Slide Insurance Holdings, Inc. $SLDE Shares Sold by Avantax Planning Partners Inc.

Avantax Planning Partners Inc. cut its stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) by 29.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 119,029 shares of the company’s stock after selling 49,339 shares during the quarter. Avantax Planning Partners Inc.’s holdings in Slide Insurance were worth $2,143,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SLDE. Comerica Bank raised its position in shares of Slide Insurance by 3,462.2% during the fourth 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 acquired a new position in shares of Slide Insurance in the 4th quarter valued at $35,000. Ameritas Investment Partners Inc. purchased a new position in Slide Insurance in the 3rd quarter worth about $35,000. Aster Capital Management DIFC Ltd purchased a new position in Slide Insurance in the 4th quarter worth about $47,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Slide Insurance by 4,839.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company’s stock worth $49,000 after buying an additional 2,468 shares during the period.

Slide Insurance Trading Down 2.3%

NASDAQ:SLDE opened at $20.88 on Wednesday. The company has a market capitalization of $2.39 billion and a P/E ratio of 5.80. The stock’s 50 day moving average price is $18.48 and its 200 day moving average price is $18.07. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $21.79.

Slide Insurance (NASDAQ:SLDE) last posted its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. The firm had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. On average, research analysts forecast that Slide Insurance Holdings, Inc. will post 3.59 EPS for the current fiscal year.

Slide Insurance declared that its Board of Directors has approved a share buyback plan on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Slide Insurance from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Texas Capital upgraded shares of Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. 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 note on Monday, July 6th. 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 equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Slide Insurance currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.75.

Insiders Place Their Bets

In related news, Director Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock in a transaction on Monday, June 29th. The shares were sold at an average price of $19.51, for a total value of $292,650.00. Following the completion of the sale, the director owned 18,998 shares of the company’s stock, valued at approximately $370,650.98. The trade was a 44.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Gries, Jr. sold 28,212 shares of the company’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $21.04, for a total transaction of $593,580.48. Following the completion of the sale, the director owned 1,749,145 shares of the company’s stock, valued at $36,802,010.80. This represents a 1.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,382,850 shares of company stock worth $63,811,068 in the last 90 days. 50.80% of the stock is owned by corporate insiders.

Slide Insurance 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.