Slide Insurance (NASDAQ:SLDE) Price Target Raised to $23.00

Slide Insurance (NASDAQ:SLDE) had its price target upped by Keefe, Bruyette & Woods from $22.00 to $23.00 in a research note released on Monday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts have also recently weighed in on SLDE. Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 16th. Morgan Stanley raised their price objective on Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Monday, November 17th. Piper Sandler boosted their target price on shares of Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. Barclays upped their target price on shares of Slide Insurance from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Slide Insurance in a research note on Friday, December 26th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.40.

Slide Insurance Stock Performance

Shares of SLDE opened at $17.22 on Monday. The company has a 50-day simple moving average of $17.47 and a two-hundred day simple moving average of $16.48. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market capitalization of $2.14 billion and a PE ratio of 6.67. Slide Insurance has a one year low of $12.53 and a one year high of $25.90.

Slide Insurance (NASDAQ:SLDE) last posted its earnings results on Tuesday, February 24th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.36. The firm had revenue of $347.01 million for the quarter.

Insider Activity at Slide Insurance

In other Slide Insurance news, Director Stephen L. Rohde sold 9,335 shares of the business’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $18.83, for a total value of $175,778.05. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Bruce Lucas sold 241,493 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $18.59, for a total value of $4,489,354.87. Following the completion of the sale, the chief executive officer directly owned 39,460,863 shares in the company, valued at approximately $733,577,443.17. This represents a 0.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 635,681 shares of company stock worth $11,938,756 over the last quarter.

Hedge Funds Weigh In On Slide Insurance

A number of hedge funds have recently bought and sold shares of SLDE. American Century Companies Inc. purchased a new stake in Slide Insurance during the 2nd quarter valued at about $56,229,000. Raymond James Financial Inc. purchased a new position in Slide Insurance in the second quarter worth about $33,063,000. Capital World Investors lifted its stake in shares of Slide Insurance by 49.4% in the third quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock worth $70,767,000 after buying an additional 1,483,180 shares in the last quarter. Hood River Capital Management LLC bought a new position in shares of Slide Insurance in the second quarter worth approximately $31,542,000. Finally, Balyasny Asset Management L.P. grew its holdings in shares of Slide Insurance by 314.8% during 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 buying an additional 1,045,826 shares during the last quarter.

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.