Andrew Pardo Wright Sells 31,002 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Key Points

• Director Andrew Pardo Wright sold 31,002 shares of Slide Insurance on June 24 at an average price of $18.01, worth about $558,346. After the sale, he still held 48,998 shares, reducing his position by 38.75%.
• Wright also disclosed several recent additional stock sales, including 15,000 shares on June 26 and multiple sales in May, signaling ongoing insider selling activity.
• Slide Insurance reported solid recent results and shareholder-friendly actions, beating quarterly EPS estimates and authorizing a $100 million share repurchase program. Analysts currently rate the stock a Moderate Buy with an average target price of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Andrew Pardo Wright sold 31,002 shares of the firm's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $18.01, for a total value of $558,346.02. Following the completion of the transaction, the director owned 48,998 shares of the company's stock, valued at $882,453.98. This trade represents a 38.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Friday, June 26th, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The shares were sold at an average price of $19.03, for a total value of $285,450.00.
• On Monday, May 18th, Andrew Pardo Wright sold 10,086 shares of Slide Insurance stock. The shares were sold at an average price of $19.00, for a total value of $191,634.00.
• 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 transaction of $281,250.00.

Slide Insurance Stock Performance

SLDE traded up $1.03 during trading on Friday, reaching $19.09. 3,204,372 shares of the company's stock were exchanged, compared to its average volume of 932,414. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. Slide Insurance Holdings, Inc. has a 1 year low of $12.53 and a 1 year high of $22.15. The company's fifty day simple moving average is $18.03 and its 200-day simple moving average is $17.88. The stock has a market capitalization of $2.19 billion and a P/E ratio of 5.30.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its quarterly earnings data 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. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. The firm had revenue of $389.28 million for the quarter. As a group, research analysts predict that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

Slide Insurance announced that its Board of Directors has authorized a stock 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 shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods upped their target price on Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Monday, March 9th. Barclays boosted their price target on Slide Insurance from $29.00 to $31.00 and gave the company an "overweight" rating in a report on Wednesday, April 29th. Piper Sandler raised their price objective on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. Texas Capital raised shares of Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. Finally, Zacks Research cut shares of 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, six have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.80.

Hedge Funds Weigh In On Slide Insurance

Hedge funds have recently bought and sold shares of the business. Comerica Bank increased its position in shares of Slide Insurance by 3,462.2% in 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 in the last quarter. CWM LLC acquired a new stake in Slide Insurance in the 4th quarter valued at $35,000. Ameritas Investment Partners Inc. acquired a new stake in Slide Insurance in the 3rd quarter valued at $35,000. State of Wyoming purchased a new stake in Slide Insurance in the 1st quarter worth $42,000. Finally, Aster Capital Management DIFC Ltd acquired a new position in Slide Insurance during the fourth quarter worth $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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