Slide Insurance (NASDAQ:SLDE) Trading Down 5.4% – Here’s What Happened

Slide Insurance Holdings, Inc. (NASDAQ:SLDE)’s share price fell 5.4% during mid-day trading on Monday . The stock traded as low as $20.02 and last traded at $20.0940. Approximately 421,787 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,568,719 shares. The stock had previously closed at $21.25.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SLDE shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 price objective (down from $23.00) on shares of Slide Insurance in a research report on Monday. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.80.

Slide Insurance Stock Performance

The firm has a market cap of $2.36 billion and a P/E ratio of 5.72. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. The business’s 50-day simple moving average is $18.26 and its 200 day simple moving average is $18.00.

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

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

Insider Buying and Selling at Slide Insurance

In other news, Director Beth Witte Bruce sold 23,500 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $19.01, for a total transaction of $446,735.00. Following the completion of the sale, the director owned 179,645 shares of the company’s stock, valued at $3,415,051.45. This represents a 11.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Shannon Lucas sold 4,659 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $17.12, for a total transaction of $79,762.08. Following the completion of the transaction, the chief operating officer owned 1,118,756 shares in the company, valued at $19,153,102.72. This trade represents a 0.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 4,075,159 shares of company stock worth $76,044,524. 50.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Slide Insurance

A number of hedge funds have recently modified their holdings of the business. Comerica Bank raised its holdings in 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 purchasing an additional 1,281 shares during the period. CWM LLC purchased a new stake in Slide Insurance in the fourth quarter worth about $35,000. Ameritas Investment Partners Inc. bought a new position in shares of Slide Insurance in the third quarter worth about $35,000. State of Wyoming purchased a new position in shares of Slide Insurance during the 1st quarter valued at about $42,000. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Slide Insurance during the 4th quarter valued at approximately $47,000.

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.