Slide Insurance (NASDAQ:SLDE) Director Sells $558,346.02 in Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Andrew Pardo Wright sold 31,002 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $18.01, for a total value of $558,346.02. Following the sale, the director owned 48,998 shares of the company’s stock, valued at approximately $882,453.98. This trade represents a 38.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Andrew Pardo Wright also recently made the following trade(s):

• On Friday, June 26th, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The shares were sold at an average price of $19.03, for a total value of $285,450.00.
• On Monday, May 18th, Andrew Pardo Wright sold 10,086 shares of Slide Insurance stock. The shares were sold at an average price of $19.00, for a total value of $191,634.00.
• On Friday, May 15th, Andrew Pardo Wright sold 10,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $187,500.00.
• On Thursday, May 7th, Andrew Pardo Wright sold 6,316 shares of Slide Insurance stock. The stock was sold at an average price of $18.90, for a total value of $119,372.40.
• On Friday, May 1st, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total value of $281,250.00.

Slide Insurance Price Performance

SLDE stock traded up $1.03 during midday trading on Friday, reaching $19.09. The stock had a trading volume of 3,204,372 shares, compared to its average volume of 932,414. The company’s fifty day simple moving average is $18.03 and its 200 day simple moving average is $17.88. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. The company has a market cap of $2.19 billion and a price-to-earnings ratio of 5.30. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $22.15.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The business 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%. As a group, sell-side analysts predict 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 initiated a stock repurchase plan on Tuesday, April 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 4.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SLDE. Weiss Ratings reissued a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Keefe, Bruyette & Woods upped their price target on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. Piper Sandler increased their price target on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Finally, Zacks Research lowered Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. One investment 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.80.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC grew its holdings in shares of Slide Insurance by 1,151.3% during the 1st quarter. Janus Henderson Group PLC now owns 172,683 shares of the company’s stock worth $3,108,000 after purchasing an additional 158,883 shares during the period. California State Teachers Retirement System increased its stake in Slide Insurance by 9.5% during the 1st quarter. California State Teachers Retirement System now owns 25,318 shares of the company’s stock worth $456,000 after buying an additional 2,189 shares during the period. Royal Bank of Canada raised its stake in shares of Slide Insurance by 221.0% in the first quarter. Royal Bank of Canada now owns 5,993 shares of the company’s stock valued at $109,000 after acquiring an additional 4,126 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Slide Insurance in the 1st quarter valued at about $655,000. Finally, Quantinno Capital Management LP purchased a new position in Slide Insurance in the first quarter worth approximately $953,000.

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.