Slide Insurance (NASDAQ:SLDE) Upgraded by Morgan Stanley to “Overweight” Rating

Morgan Stanley upgraded shares of Slide Insurance (NASDAQ:SLDE) from an equal weight rating to an overweight rating in a report released on Thursday, MarketBeat.com reports. Morgan Stanley currently has $18.00 price target on the stock.

A number of other research firms also recently weighed in on SLDE. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, August 16th. Citizens Jmp assumed coverage on Slide Insurance in a report on Monday, July 14th. They issued a “strong-buy” rating and a $25.00 target price on the stock. JMP Securities set a $25.00 target price on Slide Insurance and gave the company a “market outperform” rating in a report on Monday, July 14th. Piper Sandler lowered their target price on Slide Insurance from $25.00 to $18.00 and set an “overweight” rating on the stock in a report on Tuesday, September 2nd. Finally, Barclays began coverage on Slide Insurance in a report on Monday, July 14th. They issued an “overweight” rating and a $25.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat.com, Slide Insurance presently has a consensus rating of “Buy” and an average price target of $21.67.

Slide Insurance Stock Performance

Slide Insurance stock opened at $15.06 on Thursday. Slide Insurance has a one year low of $12.53 and a one year high of $25.90. The firm’s fifty day simple moving average is $15.68.

Slide Insurance (NASDAQ:SLDE) last posted its earnings results on Tuesday, August 12th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.16. The firm 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 approved a stock repurchase program on Wednesday, August 27th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Slide Insurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. bought a new stake in Slide Insurance during the 2nd quarter valued at approximately $56,229,000. Raymond James Financial Inc. bought a new stake in Slide Insurance during the 2nd quarter valued at approximately $33,063,000. Hood River Capital Management LLC bought a new stake in Slide Insurance during the 2nd quarter valued at approximately $31,542,000. Boston Partners bought a new stake in Slide Insurance during the 2nd quarter valued at approximately $10,701,000. Finally, Squarepoint Ops LLC bought a new stake in Slide Insurance during the 2nd quarter valued at approximately $9,964,000.

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”).