Insider Selling: Slide Insurance (NASDAQ:SLDE) Director Sells $593,580.48 in Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Robert Gries, Jr. sold 28,212 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $21.04, for a total value of $593,580.48. Following the sale, the director owned 1,749,145 shares in the company, valued at approximately $36,802,010.80. This represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Slide Insurance Price Performance

Shares of Slide Insurance stock traded down $0.31 on Wednesday, reaching $20.47. The stock had a trading volume of 1,507,409 shares, compared to its average volume of 1,576,502. The business’s 50 day moving average is $18.26 and its two-hundred day moving average is $18.00. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. Slide Insurance Holdings, Inc. has a 1 year low of $12.53 and a 1 year high of $21.79. The company has a market cap of $2.35 billion and a P/E ratio of 5.69.

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

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SLDE. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Texas Capital raised Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Barclays cut their price objective on Slide Insurance from $31.00 to $27.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 target price (down from $23.00) on shares of Slide Insurance in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Institutional Investors Weigh In On Slide Insurance

Several hedge funds have recently added to or reduced their stakes in SLDE. Capital World Investors boosted its holdings in shares of Slide Insurance by 49.4% in the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock worth $70,767,000 after purchasing an additional 1,483,180 shares in the last quarter. Vanguard Group Inc. grew its position in Slide Insurance by 14.7% during the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock valued at $53,800,000 after acquiring an additional 354,321 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Slide Insurance by 298.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock worth $48,380,000 after acquiring an additional 2,012,428 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in shares of Slide Insurance by 27.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company’s stock worth $34,250,000 after acquiring an additional 380,161 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Slide Insurance in the 2nd quarter worth approximately $33,063,000.

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.