Slide Insurance (NASDAQ:SLDE) Reaches New 1-Year Low on Analyst Downgrade

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) reached a new 52-week low on Tuesday after Morgan Stanley lowered their price target on the stock from $19.00 to $18.00. Morgan Stanley currently has an equal weight rating on the stock. Slide Insurance traded as low as $14.45 and last traded at $14.54, with a volume of 726178 shares trading hands. The stock had previously closed at $14.55.

Several other equities analysts have also recently weighed in on SLDE. Citigroup assumed coverage on Slide Insurance in a report on Monday, July 14th. They set an “outperform” rating for the company. Piper Sandler assumed coverage on Slide Insurance in a report on Sunday, July 13th. They set an “overweight” rating and a $25.00 price target for the company. Keefe, Bruyette & Woods upgraded Slide Insurance to a “hold” rating and set a $20.00 price target for the company in a report on Monday, July 14th. Barclays initiated coverage on Slide Insurance in a report on Monday, July 14th. They issued an “overweight” rating and a $25.00 target price for the company. Finally, Citizens Jmp initiated coverage on Slide Insurance in a report on Monday, July 14th. They issued a “strong-buy” rating and a $25.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Slide Insurance presently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Insider Transactions at Slide Insurance

In related news, Director Beth Witte Bruce sold 31,029 shares of the firm’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.81, for a total transaction of $490,568.49. Following the completion of the sale, the director directly owned 251,645 shares of the company’s stock, valued at approximately $3,978,507.45. This trade represents a 10.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen L. Rohde sold 11,082 shares of the firm’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.81, for a total value of $175,206.42. Following the sale, the director directly owned 9,335 shares of the company’s stock, valued at $147,586.35. This represents a 54.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 427,482 shares of company stock worth $6,758,490.

Institutional Investors Weigh In On Slide Insurance

A number of institutional investors and hedge funds have recently modified their holdings of the business. FNY Investment Advisers LLC bought a new stake in shares of Slide Insurance during the 2nd quarter worth approximately $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Slide Insurance during the 2nd quarter worth approximately $53,000. Man Group plc bought a new stake in shares of Slide Insurance during the 2nd quarter worth approximately $210,000. HBK Investments L P bought a new stake in shares of Slide Insurance during the 2nd quarter worth approximately $217,000. Finally, Levin Capital Strategies L.P. bought a new stake in shares of Slide Insurance during the 2nd quarter worth approximately $217,000.

Slide Insurance Price Performance

The stock’s 50-day simple moving average is $18.93.

Slide Insurance (NASDAQ:SLDE) last issued its earnings results on Tuesday, August 12th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.16. The firm had revenue of $261.61 million for the quarter, compared to the consensus estimate of $271.18 million.

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”).