Slide Insurance (NASDAQ:SLDE) COO Shannon Lucas Sells 9,000 Shares

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) COO Shannon Lucas sold 9,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $18.76, for a total transaction of $168,840.00. Following the completion of the sale, the chief operating officer owned 1,281,992 shares of the company’s stock, valued at approximately $24,050,169.92. The trade was a 0.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Shannon Lucas also recently made the following trade(s):

• On Thursday, May 7th, Shannon Lucas sold 17,141 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total value of $322,422.21.
• On Monday, May 4th, Shannon Lucas sold 6,647 shares of Slide Insurance stock. The shares were sold at an average price of $18.88, for a total value of $125,495.36.
• On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total value of $158,606.50.
• On Wednesday, April 29th, Shannon Lucas sold 18,917 shares of Slide Insurance stock. The stock was sold at an average price of $19.24, for a total value of $363,963.08.
• On Tuesday, April 28th, Shannon Lucas sold 15,251 shares of Slide Insurance stock. The shares were sold at an average price of $18.94, for a total transaction of $288,853.94.
• On Monday, April 27th, Shannon Lucas sold 13,500 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total transaction of $253,125.00.
• On Monday, April 20th, Shannon Lucas sold 11,676 shares of Slide Insurance stock. The stock was sold at an average price of $19.55, for a total value of $228,265.80.
• On Tuesday, April 14th, Shannon Lucas sold 18,874 shares of Slide Insurance stock. The stock was sold at an average price of $18.04, for a total value of $340,486.96.
• On Monday, April 13th, Shannon Lucas sold 25,621 shares of Slide Insurance stock. The shares were sold at an average price of $18.05, for a total transaction of $462,459.05.
• On Thursday, April 9th, Shannon Lucas sold 27,069 shares of Slide Insurance stock. The shares were sold at an average price of $18.11, for a total value of $490,219.59.

Slide Insurance Price Performance

SLDE opened at $18.56 on Tuesday. The firm has a market cap of $2.13 billion and a price-to-earnings ratio of 5.16. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.90. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. The stock’s 50-day moving average price is $18.25 and its 200 day moving average price is $17.55.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, beating the consensus estimate 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 during the quarter. As a group, sell-side analysts expect that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current year.

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

Slide Insurance News Roundup

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

Analysts Set New Price Targets

SLDE has been the subject of a number of analyst reports. Piper Sandler boosted their target price on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, February 26th. Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Texas Capital raised Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods raised their target price on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Monday, March 9th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.80.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLDE. Raymond James Financial Inc. acquired a new position in shares of Slide Insurance in the 2nd quarter valued at about $33,063,000. Capital World Investors boosted its position in Slide Insurance by 49.4% in the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock valued at $70,767,000 after buying an additional 1,483,180 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in Slide Insurance by 314.8% in the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock valued at $21,753,000 after purchasing an additional 1,045,826 shares during the last quarter. HB Wealth Management LLC grew its position in shares of Slide Insurance by 1,375.7% during the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock worth $17,388,000 after buying an additional 832,102 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of Slide Insurance in the 4th quarter worth about $13,016,000.

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.