Slide Insurance (NASDAQ:SLDE) COO Sells $79,762.08 in Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) COO Shannon Lucas sold 4,659 shares of Slide Insurance stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $17.12, for a total value of $79,762.08. Following the completion of the sale, the chief operating officer directly owned 1,118,756 shares in the company, valued at approximately $19,153,102.72. This represents a 0.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Shannon Lucas also recently made the following trade(s):

• On Wednesday, June 10th, Shannon Lucas sold 19,058 shares of Slide Insurance stock. The stock was sold at an average price of $17.03, for a total value of $324,557.74.
• On Wednesday, May 27th, Shannon Lucas sold 22,548 shares of Slide Insurance stock. The stock was sold at an average price of $18.95, for a total value of $427,284.60.
• On Wednesday, May 20th, Shannon Lucas sold 18,279 shares of Slide Insurance stock. The stock was sold at an average price of $18.78, for a total value of $343,279.62.
• On Tuesday, May 19th, Shannon Lucas sold 27,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.97, for a total value of $512,190.00.
• On Monday, May 18th, Shannon Lucas sold 45,000 shares of Slide Insurance stock. The stock was sold at an average price of $19.06, for a total value of $857,700.00.
• On Friday, May 15th, Shannon Lucas sold 26,692 shares of Slide Insurance stock. The stock was sold at an average price of $18.84, for a total value of $502,877.28.
• On Monday, May 11th, Shannon Lucas sold 9,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.76, for a total value of $168,840.00.
• On Thursday, May 7th, Shannon Lucas sold 17,141 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total value of $322,422.21.
• On Monday, May 4th, Shannon Lucas sold 6,647 shares of Slide Insurance stock. The stock was sold at an average price of $18.88, for a total value of $125,495.36.
• On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total value of $158,606.50.

Slide Insurance Price Performance

Shares of NASDAQ SLDE opened at $16.70 on Monday. The business’s 50 day moving average price is $18.17 and its two-hundred day moving average price is $17.83. The company has a market cap of $1.91 billion and a PE ratio of 4.64. 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 Holdings, Inc. has a twelve month low of $12.53 and a twelve month high of $25.90.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The firm had revenue of $389.28 million for the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. On average, analysts predict that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

Slide Insurance announced that its Board of Directors has initiated a share repurchase program on Tuesday, April 28th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Key Stories Impacting Slide Insurance

Here are the key news stories impacting Slide Insurance this week:

• Negative Sentiment: CEO Bruce Lucas sold shares in two transactions this week, including a large sale of 192,695 shares and another of 44,467 shares, trimming his ownership slightly. SEC filing for Bruce Lucas sale
• Negative Sentiment: COO Shannon Lucas also sold shares in two filings, including 19,058 shares and 4,659 shares, adding to the impression of insider selling at SLDE. SEC filing for Shannon Lucas sale
• Negative Sentiment: Insider Matthew Paul Larson sold 13,750 shares, reducing his stake by more than 60%, which may raise concerns about near-term insider confidence. SEC filing for Matthew Paul Larson sale
• Neutral Sentiment: The company’s last reported quarterly results were strong, with earnings of $1.02 per share beating estimates and revenue of $389.28 million, which may help limit downside from the insider sales.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SLDE. Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Barclays boosted their price objective on Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, April 29th. Keefe, Bruyette & Woods boosted their price objective on Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Piper Sandler boosted their price objective on Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, February 26th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Slide Insurance has an average rating of “Moderate Buy” and a consensus target price of $24.80.

Institutional Investors Weigh In On Slide Insurance

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

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”). 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.