Insider Selling: Slide Insurance (NASDAQ:SLDE) Insider Sells 2,500 Shares of Stock

Key Points

• Insider selling continued: Slide Insurance insider Matthew Paul Larson sold 2,500 shares on June 1 at an average price of $17.79, worth $44,475. His ownership fell 50% to 2,500 shares, and the filing comes after a series of recent share sales.
• Company performance remains solid: Slide Insurance recently reported quarterly EPS of $1.02, beating estimates by $0.20 on revenue of $389.28 million. The company also posted strong profitability metrics, including a 48.38% return on equity and 38.86% net margin.
• Buyback and analyst sentiment: The board authorized a $100 million share repurchase program, equal to about 4.3% of outstanding shares. Analysts currently rate the stock a Moderate Buy with a consensus price target of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) insider Matthew Paul Larson sold 2,500 shares of Slide Insurance stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $17.79, for a total value of $44,475.00. Following the sale, the insider directly owned 2,500 shares of the company's stock, valued at approximately $44,475. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Tuesday, May 26th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The stock was sold at an average price of $18.56, for a total value of $208,800.00.
• On Monday, May 18th, Matthew Paul Larson sold 16,250 shares of Slide Insurance stock. The stock was sold at an average price of $19.01, for a total value of $308,912.50.
• On Monday, May 11th, Matthew Paul Larson sold 11,250 shares of Slide Insurance stock. The stock was sold at an average price of $18.67, for a total value of $210,037.50.
• 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 value 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 value 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 value 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 value 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 value 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 value 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 value of $202,500.00.

Slide Insurance Price Performance

NASDAQ SLDE traded down $0.45 during midday trading on Tuesday, hitting $17.38. The company had a trading volume of 785,108 shares, compared to its average volume of 1,251,653. The company has a market capitalization of $1.99 billion and a PE ratio of 4.95. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average price of $18.33 and a 200-day moving average price of $17.81. Slide Insurance Holdings, Inc. has a twelve month low of $12.53 and a twelve month high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.20. The firm had revenue of $389.28 million during the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. As a group, analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 earnings per share 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 outstanding shares. This repurchase authorization allows the company to buy 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.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Zacks Research lowered Slide Insurance from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Piper Sandler lifted their price target on Slide Insurance from $22.00 to $24.00 and gave the company an "overweight" rating in a research note on Thursday, February 26th. Keefe, Bruyette & Woods lifted their price target on Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Monday, March 9th. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Slide Insurance in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $24.80.

Institutional Investors Weigh In On Slide Insurance

A number of hedge funds and other institutional investors have recently bought and sold shares of SLDE. Arrowstreet Capital Limited Partnership grew its position in Slide Insurance by 298.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company's stock worth $48,380,000 after acquiring an additional 2,012,428 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Slide Insurance during the 2nd quarter worth $33,063,000. Capital World Investors grew its position in Slide Insurance by 49.4% during the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company's stock worth $70,767,000 after acquiring an additional 1,483,180 shares during the last quarter. Balyasny Asset Management L.P. grew its position in Slide Insurance by 314.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company's stock worth $21,753,000 after acquiring an additional 1,045,826 shares during the last quarter. Finally, HB Wealth Management LLC grew its position in Slide Insurance by 1,375.7% during the 4th quarter. HB Wealth Management LLC now owns 892,586 shares of the company's stock worth $17,388,000 after acquiring an additional 832,102 shares during the last quarter.

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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