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

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) has been given a consensus rating of “Buy” by the nine brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $23.1667.

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods increased their price target on shares of Slide Insurance from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, August 16th. Weiss Ratings reissued a “sell (d+)” rating on shares of Slide Insurance in a research report on Wednesday, October 8th. Morgan Stanley boosted their price target on Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Monday, November 17th. 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.

Institutional Investors Weigh In On Slide Insurance

Institutional investors and hedge funds have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. acquired a new position in shares of Slide Insurance in the 3rd quarter valued at $992,000. XTX Topco Ltd acquired a new position in Slide Insurance in the third quarter worth about $782,000. Alyeska Investment Group L.P. lifted its stake in Slide Insurance by 191.2% during the third quarter. Alyeska Investment Group L.P. now owns 558,966 shares of the company’s stock worth $8,823,000 after purchasing an additional 367,044 shares during the period. Verition Fund Management LLC bought a new position in Slide Insurance during the third quarter worth about $847,000. Finally, Millennium Management LLC grew its stake in shares of Slide Insurance by 377.4% in the 3rd quarter. Millennium Management LLC now owns 722,895 shares of the company’s stock valued at $11,411,000 after purchasing an additional 571,483 shares during the period.

Slide Insurance Trading Up 1.7%

Shares of NASDAQ SLDE opened at $18.43 on Thursday. Slide Insurance has a 12 month low of $12.53 and a 12 month high of $25.90. The stock has a 50 day simple moving average of $16.10.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.30. The business had revenue of $265.69 million during the quarter, compared to the consensus estimate of $279.36 million.

Slide Insurance declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 27th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is 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”).