Slide Insurance (NASDAQ:SLDE) Trading Down 5.4% – What’s Next?

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) shares dropped 5.4% during mid-day trading on Monday . The stock traded as low as $20.02 and last traded at $20.0940. Approximately 421,787 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 1,568,719 shares. The stock had previously closed at $21.25.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on SLDE shares. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Morgan Stanley reiterated an “equal weight” rating and issued a $20.00 target price (down from $23.00) on shares of Slide Insurance in a report on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Texas Capital upgraded Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th. Finally, Zacks Research lowered Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.60.

Slide Insurance Price Performance

The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The company has a 50 day simple moving average of $18.16 and a 200-day simple moving average of $17.97. The stock has a market cap of $2.33 billion and a price-to-earnings ratio of 5.65.

Slide Insurance (NASDAQ:SLDE) last issued its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The firm had revenue of $389.28 million for the quarter. As a group, research analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

Slide Insurance announced that its board has approved a share repurchase program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 4.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Slide Insurance

In other news, CEO Bruce Lucas sold 455,000 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $19.06, for a total value of $8,672,300.00. Following the completion of the sale, the chief executive officer owned 35,429,165 shares in the company, valued at $675,279,884.90. This represents a 1.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders sold 4,333,941 shares of company stock worth $80,703,934. Company insiders own 50.80% of the company’s stock.

Institutional Investors Weigh In On Slide Insurance

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC purchased a new stake in shares of Slide Insurance in the 2nd quarter valued at approximately $2,245,000. Legal & General Group Plc purchased a new position in Slide Insurance during the 2nd quarter worth approximately $216,000. Norges Bank acquired a new stake in Slide Insurance during the 2nd quarter valued at $866,000. Marshall Wace LLP acquired a new stake in Slide Insurance during the 2nd quarter valued at $1,056,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Slide Insurance in the second quarter worth $834,000.

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.