Shannon Lucas Sells 9,000 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) COO Shannon Lucas sold 9,000 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $18.76, for a total transaction of $168,840.00. Following the sale, the chief operating officer directly owned 1,281,992 shares in the company, valued at approximately $24,050,169.92. This trade represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• 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 transaction of $322,422.21.
• On Monday, May 4th, Shannon Lucas sold 6,647 shares of Slide Insurance stock. The shares were sold at an average price of $18.88, for a total transaction of $125,495.36.
• On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total transaction of $158,606.50.
• On Wednesday, April 29th, Shannon Lucas sold 18,917 shares of Slide Insurance stock. The stock was sold at an average price of $19.24, for a total value of $363,963.08.
• On Tuesday, April 28th, Shannon Lucas sold 15,251 shares of Slide Insurance stock. The shares were sold at an average price of $18.94, for a total value of $288,853.94.
• On Monday, April 27th, Shannon Lucas sold 13,500 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $253,125.00.
• On Monday, April 20th, Shannon Lucas sold 11,676 shares of Slide Insurance stock. The stock was sold at an average price of $19.55, for a total transaction of $228,265.80.
• On Tuesday, April 14th, Shannon Lucas sold 18,874 shares of Slide Insurance stock. The shares were sold at an average price of $18.04, for a total transaction of $340,486.96.
• On Monday, April 13th, Shannon Lucas sold 25,621 shares of Slide Insurance stock. The stock was sold at an average price of $18.05, for a total transaction of $462,459.05.
• On Thursday, April 9th, Shannon Lucas sold 27,069 shares of Slide Insurance stock. The stock was sold at an average price of $18.11, for a total transaction of $490,219.59.

Slide Insurance Price Performance

NASDAQ:SLDE opened at $18.63 on Wednesday. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $25.90. The stock has a fifty day moving average of $18.24 and a 200 day moving average of $17.58. 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 firm has a market capitalization of $2.13 billion and a price-to-earnings ratio of 5.18.

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. 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, research analysts expect that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Texas Capital upgraded shares of Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday. Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Barclays raised their price objective on Slide Insurance from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods boosted their target price on Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Slide Insurance currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.80.

Institutional Trading of Slide Insurance

Several hedge funds have recently added to or reduced their stakes in SLDE. Geode Capital Management LLC purchased a new stake in Slide Insurance during the second quarter valued at about $2,245,000. Legal & General Group Plc purchased a new position in shares of Slide Insurance in the second quarter worth about $216,000. Norges Bank bought a new stake in shares of Slide Insurance in the 2nd quarter valued at about $866,000. Marshall Wace LLP bought a new stake in shares of Slide Insurance in the 2nd quarter valued at about $1,056,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Slide Insurance during the 2nd quarter valued at about $834,000.

More Slide Insurance News

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

• Negative Sentiment: CEO Bruce Lucas sold 91,000 shares at an average price of $18.76, following a much larger sale earlier in the week of 173,317 shares. Heavy insider selling from the CEO is often seen as a bearish signal by investors. SEC filing
• Negative Sentiment: COO Shannon Lucas also sold shares twice in the period, including 9,000 shares on May 11 and 17,141 shares on May 7, adding to concerns that management may be reducing exposure after the stock’s recent strength. SEC filing
• Negative Sentiment: Director Andrew Pardo Wright sold 6,316 shares, and had already sold 15,000 shares earlier in the month, reinforcing the pattern of insider selling across multiple executives and directors. SEC filing
• Neutral Sentiment: Slide Insurance’s recent earnings report was solid, with EPS of $1.02 versus estimates of $0.82, and the company also authorized a $100 million share repurchase program, which supports the longer-term story. Related article

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.