Slide Insurance (NASDAQ:SLDE) Hits New 12-Month Low – Should You Sell?

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) hit a new 52-week low on Monday . The stock traded as low as $13.90 and last traded at $14.04, with a volume of 101229 shares changing hands. The stock had previously closed at $14.17.

Analyst Ratings Changes

Several brokerages have weighed in on SLDE. JMP Securities set a $25.00 price objective on Slide Insurance and gave the company a “market outperform” rating in a report on Monday, July 14th. Citizens Jmp started coverage on Slide Insurance in a report on Monday, July 14th. They set a “strong-buy” rating and a $25.00 price objective for the company. Barclays started coverage on Slide Insurance in a report on Monday, July 14th. They issued an “overweight” rating and a $25.00 price target for the company. Piper Sandler started coverage on Slide Insurance in a report on Sunday, July 13th. They issued an “overweight” rating and a $25.00 price target for the company. Finally, Morgan Stanley reaffirmed a “cautious” rating and issued a $18.00 price target on shares of Slide Insurance in a report on Monday, August 18th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Slide Insurance Price Performance

The company has a 50-day simple moving average of $18.64.

Slide Insurance (NASDAQ:SLDE) last issued its quarterly earnings data on Tuesday, August 12th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.16. The business had revenue of $261.61 million during the quarter, compared to analysts’ expectations of $271.18 million.

Insider Buying and Selling

In related news, Director Beth Witte Bruce sold 31,029 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.81, for a total value of $490,568.49. Following the sale, the director owned 251,645 shares in the company, valued at approximately $3,978,507.45. This trade represents a 10.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Stephen L. Rohde sold 11,082 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.81, for a total value of $175,206.42. Following the completion of the sale, the director owned 9,335 shares in the company, valued at $147,586.35. This trade represents a 54.28% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 427,482 shares of company stock worth $6,758,490.

Institutional Investors Weigh In On Slide Insurance

A number of large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. purchased a new stake in Slide Insurance during the second quarter valued at about $56,229,000. Raymond James Financial Inc. purchased a new stake in Slide Insurance during the second quarter valued at about $33,063,000. Hood River Capital Management LLC purchased a new stake in Slide Insurance during the second quarter valued at about $31,542,000. Boston Partners purchased a new stake in Slide Insurance during the second quarter valued at about $10,701,000. Finally, Squarepoint Ops LLC purchased a new stake in Slide Insurance during the second quarter valued at about $9,964,000.

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”).