Slide Insurance (NASDAQ:SLDE) Price Target Cut to $18.00 by Analysts at Piper Sandler

Slide Insurance (NASDAQ:SLDE) had its target price trimmed by Piper Sandler from $25.00 to $18.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts have also commented on the company. Citigroup started coverage on Slide Insurance in a research report on Monday, July 14th. They issued an “outperform” rating on the stock. Citizens Jmp assumed coverage on Slide Insurance in a research note on Monday, July 14th. They issued a “strong-buy” rating and a $25.00 price target for the company. Keefe, Bruyette & Woods upgraded Slide Insurance to a “hold” rating and set a $20.00 target price for the company in a research note on Monday, July 14th. JMP Securities set a $25.00 target price on Slide Insurance and gave the company a “market outperform” rating in a research note on Monday, July 14th. Finally, Barclays assumed coverage on Slide Insurance in a research report on Monday, July 14th. They set an “overweight” rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $21.83.

Slide Insurance Stock Performance

SLDE opened at $13.48 on Tuesday. The stock has a 50 day moving average price of $17.66. Slide Insurance has a 1-year low of $12.77 and a 1-year high of $25.90.

Slide Insurance (NASDAQ:SLDE) last announced its earnings results on Tuesday, August 12th. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.16. The company had revenue of $261.61 million for the quarter, compared to analyst estimates of $271.18 million.

Slide Insurance declared that its Board of Directors has approved a share buyback plan on Wednesday, August 27th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Slide Insurance news, Director Beth Witte Bruce sold 31,029 shares of the firm’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $15.81, for a total value 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 trade represents a 10.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Gries, Jr. sold 358,457 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $15.81, for a total transaction of $5,667,205.17. Following the completion of the sale, the director owned 2,031,265 shares in the company, valued at approximately $32,114,299.65. This trade represents a 15.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 427,482 shares of company stock valued at $6,758,490 over the last quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new position in Slide Insurance during the 2nd quarter worth approximately $53,000. Instrumental Wealth LLC acquired a new position in Slide Insurance during the second quarter worth $319,000. Stratos Wealth Partners LTD. purchased a new stake in shares of Slide Insurance in the second quarter valued at about $238,000. FNY Investment Advisers LLC purchased a new stake in shares of Slide Insurance in the second quarter valued at about $26,000. Finally, Envestnet Asset Management Inc. purchased a new stake in Slide Insurance during the second quarter worth about $1,333,000.

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”).