market capitalization of $2.19 billion and a price-to-earnings ratio of 6.84.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, February 24th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.36. The business had revenue of $347.01 million for the quarter.

Insiders Place Their Bets

In other news, COO Shannon Lucas sold 9,763 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $18.44, for a total value of $180,029.72. Following the transaction, the chief operating officer directly owned 1,553,108 shares in the company, valued at $28,639,311.52. This trade represents a 0.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Bruce Lucas sold 98,716 shares of Slide Insurance stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $18.44, for a total value of $1,820,323.04. Following the sale, the chief executive officer directly owned 38,895,317 shares of the company’s stock, valued at approximately $717,229,645.48. This trade represents a 0.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,025,372 shares of company stock valued at $19,041,559.

Hedge Funds Weigh In On Slide Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLDE. Comerica Bank increased its stake in shares of Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after acquiring an additional 1,281 shares during the last quarter. CWM LLC acquired a new position in Slide Insurance during the fourth quarter valued at approximately $35,000. Ameritas Investment Partners Inc. acquired a new stake in Slide Insurance in the third quarter worth $35,000. Aster Capital Management DIFC Ltd bought a new position in shares of Slide Insurance during the fourth quarter worth $47,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Slide Insurance by 4,839.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company’s stock worth $49,000 after purchasing an additional 2,468 shares in 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.