Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Sees Large Increase in Short Interest

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) was the recipient of a large growth in short interest in January. As of January 30th, there was short interest totaling 4,061,198 shares, a growth of 19.8% from the January 15th total of 3,391,167 shares. Approximately 3.3% of the shares of the company are sold short. Based on an average trading volume of 874,141 shares, the short-interest ratio is currently 4.6 days. Based on an average trading volume of 874,141 shares, the short-interest ratio is currently 4.6 days. Approximately 3.3% of the shares of the company are sold short.

Slide Insurance Stock Up 1.8%

NASDAQ SLDE traded up $0.31 during trading on Tuesday, reaching $17.18. 459,278 shares of the company’s stock were exchanged, compared to its average volume of 894,326. Slide Insurance has a fifty-two week low of $12.53 and a fifty-two week high of $25.90. The firm has a market capitalization of $2.14 billion and a PE ratio of 12.73. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.04. The company’s fifty day simple moving average is $17.70 and its 200-day simple moving average is $16.25.

Analyst Upgrades and Downgrades

SLDE has been the topic of a number of recent analyst reports. Zacks Research upgraded shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. Morgan Stanley lifted their target price on Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 17th. Weiss Ratings reissued a “hold (c-)” rating on shares of Slide Insurance in a report on Friday, December 26th. Keefe, Bruyette & Woods lifted their price objective on shares of Slide Insurance from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Finally, Piper Sandler upped their price target on Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Slide Insurance currently has a consensus rating of “Buy” and an average price target of $22.80.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. FNY Investment Advisers LLC bought a new position in Slide Insurance in the 2nd quarter worth approximately $26,000. Comerica Bank grew its stake in shares of 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 acquiring an additional 1,281 shares during the last quarter. CWM LLC bought a new position in Slide Insurance during the fourth quarter worth $35,000. Ameritas Investment Partners Inc. acquired a new position in Slide Insurance during the 3rd quarter valued at $35,000. Finally, Aster Capital Management DIFC Ltd acquired a new position in Slide Insurance during the 4th quarter valued at $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.