Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Short Interest Up 19.8% in January

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) was the recipient of a significant growth in short interest in the month of January. As of January 30th, there was short interest totaling 4,061,198 shares, a growth of 19.8% from the January 15th total of 3,391,167 shares. Currently, 3.3% of the company’s stock are short sold. Based on an average daily trading volume, of 874,141 shares, the short-interest ratio is currently 4.6 days. Based on an average daily trading volume, of 874,141 shares, the short-interest ratio is currently 4.6 days. Currently, 3.3% of the company’s stock are short sold.

Institutional Investors Weigh In On Slide Insurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLDE. American Century Companies Inc. acquired a new position in Slide Insurance during the second quarter valued at approximately $56,229,000. Raymond James Financial Inc. acquired a new position in Slide Insurance in the 2nd quarter valued at $33,063,000. Capital World Investors raised its holdings in Slide Insurance by 49.4% in the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock worth $70,767,000 after acquiring an additional 1,483,180 shares during the period. Hood River Capital Management LLC acquired a new position in Slide Insurance during the 2nd quarter worth $31,542,000. Finally, Balyasny Asset Management L.P. boosted its holdings in Slide Insurance by 314.8% during the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock valued at $21,753,000 after acquiring an additional 1,045,826 shares during the period.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday. Weiss Ratings reissued a “hold (c-)” rating on shares of Slide Insurance in a research note on Friday, December 26th. Morgan Stanley boosted their price target on shares of Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Monday, November 17th. Keefe, Bruyette & Woods increased their price objective on Slide Insurance from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Finally, Piper Sandler boosted their target price on Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.80.

Slide Insurance Trading Down 1.6%

Slide Insurance stock opened at $16.90 on Thursday. Slide Insurance has a one year low of $12.53 and a one year high of $25.90. The company’s fifty day moving average price is $17.65 and its two-hundred day moving average price is $16.25. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.30 and a quick ratio of 1.30. The company has a market capitalization of $2.10 billion and a price-to-earnings ratio of 12.52.

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”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer(“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries.