Alden Global Capital LLC Buys New Position in Slide Insurance Holdings, Inc. $SLDE

Key Points

• Alden Global Capital opened a new position in Slide Insurance Holdings, buying 130,000 shares worth about $2.53 million in the fourth quarter.
• Analysts remain generally positive on SLDE, with an average “Moderate Buy” rating and an average price target of $24.80; several firms recently raised targets while one downgraded the stock to hold.
• Slide Insurance reported strong quarterly results, including EPS of $1.02 versus the $0.82 estimate, and its board authorized a $100 million share buyback plan.

Alden Global Capital LLC bought a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 130,000 shares of the company's stock, valued at approximately $2,532,000. Slide Insurance accounts for approximately 1.2% of Alden Global Capital LLC's investment portfolio, making the stock its 18th biggest holding. Alden Global Capital LLC owned about 0.10% of Slide Insurance at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SLDE. Comerica Bank lifted its position in shares of Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company's stock worth $26,000 after acquiring an additional 1,281 shares during the period. Ameritas Investment Partners Inc. bought a new stake in shares of Slide Insurance in the 3rd quarter worth approximately $35,000. CWM LLC bought a new stake in shares of Slide Insurance in the 4th quarter worth approximately $35,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Slide Insurance in the 4th quarter worth approximately $47,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Slide Insurance by 5,637.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,926 shares of the company's stock worth $57,000 after acquiring an additional 2,875 shares during the period.

Analysts Set New Price Targets

SLDE has been the subject of a number of recent research reports. Texas Capital raised Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. Zacks Research cut Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Keefe, Bruyette & Woods increased their target price on Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Monday, March 9th. Piper Sandler increased their target price on Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Thursday, February 26th. Finally, Barclays increased their target price on Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Slide Insurance presently has an average rating of "Moderate Buy" and an average target price of $24.80.

Insider Transactions at Slide Insurance

In other Slide Insurance news, CEO Bruce Lucas sold 455,000 shares of Slide Insurance 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 transaction, the chief executive officer owned 35,429,165 shares in the company, valued at approximately $675,279,884.90. The trade was a 1.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 5,093,475 shares of company stock valued at $94,400,107. Insiders own 50.80% of the company's stock.

Slide Insurance Trading Down 0.4%

Shares of SLDE opened at $16.84 on Thursday. The stock has a fifty day moving average price of $18.09 and a two-hundred day moving average price of $17.83. 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 52-week low of $12.53 and a 52-week high of $25.90. The company has a market cap of $1.93 billion and a price-to-earnings ratio of 4.68.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, beating 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 during the quarter. Analysts predict that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

Slide Insurance declared that its Board of Directors has initiated a stock buyback plan on Tuesday, April 28th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

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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