Slide Insurance (NASDAQ:SLDE) Sets New 52-Week Low Following Analyst Downgrade

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) hit a new 52-week low during trading on Tuesday after Morgan Stanley lowered their price target on the stock from $19.00 to $18.00. Morgan Stanley currently has an equal weight rating on the stock. Slide Insurance traded as low as $14.45 and last traded at $14.54, with a volume of 726178 shares. The stock had previously closed at $14.55.

Several other research firms have also recently commented on SLDE. JMP Securities set a $25.00 price target on shares of Slide Insurance and gave the stock a “market outperform” rating in a report on Monday, July 14th. Citizens Jmp assumed coverage on shares of Slide Insurance in a research report on Monday, July 14th. They issued a “strong-buy” rating and a $25.00 target price for the company. Piper Sandler assumed coverage on shares of Slide Insurance in a report on Sunday, July 13th. They set an “overweight” rating and a $25.00 price target on the stock. Keefe, Bruyette & Woods raised shares of Slide Insurance to a “hold” rating and set a $20.00 price target on the stock in a research note on Monday, July 14th. Finally, Barclays began coverage on Slide Insurance in a report on Monday, July 14th. They set an “overweight” rating and a $25.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Insider Buying and Selling

In related news, Director Robert Gries, Jr. sold 358,457 shares of Slide Insurance stock in a transaction on Friday, June 20th. The shares were sold at an average price of $15.81, for a total value of $5,667,205.17. Following the transaction, the director owned 2,031,265 shares in the company, valued at $32,114,299.65. This trade represents a 15.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Beth Witte Bruce sold 31,029 shares of the business’s stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.81, for a total transaction of $490,568.49. Following the transaction, the director directly owned 251,645 shares of the company’s stock, valued at approximately $3,978,507.45. This represents a 10.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 427,482 shares of company stock worth $6,758,490 in the last quarter.

Institutional Trading of Slide Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC bought a new position in Slide Insurance in the 2nd quarter worth approximately $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Slide Insurance in the second quarter valued at approximately $53,000. Man Group plc acquired a new stake in shares of Slide Insurance in the second quarter worth $210,000. Legal & General Group Plc bought a new position in Slide Insurance during the second quarter worth $216,000. Finally, Levin Capital Strategies L.P. bought a new position in Slide Insurance during the second quarter worth $217,000.

Slide Insurance Trading Up 1.9%

The stock’s 50 day simple moving average is $18.83.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.16. The company had revenue of $261.61 million during the quarter, compared to analyst estimates of $271.18 million.

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”).