Insider Selling: Slide Insurance (NASDAQ:SLDE) Insider Sells 11,250 Shares of Stock

Key Points

• Insider Matthew Paul Larson sold 11,250 Slide Insurance shares on May 11 at an average price of $18.67, totaling about $210,038. The sale cut his ownership by 50%.
• Larson has been actively selling shares in multiple recent transactions, including a much larger sale of 44,752 shares on April 29 and several smaller sales throughout March and April.
• Slide Insurance recently beat earnings expectations, reporting $1.02 EPS versus the $0.82 consensus, and the company also authorized 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) insider Matthew Paul Larson sold 11,250 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $18.67, for a total transaction of $210,037.50. Following the completion of the transaction, the insider owned 11,250 shares of the company's stock, valued at approximately $210,037.50. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Matthew Paul Larson also recently made the following trade(s):

• On Wednesday, April 29th, Matthew Paul Larson sold 44,752 shares of Slide Insurance stock. The shares were sold at an average price of $20.02, for a total transaction of $895,935.04.
• On Monday, April 27th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total transaction of $211,162.50.
• On Monday, April 20th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The shares were sold at an average price of $19.39, for a total transaction of $218,137.50.
• On Thursday, April 16th, Matthew Paul Larson sold 8,750 shares of Slide Insurance stock. The shares were sold at an average price of $19.00, for a total transaction of $166,250.00.
• On Monday, April 13th, Matthew Paul Larson sold 10,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.00, for a total transaction of $180,000.00.
• On Monday, April 6th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The shares were sold at an average price of $18.00, for a total transaction of $202,500.00.
• On Monday, March 30th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The shares were sold at an average price of $18.00, for a total transaction of $202,500.00.
• On Tuesday, March 24th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The shares were sold at an average price of $18.00, for a total transaction of $202,500.00.
• On Tuesday, March 3rd, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The shares were sold at an average price of $19.01, for a total transaction of $213,862.50.

Slide Insurance Stock Performance

Shares of NASDAQ SLDE traded down $0.43 during trading on Wednesday, reaching $18.20. 1,180,583 shares of the company traded hands, compared to its average volume of 1,722,908. The firm has a 50 day simple moving average of $18.22 and a 200-day simple moving average of $17.59. 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 has a market capitalization of $2.08 billion and a PE ratio of 5.18. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $25.90.

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

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SLDE shares. Barclays raised their price objective on shares of Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Weiss Ratings restated a "hold (c)" rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Texas Capital upgraded shares of Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. Piper Sandler raised their target price 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. Finally, Wall Street Zen upgraded shares of Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday. One analyst has rated the stock with a Strong Buy rating, six have issued 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.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Comerica Bank increased its position in 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 acquiring an additional 1,281 shares during the last quarter. CWM LLC purchased a new stake in shares of Slide Insurance during the fourth quarter valued at $35,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Slide Insurance during the third quarter valued at $35,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Slide Insurance during the fourth quarter valued at $47,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of Slide Insurance by 4,839.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company's stock valued at $49,000 after purchasing an additional 2,468 shares during the period.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.