Insider Selling: Slide Insurance (NASDAQ:SLDE) Director Sells $292,650.00 in Stock

Key Points

• Slide Insurance director Andrew Pardo Wright sold 15,000 shares on June 29 at an average price of $19.51, for a total of $292,650. After the sale, he still held 18,998 shares, cutting his position by 44.12%.
• This was part of a broader pattern of insider selling, as Wright recently disclosed several other stock sales in late May and June, including a 31,002-share sale on June 24 and a 15,000-share sale on June 26.
• The company’s stock was trading higher and has solid recent performance, rising 3.2% to $19.99, while Slide Insurance also reported better-than-expected quarterly earnings and has a $100 million share repurchase authorization in place.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Andrew Pardo Wright sold 15,000 shares of the firm's 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 in the company, valued at $370,650.98. This represents a 44.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $19.03, for a total transaction of $285,450.00.
• On Wednesday, June 24th, Andrew Pardo Wright sold 31,002 shares of Slide Insurance stock. The shares were sold at an average price of $18.01, for a total value of $558,346.02.
• 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 stock was 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 shares were sold at an average price of $18.75, for a total value of $281,250.00.

Slide Insurance Trading Up 3.2%

Shares of SLDE stock traded up $0.62 during mid-day trading on Wednesday, reaching $19.99. 2,035,799 shares of the stock traded hands, compared to its average volume of 1,563,907. The company has a market cap of $2.29 billion and a price-to-earnings ratio of 5.55. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The stock's fifty day simple moving average is $18.04 and its two-hundred day simple moving average is $17.91. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $21.02.

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 (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 company had revenue of $389.28 million during the quarter. On average, research analysts anticipate 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 purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently weighed in on SLDE shares. Keefe, Bruyette & Woods boosted 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. Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Texas Capital raised Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. Weiss Ratings restated a "hold (c)" rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Finally, Zacks Research lowered 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 issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.80.

Institutional Trading of Slide Insurance

A number of institutional investors have recently bought and sold shares of the company. Comerica Bank raised 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 in the last quarter. CWM LLC bought a new stake in shares of Slide Insurance during the 4th quarter valued at about $35,000. Ameritas Investment Partners Inc. acquired a new stake in Slide Insurance during the third quarter worth approximately $35,000. State of Wyoming acquired a new stake in Slide Insurance during the first quarter worth approximately $42,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Slide Insurance in the fourth quarter worth approximately $47,000.

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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