Slide Insurance (NASDAQ:SLDE) Sees Large Volume Increase After Strong Earnings

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) saw unusually-high trading volume on Wednesday following a better than expected earnings announcement. Approximately 1,648,299 shares were traded during mid-day trading, an increase of 77% from the previous session’s volume of 931,640 shares.The stock last traded at $19.13 and had previously closed at $17.77.

The company reported $1.23 EPS for the quarter, beating the consensus estimate of $0.87 by $0.36. The business had revenue of $347.01 million during the quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Slide Insurance in a research report on Friday, December 26th. Morgan Stanley raised their price objective on shares of Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Monday, November 17th. Piper Sandler upped their target price on Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Keefe, Bruyette & Woods lifted their price objective on Slide Insurance from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Finally, Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 16th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Slide Insurance has an average rating of “Moderate Buy” and an average price target of $22.80.

Institutional Trading of Slide Insurance

Institutional investors and hedge funds have recently made changes to their positions in the company. Comerica Bank increased its stake in Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after acquiring an additional 1,281 shares during the last quarter. CWM LLC purchased a new position in shares of Slide Insurance in the 4th quarter valued at $35,000. Ameritas Investment Partners Inc. purchased a new stake in Slide Insurance during the 3rd quarter worth $35,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Slide Insurance in the fourth quarter worth about $47,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Slide Insurance by 5,637.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,926 shares of the company’s stock valued at $57,000 after buying an additional 2,875 shares during the period.

Slide Insurance Stock Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.30 and a current ratio of 1.30. The stock has a fifty day simple moving average of $17.57 and a two-hundred day simple moving average of $16.21. The stock has a market cap of $2.38 billion and a PE ratio of 14.18.

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.