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

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) gapped up before the market opened on Thursday after Morgan Stanley upgraded the stock from an equal weight rating to an overweight rating. The stock had previously closed at $14.06, but opened at $14.59. Morgan Stanley now has a $18.00 price target on the stock. Slide Insurance shares last traded at $14.46, with a volume of 68,928 shares trading hands.

Several other analysts have also recently issued reports on the company. Keefe, Bruyette & Woods upgraded Slide Insurance from a “market perform” rating to an “outperform” rating and cut their price objective for the company from $20.00 to $19.00 in a research note on Thursday, September 18th. Barclays started coverage on Slide Insurance in a research note on Monday, July 14th. They set an “overweight” rating and a $25.00 price objective on the stock. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, August 16th. Citigroup started coverage on Slide Insurance in a research note on Monday, July 14th. They set an “outperform” rating on the stock. Finally, Citizens Jmp started coverage on Slide Insurance in a research report on Monday, July 14th. They set a “strong-buy” rating and a $25.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $21.67.

Institutional Trading of Slide Insurance

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. FNY Investment Advisers LLC acquired a new stake in shares of Slide Insurance during the 2nd quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in Slide Insurance in the 2nd quarter valued at approximately $53,000. Man Group plc acquired a new stake in Slide Insurance in the 2nd quarter valued at approximately $210,000. HBK Investments L P acquired a new stake in Slide Insurance in the 2nd quarter valued at approximately $217,000. Finally, Levin Capital Strategies L.P. acquired a new stake in Slide Insurance in the 2nd quarter valued at approximately $217,000.

Slide Insurance Stock Up 7.1%

The business’s 50-day moving average is $15.68.

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

Slide Insurance announced that its board has approved a stock repurchase plan on Wednesday, August 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

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”).