Slide Insurance (NASDAQ:SLDE) Shares Gap Up Following Analyst Upgrade

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) shares gapped up before the market opened on Thursday after Keefe, Bruyette & Woods upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $12.74, but opened at $13.47. Keefe, Bruyette & Woods now has a $19.00 price target on the stock, down from their previous price target of $20.00. Slide Insurance shares last traded at $14.28, with a volume of 344,103 shares trading hands.

A number of other equities research analysts have also recently weighed in on SLDE. Barclays started coverage on Slide Insurance in a report on Monday, July 14th. They set an “overweight” rating and a $25.00 price target on the stock. Citizens Jmp started coverage on Slide Insurance in a report on Monday, July 14th. They set a “strong-buy” rating and a $25.00 price target on the stock. JMP Securities set a $25.00 price target on Slide Insurance and gave the company a “market outperform” rating in a report on Monday, July 14th. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, August 16th. Finally, Morgan Stanley reaffirmed a “cautious” rating and set a $18.00 price target on shares of Slide Insurance in a report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Slide Insurance currently has an average rating of “Moderate Buy” and a consensus target price of $21.67.

Insider Activity at Slide Insurance

In related news, Director Beth Witte Bruce sold 31,029 shares of the business’s stock in a transaction that occurred 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 sale, the director owned 251,645 shares of the company’s stock, valued at $3,978,507.45. The trade was a 10.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stephen L. Rohde sold 11,082 shares of the business’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.81, for a total value of $175,206.42. Following the sale, the director directly owned 9,335 shares in the company, valued at approximately $147,586.35. The trade was a 54.28% decrease in their position. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. FNY Investment Advisers LLC bought a new position in shares of Slide Insurance in the second quarter valued at $26,000. Opal Wealth Advisors LLC bought a new position in shares of Slide Insurance in the second quarter valued at $53,000. Man Group plc bought a new position in shares of Slide Insurance in the second quarter valued at $210,000. HBK Investments L P bought a new position in shares of Slide Insurance in the second quarter valued at $217,000. Finally, Levin Capital Strategies L.P. bought a new position in shares of Slide Insurance in the second quarter valued at $217,000.

Slide Insurance Price Performance

The firm’s fifty day simple moving average is $16.10.

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, beating the consensus estimate of $0.40 by $0.16. The company had revenue of $261.61 million during the quarter, compared to the consensus estimate of $271.18 million.

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

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”).