Andrew Pardo Wright Sells 10,086 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Key Points

• Director Andrew Pardo Wright sold 10,086 shares of Slide Insurance on May 18 at an average price of $19.00, worth about $191,634. After the sale, he still held 80,000 shares, and this latest trade reduced his position by 11.2%.
• Slide Insurance has seen multiple insider sales recently, including additional share sales by Wright on May 1, May 7, and May 15, while the company’s CEO and COO also sold stock. The cluster of insider selling may be weighing on investor sentiment.
• The company reported solid earnings and announced a buyback, posting Q1 EPS of $1.02 versus estimates of $0.82 and authorizing a $100 million share repurchase program. Analysts currently rate the stock a “Moderate Buy” with an average price target of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Andrew Pardo Wright sold 10,086 shares of the company's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $19.00, for a total value of $191,634.00. Following the completion of the transaction, the director directly owned 80,000 shares of the company's stock, valued at approximately $1,520,000. This trade represents a 11.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Andrew Pardo Wright also recently made the following trade(s):

• On Friday, May 15th, Andrew Pardo Wright sold 10,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $187,500.00.
• On Thursday, May 7th, Andrew Pardo Wright sold 6,316 shares of Slide Insurance stock. The shares were sold at an average price of $18.90, for a total value of $119,372.40.
• On Friday, May 1st, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $281,250.00.

Slide Insurance Price Performance

SLDE traded down $0.50 during trading on Tuesday, reaching $18.48. 1,257,810 shares of the company traded hands, compared to its average volume of 1,627,024. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.90. The firm has a fifty day simple moving average of $18.19 and a 200 day simple moving average of $17.68. The company has a market cap of $2.12 billion and a P/E ratio of 5.13.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $0.20. The firm had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. On average, equities analysts forecast that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

Slide Insurance announced that its board has initiated a share buyback program on Tuesday, April 28th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SLDE has been the subject of a number of recent research reports. Zacks Research lowered shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Wall Street Zen upgraded shares of Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Monday, March 9th. Piper Sandler boosted their target price on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Thursday, February 26th. Finally, Texas Capital upgraded shares of Slide Insurance to a "strong-buy" rating in a research report on Wednesday, March 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Slide Insurance has an average rating of "Moderate Buy" and an average price target of $24.80.

Key Slide Insurance News

Here are the key news stories impacting Slide Insurance this week:

• Positive Sentiment: Slide Insurance said it will take on 86,000 Farmers home insurance policies in Florida, a move that could expand its book of business and boost premium growth. Article Title
• Neutral Sentiment: The company’s CEO Bruce Lucas sold shares in multiple transactions over May 15-19, and COO Shannon Lucas, director Andrew Pardo Wright, and insider Matthew Paul Larson also sold stock, adding to investor focus on insider activity. Article Title Article Title Article Title Article Title
• Negative Sentiment: The clustering of insider sales may be weighing on sentiment, since investors often view heavy selling by management as a sign that shares may be fairly valued or that near-term upside is limited. Article Title

Hedge Funds Weigh In On Slide Insurance

A number of large investors have recently made changes to their positions in the company. Comerica Bank boosted its position in shares of Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock valued at $26,000 after buying an additional 1,281 shares during the period. CWM LLC purchased a new stake in shares of Slide Insurance in the fourth quarter worth approximately $35,000. Ameritas Investment Partners Inc. bought a new stake in shares of Slide Insurance during the 3rd quarter worth approximately $35,000. State of Wyoming bought a new stake in shares of Slide Insurance during the 1st quarter worth approximately $42,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in Slide Insurance during the 4th quarter valued at $47,000.

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.

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