Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) have earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $24.80.

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Monday, March 9th. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Barclays boosted their target price on shares of Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, April 29th. Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th.

Insider Buying and Selling at Slide Insurance

In other Slide Insurance news, COO Shannon Lucas sold 4,659 shares of Slide Insurance stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $17.12, for a total value of $79,762.08. Following the completion of the sale, the chief operating officer directly owned 1,118,756 shares in the company, valued at approximately $19,153,102.72. The trade was a 0.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Andrew Pardo Wright sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $19.51, for a total value of $292,650.00. Following the completion of the transaction, the director directly owned 18,998 shares in the company, valued at approximately $370,650.98. This trade represents a 44.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,333,941 shares of company stock valued at $80,703,934 over the last ninety days. Insiders own 50.80% of the company’s stock.

Institutional Inflows and Outflows

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

Slide Insurance Stock Performance

Shares of SLDE stock opened at $21.25 on Monday. The stock has a market cap of $2.43 billion and a price-to-earnings ratio of 5.90. The stock has a 50-day moving average of $18.16 and a 200-day moving average of $17.97. 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 has a 1-year low of $12.53 and a 1-year high of $21.79.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping 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, equities research analysts forecast that Slide Insurance will post 3.51 earnings per share for the current year.

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

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.