Slide Insurance (NASDAQ:SLDE) Stock Price Down 5.4% – Time to Sell?

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) shares fell 5.4% on Monday . The stock traded as low as $20.02 and last traded at $20.0940. Approximately 421,787 shares traded hands during trading, a decline of 73% from the average daily volume of 1,568,719 shares. The stock had previously closed at $21.25.

Wall Street Analysts Forecast Growth

SLDE has been the topic of several research analyst reports. Zacks Research lowered Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Texas Capital raised Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th. Finally, Keefe, Bruyette & Woods lifted their price target on Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $24.60.

Slide Insurance Trading Down 4.1%

The business has a 50 day moving average of $18.16 and a 200-day moving average of $17.97. The stock has a market cap of $2.33 billion and a PE ratio of 5.65. 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 (NASDAQ:SLDE) last released its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping the consensus estimate 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 during the quarter. On average, analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

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

Insiders Place Their Bets

In other Slide Insurance news, CEO Bruce Lucas sold 455,000 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $19.06, for a total value of $8,672,300.00. Following the transaction, the chief executive officer directly owned 35,429,165 shares in the company, valued at approximately $675,279,884.90. This represents a 1.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 4,333,941 shares of company stock valued at $80,703,934. Insiders own 50.80% of the company’s stock.

Institutional Trading of Slide Insurance

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