Slide Insurance (NASDAQ:SLDE) Hits New 1-Year High – What’s Next?

Slide Insurance Holdings, Inc. (NASDAQ:SLDE)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $21.21 and last traded at $21.30, with a volume of 1178941 shares trading hands. The stock had previously closed at $19.99.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SLDE. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Barclays boosted their target price on shares of Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. One 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.80.

Slide Insurance Price Performance

The business has a 50-day simple moving average of $18.06 and a 200 day simple moving average of $17.92. The stock has a market cap of $2.46 billion and a P/E ratio of 5.95. 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 (NASDAQ:SLDE) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating the consensus estimate 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 during the quarter. On average, analysts forecast that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current year.

Slide Insurance announced that its Board of Directors has approved a stock buyback plan on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Slide Insurance

In other news, COO Shannon Lucas sold 4,659 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $17.12, for a total value of $79,762.08. Following the sale, the chief operating officer directly owned 1,118,756 shares of the company’s stock, valued at approximately $19,153,102.72. This represents a 0.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Matthew Paul Larson sold 13,750 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $17.07, for a total transaction of $234,712.50. Following the sale, the insider owned 8,998 shares of the company’s stock, valued at approximately $153,595.86. This trade represents a 60.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 4,523,403 shares of company stock worth $84,129,443. Company insiders own 50.80% of the company’s stock.

Institutional Trading of Slide Insurance

A number of institutional investors have recently bought and sold shares of the company. Comerica Bank grew its holdings in Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after acquiring an additional 1,281 shares during the period. CWM LLC bought a new stake in shares of Slide Insurance during the 4th quarter valued at about $35,000. Ameritas Investment Partners Inc. bought a new stake in shares of Slide Insurance during the 3rd quarter valued at about $35,000. State of Wyoming acquired a new stake in Slide Insurance during the first quarter worth approximately $42,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Slide Insurance during the fourth quarter worth approximately $47,000.

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.