Shannon Lucas Sells 6,647 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Key Points

• COO Shannon Lucas has been selling stock recently — she sold 6,647 shares on May 4 and has disposed of roughly 169,296 shares between April 7 and May 4, leaving her with 1,308,133 shares valued at about $24.7 million.
• Slide Insurance beat Q1 estimates with EPS $1.02 vs. $0.82 on $389.3M revenue, and the company shows strong profitability (net margin 38.86%, ROE 50.01%) while the stock trades around $18.43 with a market cap of $2.11 billion and a PE of 5.12.
• The board authorized a $100 million share buyback (up to ~4.3% of shares), and analysts carry a consensus "Moderate Buy" rating with a average target of about $24.80, amid mixed individual upgrades/downgrades.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) COO Shannon Lucas sold 6,647 shares of the company's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $18.88, for a total value of $125,495.36. Following the completion of the sale, the chief operating officer directly owned 1,308,133 shares in the company, valued at $24,697,551.04. This trade represents a 0.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Shannon Lucas also recently made the following trade(s):

• On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total transaction of $158,606.50.
• On Wednesday, April 29th, Shannon Lucas sold 18,917 shares of Slide Insurance stock. The shares were sold at an average price of $19.24, for a total transaction of $363,963.08.
• On Tuesday, April 28th, Shannon Lucas sold 15,251 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total transaction of $288,853.94.
• On Monday, April 27th, Shannon Lucas sold 13,500 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total transaction of $253,125.00.
• On Monday, April 20th, Shannon Lucas sold 11,676 shares of Slide Insurance stock. The stock was sold at an average price of $19.55, for a total value of $228,265.80.
• On Tuesday, April 14th, Shannon Lucas sold 18,874 shares of Slide Insurance stock. The shares were sold at an average price of $18.04, for a total value of $340,486.96.
• On Monday, April 13th, Shannon Lucas sold 25,621 shares of Slide Insurance stock. The shares were sold at an average price of $18.05, for a total value of $462,459.05.
• On Thursday, April 9th, Shannon Lucas sold 27,069 shares of Slide Insurance stock. The stock was sold at an average price of $18.11, for a total value of $490,219.59.
• On Wednesday, April 8th, Shannon Lucas sold 12,008 shares of Slide Insurance stock. The stock was sold at an average price of $18.01, for a total value of $216,264.08.
• On Tuesday, April 7th, Shannon Lucas sold 11,283 shares of Slide Insurance stock. The shares were sold at an average price of $18.00, for a total value of $203,094.00.

Slide Insurance Price Performance

Shares of SLDE traded down $0.19 during trading hours on Monday, reaching $18.43. 1,466,513 shares of the company traded hands, compared to its average volume of 1,723,868. The stock has a market capitalization of $2.11 billion and a PE ratio of 5.12. The stock has a fifty day simple moving average of $18.19 and a 200 day simple moving average of $17.42. Slide Insurance Holdings, Inc. has a fifty-two week low of $12.53 and a fifty-two week high of $25.90. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.03.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its earnings results 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 net margin of 38.86% and a return on equity of 50.01%. As a group, research analysts predict that Slide Insurance Holdings, Inc. will post 3.36 EPS for the current fiscal year.

Slide Insurance announced that its Board of Directors has initiated a share buyback program on Tuesday, April 28th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SLDE. Piper Sandler increased their price target on Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. Wall Street Zen lowered Slide Insurance from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Zacks Research lowered Slide Insurance from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Texas Capital upgraded Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Monday, March 9th. One 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 company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $24.80.

Institutional Trading of Slide Insurance

Several large investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. acquired a new position in shares of Slide Insurance during the second quarter worth about $33,063,000. Capital World Investors lifted 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 in the last quarter. Balyasny Asset Management L.P. boosted its holdings in Slide Insurance by 314.8% in 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 period. HB Wealth Management LLC raised its stake in shares of Slide Insurance by 1,375.7% during the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company's stock valued at $17,388,000 after purchasing an additional 832,102 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in shares of Slide Insurance during the fourth quarter worth $13,016,000.

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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