Slide Insurance (NASDAQ:SLDE) Trading Up 4.4% – Here’s What Happened

Slide Insurance Holdings, Inc. (NASDAQ:SLDE)’s stock price was up 4.4% during mid-day trading on Friday . The stock traded as high as $16.69 and last traded at $16.7280. Approximately 166,445 shares traded hands during trading, a decline of 90% from the average daily volume of 1,604,677 shares. The stock had previously closed at $16.03.

Analyst Ratings Changes

Several analysts have issued reports on SLDE shares. Weiss Ratings reissued a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Barclays boosted their price target on Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, April 29th. Piper Sandler boosted their price objective on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, February 26th. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Keefe, Bruyette & Woods boosted their price objective on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Slide Insurance has an average rating of “Moderate Buy” and an average target price of $24.80.

Slide Insurance Stock Up 4.8%

The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market capitalization of $1.93 billion and a PE ratio of 4.67. The business has a 50-day moving average of $18.30 and a 200 day moving average of $17.81.

Slide Insurance (NASDAQ:SLDE) last posted its earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The company had revenue of $389.28 million for the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. Equities research analysts predict that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current year.

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

Insider Transactions at Slide Insurance

In other Slide Insurance news, COO Shannon Lucas sold 22,548 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $18.95, for a total transaction of $427,284.60. Following the sale, the chief operating officer directly owned 1,142,473 shares in the company, valued at $21,649,863.35. This represents a 1.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Beth Witte Bruce sold 23,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $19.01, for a total value of $446,735.00. Following the sale, the director owned 179,645 shares in the company, valued at approximately $3,415,051.45. This trade represents a 11.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 5,338,537 shares of company stock valued at $99,190,907 over the last three months. Corporate insiders own 50.80% of the company’s stock.

Institutional Investors Weigh In On Slide Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLDE. Geode Capital Management LLC purchased a new stake in Slide Insurance during the second quarter valued at approximately $2,245,000. Legal & General Group Plc purchased a new stake in Slide Insurance during the second quarter valued at approximately $216,000. Norges Bank purchased a new stake in Slide Insurance during the second quarter valued at approximately $866,000. Marshall Wace LLP purchased a new stake in Slide Insurance during the second quarter valued at approximately $1,056,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Slide Insurance during the second quarter valued at approximately $834,000.

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.