Slide Insurance (NASDAQ:SLDE) Trading 4.4% Higher – Still a Buy?

Slide Insurance Holdings, Inc. (NASDAQ:SLDE)’s stock price traded up 4.4% on Friday . The company traded as high as $16.69 and last traded at $16.7280. 166,445 shares were traded during trading, a decline of 90% from the average session volume of 1,604,677 shares. The stock had previously closed at $16.03.

Wall Street Analyst Weigh In

Several research firms have commented on SLDE. Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Keefe, Bruyette & Woods upped their target price 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. Barclays upped their target price on shares of Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. Piper Sandler upped their target price on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, February 26th. Finally, Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Slide Insurance has a consensus rating of “Moderate Buy” and an average target price of $24.80.

Slide Insurance Stock Up 4.4%

The firm’s fifty day moving average price is $18.28 and its 200-day moving average price is $17.80. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market capitalization of $1.92 billion and a P/E ratio of 4.65.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.20. The business had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. As a group, equities research analysts forecast that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current year.

Slide Insurance declared that its board has initiated a stock repurchase plan on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, CEO Bruce Lucas sold 455,000 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $19.06, for a total transaction of $8,672,300.00. Following the completion of the sale, the chief executive officer directly owned 35,429,165 shares of the company’s stock, valued at $675,279,884.90. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 5,338,537 shares of company stock valued at $99,190,907 in the last ninety days. Company insiders own 50.80% of the company’s stock.

Institutional Trading of Slide Insurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC lifted its stake in Slide Insurance by 1,151.3% during the first quarter. Janus Henderson Group PLC now owns 172,683 shares of the company’s stock valued at $3,108,000 after purchasing an additional 158,883 shares during the last quarter. California State Teachers Retirement System lifted its stake in Slide Insurance by 9.5% during the first quarter. California State Teachers Retirement System now owns 25,318 shares of the company’s stock valued at $456,000 after purchasing an additional 2,189 shares during the last quarter. Royal Bank of Canada lifted its stake in Slide Insurance by 221.0% during the first quarter. Royal Bank of Canada now owns 5,993 shares of the company’s stock valued at $109,000 after purchasing an additional 4,126 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Slide Insurance during the first quarter valued at approximately $655,000. Finally, Quantinno Capital Management LP acquired a new stake in Slide Insurance during the first quarter valued at approximately $953,000.

Slide Insurance Company Profile

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.