Quantbot Technologies LP Acquires New Shares in Slide Insurance Holdings, Inc. $SLDE

Key Points

• Quantbot Technologies LP established a new position in Slide Insurance (NASDAQ:SLDE) in Q3, buying 55,161 shares worth about $871,000, while several other institutions also initiated small stakes.
• Insiders have been selling: directors Beth Witte Bruce and Stephen L. Rohde sold 25,000 and 9,335 shares respectively, and insiders disposed of a total of 50,585 shares (~$960,641) over the last 90 days.
• Fundamentals and sentiment: Slide beat quarterly EPS estimates ($1.23 vs. $0.87) on $347.0M revenue, has a $2.3B market cap and a 7.16 P/E, and carries a consensus "Moderate Buy" rating with a $24.20 average target as several brokers raised price targets.

Quantbot Technologies LP bought a new position in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 55,161 shares of the company's stock, valued at approximately $871,000.

Other institutional investors also recently bought and sold shares of the company. Ameritas Investment Partners Inc. acquired a new stake in shares of Slide Insurance in the third quarter worth about $35,000. Strs Ohio bought a new position in shares of Slide Insurance in the 3rd quarter valued at approximately $77,000. New York State Common Retirement Fund bought a new position in shares of Slide Insurance in the 3rd quarter valued at approximately $134,000. Man Group plc acquired a new stake in Slide Insurance in the 2nd quarter worth approximately $210,000. Finally, HBK Investments L P acquired a new stake in Slide Insurance in the 2nd quarter worth approximately $217,000.

Insider Activity at Slide Insurance

In related news, Director Beth Witte Bruce sold 25,000 shares of the company's stock in a transaction on Friday, February 27th. The shares were sold at an average price of $18.94, for a total transaction of $473,500.00. Following the completion of the transaction, the director directly owned 226,645 shares in the company, valued at $4,292,656.30. This represents a 9.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen L. Rohde sold 9,335 shares of the stock in a transaction on Friday, February 27th. The shares were sold at an average price of $18.83, for a total transaction of $175,778.05. The SEC filing for this sale provides additional information. Insiders sold a total of 50,585 shares of company stock worth $960,641 in the last ninety days.

Slide Insurance Stock Performance

SLDE opened at $18.48 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.03. The stock's 50 day moving average price is $17.59 and its two-hundred day moving average price is $16.40. The firm has a market capitalization of $2.30 billion and a P/E ratio of 7.16. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.36. The business had revenue of $347.01 million during the quarter.

Analyst Ratings Changes

Several brokerages have commented on SLDE. Barclays increased their price target on Slide Insurance from $25.00 to $29.00 and gave the company an "overweight" rating in a report on Wednesday, February 25th. Morgan Stanley boosted their price objective on shares of Slide Insurance from $18.00 to $21.00 and gave the stock an "overweight" rating in a research note on Monday, November 17th. Zacks Research downgraded shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, February 16th. Piper Sandler raised their target price on shares of Slide Insurance from $22.00 to $24.00 and gave the company an "overweight" rating in a research note on Thursday, February 26th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Slide Insurance in a research report on Friday, December 26th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $24.20.

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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