Slide Insurance (NASDAQ:SLDE) Sees Large Volume Increase on Strong Earnings

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) saw strong trading volume on Wednesday following a better than expected earnings announcement. 1,648,299 shares were traded during mid-day trading, an increase of 77% from the previous session’s volume of 931,640 shares.The stock last traded at $19.13 and had previously closed at $17.77.

The company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.36. The company had revenue of $347.01 million during the quarter.

Analyst Ratings Changes

SLDE has been the subject of several research reports. Morgan Stanley boosted their target price on Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Monday, November 17th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Slide Insurance in a research note on Friday, December 26th. Keefe, Bruyette & Woods increased their price objective on Slide Insurance from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Piper Sandler lifted their target price on shares of Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Finally, Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 16th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.80.

Hedge Funds Weigh In On Slide Insurance

Several institutional investors have recently bought and sold shares of SLDE. Invesco Ltd. raised its position in Slide Insurance by 35.1% during the 4th quarter. Invesco Ltd. now owns 20,066 shares of the company’s stock worth $391,000 after buying an additional 5,212 shares during the last quarter. Vident Advisory LLC purchased a new stake in shares of Slide Insurance in the fourth quarter valued at about $859,000. State of Tennessee Department of Treasury increased its stake in shares of Slide Insurance by 29.6% during the fourth quarter. State of Tennessee Department of Treasury now owns 13,479 shares of the company’s stock worth $263,000 after acquiring an additional 3,079 shares during the period. NewEdge Advisors LLC acquired a new position in shares of Slide Insurance during the fourth quarter worth about $1,277,000. Finally, Tudor Investment Corp ET AL purchased a new position in Slide Insurance during the fourth quarter worth about $2,686,000.

Slide Insurance Stock Performance

The stock’s 50-day moving average is $17.57 and its 200 day moving average is $16.21. The stock has a market cap of $2.38 billion and a price-to-earnings ratio of 14.18. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.30 and a quick ratio of 1.30.

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.