Slide Insurance (NASDAQ:SLDE) Director Andrew Pardo Wright Sells 6,316 Shares

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Andrew Pardo Wright sold 6,316 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $18.90, for a total value of $119,372.40. Following the completion of the sale, the director directly owned 100,086 shares of the company’s stock, valued at approximately $1,891,625.40. The trade was a 5.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Friday, May 1st, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total transaction of $281,250.00.

Slide Insurance Price Performance

Shares of NASDAQ SLDE opened at $18.56 on Tuesday. The firm has a fifty day simple moving average of $18.25 and a 200 day simple moving average of $17.55. Slide Insurance Holdings, Inc. has a twelve month low of $12.53 and a twelve month high of $25.90. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $2.13 billion and a PE ratio of 5.16.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) 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 company had revenue of $389.28 million for the quarter. On average, sell-side analysts forecast that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

Slide Insurance declared that its Board of Directors has initiated a stock buyback program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 4.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

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

Institutional Trading of Slide Insurance

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Great Lakes Advisors LLC purchased a new stake in Slide Insurance during the third quarter valued at about $3,113,000. HB Wealth Management LLC bought a new stake in Slide Insurance in the third quarter valued at approximately $955,000. Cyndeo Wealth Partners LLC purchased a new stake in Slide Insurance during the 4th quarter valued at $2,235,000. Fifth Third Bancorp boosted its holdings in shares of Slide Insurance by 529,826.4% during the fourth quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock worth $7,433,000 after purchasing an additional 381,475 shares during the period. Finally, Federated Hermes Inc. bought a new stake in shares of Slide Insurance in the 3rd quarter worth approximately $9,471,000.

Key Slide Insurance News

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

• Negative Sentiment: CEO Bruce Lucas sold 91,000 shares at an average price of $18.76, trimming his stake by 0.25%. Large CEO selling can weigh on investor sentiment because it may signal limited near-term upside. SEC filing
• Negative Sentiment: Bruce Lucas also sold 173,317 shares earlier in the week at $18.81, adding to the impression that top executives are reducing exposure after the stock’s recent run. SEC filing
• Negative Sentiment: COO Shannon Lucas sold 9,000 shares at $18.76 and separately sold 17,141 shares at $18.81, while director Andrew Pardo Wright sold 6,316 shares at $18.90. Multiple insider sales in a short period can pressure sentiment, even if the amounts are relatively small versus the company’s ownership base. SEC filing
• Neutral Sentiment: Short interest was reported at 0 shares, so there is no meaningful bearish short positioning data to point to right now. Related article

About Slide Insurance

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.