Envestnet Asset Management Inc. Invests $1.33 Million in Slide Insurance Holdings, Inc. $SLDE

Envestnet Asset Management Inc. purchased a new stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 61,564 shares of the company’s stock, valued at approximately $1,333,000.

A number of other hedge funds have also bought and sold shares of SLDE. Instrumental Wealth LLC bought a new stake in Slide Insurance in the 2nd quarter valued at about $319,000. Stratos Wealth Partners LTD. acquired a new stake in shares of Slide Insurance in the second quarter valued at approximately $238,000. Opal Wealth Advisors LLC bought a new stake in shares of Slide Insurance in the second quarter valued at approximately $53,000. Finally, FNY Investment Advisers LLC acquired a new stake in Slide Insurance during the second quarter worth approximately $26,000.

Slide Insurance Stock Performance

Shares of Slide Insurance stock opened at $15.57 on Friday. The firm’s 50 day moving average is $15.48. Slide Insurance Holdings, Inc. has a 1 year low of $12.53 and a 1 year high of $25.90.

Slide Insurance (NASDAQ:SLDE) last issued its earnings results on Wednesday, November 5th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.30. The company had revenue of $265.69 million during the quarter, compared to analyst estimates of $279.36 million.

Slide Insurance announced that its board has authorized a stock buyback program on Wednesday, August 27th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

SLDE has been the subject of several analyst reports. Morgan Stanley lifted their price objective on Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Monday. Piper Sandler upped their price objective on shares of Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Keefe, Bruyette & Woods raised their target price on shares of Slide Insurance from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Slide Insurance in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, August 16th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Slide Insurance has a consensus rating of “Buy” and a consensus target price of $23.17.

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”).