Slide Insurance (NASDAQ:SLDE) Hits New 12-Month High – Time to Buy?

Slide Insurance Holdings, Inc. (NASDAQ:SLDE)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $21.21 and last traded at $21.30, with a volume of 1178941 shares traded. The stock had previously closed at $19.99.

Analyst Ratings Changes

SLDE has been the subject of several research analyst reports. Barclays lifted their price objective 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. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Texas Capital raised shares of Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods upped their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, March 9th. Finally, Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.80.

Slide Insurance Stock Up 7.3%

The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The stock has a 50 day simple moving average of $18.06 and a 200 day simple moving average of $17.92. The stock has a market cap of $2.46 billion and a price-to-earnings ratio of 5.95.

Slide Insurance (NASDAQ:SLDE) last issued its 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. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The company had revenue of $389.28 million for the quarter. As a group, analysts expect that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

Slide Insurance announced that its Board of Directors has approved a share buyback plan on Tuesday, April 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Slide Insurance news, CEO Bruce Lucas sold 455,000 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $19.06, for a total value of $8,672,300.00. Following the transaction, the chief executive officer directly 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 4,523,403 shares of company stock worth $84,129,443 in the last 90 days. Corporate insiders own 50.80% of the company’s stock.

Institutional Investors Weigh In On Slide Insurance

Hedge funds and other institutional investors have recently made changes to their positions in the business. Comerica Bank raised its holdings in shares of Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after acquiring an additional 1,281 shares during the last quarter. CWM LLC acquired a new position in Slide Insurance during the 4th quarter valued at about $35,000. Ameritas Investment Partners Inc. acquired a new position in Slide Insurance during the 3rd quarter valued at about $35,000. State of Wyoming bought a new stake in Slide Insurance during the 1st quarter worth approximately $42,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Slide Insurance during the 4th quarter worth approximately $47,000.

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.