Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) have earned a consensus rating of “Moderate Buy” from the nine ratings firms that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $24.80.

Several equities analysts have commented on SLDE shares. Keefe, Bruyette & Woods raised their target price on shares of Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Monday, March 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Texas Capital raised shares of Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Finally, Barclays raised their target price on shares of Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th.

Insider Buying and Selling

In other Slide Insurance news, CEO Bruce Lucas sold 455,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer owned 35,429,165 shares of the company’s stock, valued at approximately $675,279,884.90. This trade represents a 1.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 4,789,479 shares of company stock worth $88,923,401. 50.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Slide Insurance

Several large investors have recently made changes to their positions in SLDE. Geode Capital Management LLC bought a new position in shares of Slide Insurance during the 2nd quarter valued at about $2,245,000. Legal & General Group Plc bought a new position in shares of Slide Insurance during the 2nd quarter valued at about $216,000. Norges Bank bought a new position in shares of Slide Insurance during the 2nd quarter valued at about $866,000. Marshall Wace LLP bought a new position in shares of Slide Insurance during the 2nd quarter valued at about $1,056,000. Finally, Qube Research & Technologies Ltd bought a new position in shares of Slide Insurance during the 2nd quarter valued at about $834,000.

Slide Insurance Price Performance

SLDE stock opened at $19.09 on Monday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. Slide Insurance has a fifty-two week low of $12.53 and a fifty-two week high of $22.15. The firm’s 50-day simple moving average is $18.03 and its 200 day simple moving average is $17.89. The stock has a market cap of $2.19 billion and a PE ratio of 5.30.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.82 by $0.20. The firm had revenue of $389.28 million for the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. As a group, sell-side analysts predict that Slide Insurance will post 3.51 EPS for the current year.

Slide Insurance declared that its board has approved a stock buyback plan on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

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.