Slide Insurance (NASDAQ:SLDE) Director Sells $187,500.00 in Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Andrew Pardo Wright sold 10,000 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $18.75, for a total transaction of $187,500.00. Following the transaction, the director directly owned 90,086 shares in the company, valued at approximately $1,689,112.50. This represents a 9.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Andrew Pardo Wright also recently made the following trade(s):

• On Monday, May 18th, Andrew Pardo Wright sold 10,086 shares of Slide Insurance stock. The shares were sold at an average price of $19.00, for a total transaction of $191,634.00.
• On Thursday, May 7th, Andrew Pardo Wright sold 6,316 shares of Slide Insurance stock. The stock was sold at an average price of $18.90, for a total value of $119,372.40.
• On Friday, May 1st, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total value of $281,250.00.

Slide Insurance Trading Down 2.6%

SLDE traded down $0.50 on Tuesday, hitting $18.48. 1,257,810 shares of the company were exchanged, compared to its average volume of 1,627,024. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a fifty day simple moving average of $18.19 and a two-hundred day simple moving average of $17.68. The stock has a market capitalization of $2.12 billion and a PE ratio of 5.13. Slide Insurance Holdings, Inc. has a 12 month low of $12.53 and a 12 month high of $25.90.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The firm had revenue of $389.28 million during the quarter. Sell-side analysts expect that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current year.

Slide Insurance declared that its board has initiated a share repurchase plan on Tuesday, April 28th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC lifted its stake in shares of Slide Insurance by 1,151.3% in the 1st quarter. Janus Henderson Group PLC now owns 172,683 shares of the company’s stock valued at $3,108,000 after purchasing an additional 158,883 shares during the period. California State Teachers Retirement System raised its holdings in Slide Insurance by 9.5% in the first quarter. California State Teachers Retirement System now owns 25,318 shares of the company’s stock worth $456,000 after purchasing an additional 2,189 shares in the last quarter. Royal Bank of Canada raised its holdings in Slide Insurance by 221.0% in the first quarter. Royal Bank of Canada now owns 5,993 shares of the company’s stock worth $109,000 after purchasing an additional 4,126 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Slide Insurance during the first quarter valued at $655,000. Finally, Quantinno Capital Management LP bought a new stake in shares of Slide Insurance during the 1st quarter valued at $953,000.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Keefe, Bruyette & Woods boosted their price target on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, March 9th. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Piper Sandler boosted their target price on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, February 26th. Barclays raised their price target on Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 29th. Finally, Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $24.80.

Key Stories Impacting Slide Insurance

Here are the key news stories impacting Slide Insurance this week:

• Positive Sentiment: Slide Insurance said it will take on 86,000 Farmers home insurance policies in Florida, a move that could expand its book of business and boost premium growth. Article Title
• Neutral Sentiment: The company’s CEO Bruce Lucas sold shares in multiple transactions over May 15-19, and COO Shannon Lucas, director Andrew Pardo Wright, and insider Matthew Paul Larson also sold stock, adding to investor focus on insider activity. Article Title Article Title Article Title Article Title
• Negative Sentiment: The clustering of insider sales may be weighing on sentiment, since investors often view heavy selling by management as a sign that shares may be fairly valued or that near-term upside is limited. Article Title

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.