Slide Insurance (NASDAQ:SLDE) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Slide Insurance from “buy” to “hold,” though the broader analyst consensus remains “Buy” with an average price target of $25.40.
• SLDE shares opened at $23.48, near their 52-week high of $23.75. The company reported quarterly EPS of $1.06, beating estimates of $0.88, on revenue of $386.82 million.
• Insiders have sold 494,191 shares worth approximately $9.1 million over the past three months, while major institutional investors—including BlackRock, Vanguard and Arrowstreet—have established or increased positions.

Slide Insurance (NASDAQ:SLDE - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

Other equities analysts have also recently issued reports about the stock. Citigroup reaffirmed an "outperform" rating on shares of Slide Insurance in a research note on Thursday, July 30th. Zacks Research raised shares of Slide Insurance from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 3rd. Weiss Ratings upgraded shares of Slide Insurance from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday. Morgan Stanley set a $22.00 target price on shares of Slide Insurance in a research report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Slide Insurance from $24.00 to $26.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $25.40.

Slide Insurance Stock Up 0.1%

SLDE stock opened at $23.48 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23. The stock has a market capitalization of $2.74 billion, a P/E ratio of 5.73 and a beta of -0.04. The business has a 50-day moving average of $20.87 and a 200-day moving average of $18.96. Slide Insurance has a fifty-two week low of $12.53 and a fifty-two week high of $23.75.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.18. The business had revenue of $386.82 million during the quarter. Slide Insurance had a return on equity of 50.69% and a net margin of 40.02%. On average, sell-side analysts anticipate that Slide Insurance will post 3.79 earnings per share for the current fiscal year.

Insider Activity at Slide Insurance

In other Slide Insurance news, Director Robert Gries, Jr. sold 28,212 shares of Slide Insurance stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $20.33, for a total value of $573,549.96. Following the completion of the sale, the director owned 1,720,933 shares in the company, valued at $34,986,567.89. The trade was a 1.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $19.51, for a total transaction of $292,650.00. Following the completion of the sale, the director owned 18,998 shares of the company's stock, valued at approximately $370,650.98. The trade was a 44.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 494,191 shares of company stock valued at $9,065,901. 50.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Slide Insurance

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Slide Insurance during the second quarter valued at approximately $98,538,000. Vanguard Group Inc. lifted its holdings in shares of Slide Insurance by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company's stock worth $53,800,000 after acquiring an additional 354,321 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Slide Insurance by 298.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company's stock worth $48,380,000 after acquiring an additional 2,012,428 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of Slide Insurance by 27.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company's stock valued at $34,250,000 after purchasing an additional 380,161 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Slide Insurance in the 2nd quarter valued at approximately $33,063,000.

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.

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