Analysts Set Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Price Target at $23.75

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) has been given a consensus recommendation of “Moderate Buy” by the seven analysts that are presently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $23.75.

SLDE has been the subject of several research reports. Zacks Research lowered shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Morgan Stanley reissued an “equal weight” rating and set a $20.00 price objective (down from $23.00) on shares of Slide Insurance in a research note on Monday, July 6th. Barclays cut their price objective on shares of Slide Insurance from $31.00 to $27.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th.

Slide Insurance Price Performance

Shares of NASDAQ:SLDE opened at $20.26 on Friday. The firm has a fifty day moving average of $18.75 and a 200 day moving average of $18.13. Slide Insurance has a 52-week low of $12.53 and a 52-week high of $21.79. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market capitalization of $2.32 billion and a PE ratio of 5.63.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The company had revenue of $389.28 million for the quarter. As a group, research analysts anticipate that Slide Insurance will post 3.59 EPS for the current fiscal year.

Slide Insurance announced that its board has approved a share buyback plan on Tuesday, April 28th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Slide Insurance

In related news, Director Andrew Pardo Wright sold 15,000 shares of the company’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $19.51, for a total value of $292,650.00. Following the completion of the transaction, the director owned 18,998 shares of the company’s stock, valued at approximately $370,650.98. This represents a 44.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Bruce Lucas sold 44,467 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $17.12, for a total value of $761,275.04. Following the completion of the sale, the chief executive officer owned 34,506,199 shares of the company’s stock, valued at $590,746,126.88. The trade was a 0.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 3,071,869 shares of company stock worth $57,866,777. Insiders own 50.80% of the company’s stock.

Hedge Funds Weigh In On Slide Insurance

A number of hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC grew its position in shares of Slide Insurance by 1,151.3% during the first quarter. Janus Henderson Group PLC now owns 172,683 shares of the company’s stock worth $3,108,000 after purchasing an additional 158,883 shares in the last quarter. California State Teachers Retirement System lifted its holdings in Slide Insurance by 9.5% in the 1st quarter. California State Teachers Retirement System now owns 25,318 shares of the company’s stock worth $456,000 after purchasing an additional 2,189 shares in the last quarter. Royal Bank of Canada boosted its stake in Slide Insurance by 221.0% in the 1st quarter. Royal Bank of Canada now owns 5,993 shares of the company’s stock worth $109,000 after purchasing an additional 4,126 shares during the period. The Manufacturers Life Insurance Company bought a new position in Slide Insurance in the 1st quarter worth approximately $655,000. Finally, Quantinno Capital Management LP purchased a new stake in Slide Insurance during the 1st quarter valued at approximately $953,000.

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”). 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.