Slide Insurance Holdings, Inc.’s Lock-Up Period To End on December 15th (NASDAQ:SLDE)

Slide Insurance’s (NASDAQ:SLDE) lock-up period is set to end on Monday, December 15th. Slide Insurance had issued 24,000,000 shares in its public offering on June 18th. The total size of the offering was $408,000,000 based on an initial share price of $17.00. After the expiration of the company’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.

Analyst Ratings Changes

Several brokerages have recently issued reports on SLDE. Morgan Stanley increased their price target on shares of Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, August 16th. Keefe, Bruyette & Woods raised their price target on shares of Slide Insurance from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Zacks Research raised Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Slide Insurance in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Slide Insurance currently has an average rating of “Buy” and an average price target of $23.17.

Slide Insurance Stock Up 0.7%

NASDAQ SLDE opened at $16.13 on Monday. Slide Insurance has a 52 week low of $12.53 and a 52 week high of $25.90. The business’s 50 day moving average price is $15.95.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings data 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 firm 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 share buyback plan on Wednesday, August 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. American Century Companies Inc. acquired a new stake in shares of Slide Insurance during the 2nd quarter worth about $56,229,000. Raymond James Financial Inc. purchased a new position in Slide Insurance in the second quarter valued at approximately $33,063,000. Capital World Investors raised its holdings in Slide Insurance by 49.4% during the third quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock worth $70,767,000 after purchasing an additional 1,483,180 shares in the last quarter. Hood River Capital Management LLC purchased a new stake in shares of Slide Insurance during the 2nd quarter worth approximately $31,542,000. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of Slide Insurance by 314.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock valued at $21,753,000 after buying an additional 1,045,826 shares in the last quarter.

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”).