Slide Insurance (NASDAQ:SLDE) Stock Price Up 5.4% – Here’s What Happened

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) were up 5.4% during trading on Tuesday . The stock traded as high as $18.47 and last traded at $18.42. Approximately 572,392 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 1,135,909 shares. The stock had previously closed at $17.47.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SLDE shares. Morgan Stanley raised their price target on shares of Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Monday, November 17th. Weiss Ratings restated a “sell (d+)” rating on shares of Slide Insurance in a research report on Wednesday, October 8th. Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 10th. Piper Sandler increased their price target on shares of Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Slide Insurance from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.17.

Slide Insurance Stock Performance

The company has a 50 day moving average of $16.25.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.30. The business had revenue of $265.69 million during the quarter, compared to analysts’ expectations of $279.36 million.

Slide Insurance declared that its board has authorized a stock repurchase plan on Wednesday, August 27th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Opal Wealth Advisors LLC bought a new position in Slide Insurance during the 2nd quarter valued at about $53,000. Instrumental Wealth LLC purchased a new stake in shares of Slide Insurance during the second quarter valued at $319,000. Stratos Wealth Partners LTD. purchased a new position in shares of Slide Insurance during the second quarter worth approximately $238,000. FNY Investment Advisers LLC bought a new stake in shares of Slide Insurance during the second quarter valued at approximately $26,000. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Slide Insurance in the second quarter valued at approximately $1,333,000.

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”).