Slide Insurance (NASDAQ:SLDE) Upgraded at Texas Capital

Texas Capital upgraded shares of Slide Insurance (NASDAQ:SLDE) to a strong-buy rating in a report published on Wednesday morning,Zacks.com reports.

A number of other research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods lifted their target price on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, March 9th. Barclays upped their price target on Slide Insurance from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Slide Insurance in a research note on Friday, December 26th. Piper Sandler boosted their target price on Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, February 26th. Finally, Zacks Research raised shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $24.40.

Slide Insurance Price Performance

Shares of NASDAQ:SLDE opened at $16.37 on Wednesday. The company has a market cap of $2.04 billion and a P/E ratio of 6.34. The business has a fifty day simple moving average of $17.32 and a 200-day simple moving average of $16.66. Slide Insurance has a 52 week low of $12.53 and a 52 week high of $25.90. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.03.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, February 24th. The company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.36. The business had revenue of $347.01 million for the quarter.

Insiders Place Their Bets

In related news, COO Shannon Lucas sold 23,884 shares of the company’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $18.59, for a total value of $444,003.56. Following the sale, the chief operating officer directly owned 1,609,041 shares of the company’s stock, valued at $29,912,072.19. This represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Gries, Jr. sold 28,212 shares of the stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $18.35, for a total transaction of $517,690.20. Following the transaction, the director owned 2,003,053 shares in the company, valued at $36,756,022.55. This trade represents a 1.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,025,372 shares of company stock worth $19,041,559.

Hedge Funds Weigh In On Slide Insurance

Several large investors have recently modified their holdings of the stock. Comerica Bank raised its position in shares of Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock worth $26,000 after purchasing an additional 1,281 shares during the period. CWM LLC acquired a new position in Slide Insurance during the 4th quarter valued at approximately $35,000. Ameritas Investment Partners Inc. acquired a new position in Slide Insurance during the 3rd quarter valued at approximately $35,000. Aster Capital Management DIFC Ltd bought a new position in Slide Insurance during the 4th quarter worth $47,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in Slide Insurance by 4,839.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company’s stock worth $49,000 after buying an additional 2,468 shares during the last quarter.

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.