Short Interest in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Expands By 128.7%

Key Points

• Short interest in Slide Insurance Holdings, Inc. rose significantly by 128.7% in September, reaching a total of 5,100,000 shares as of September 30th.
• Several large institutional investors have purchased substantial stakes in Slide Insurance, including American Century Companies Inc., which invested approximately $56.2 million.
• Analysts have mixed views on Slide Insurance, with a consensus rating of "Moderate Buy" and a price target averaging $21.67, despite a notable "sell" rating from Weiss Ratings.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) was the recipient of a large increase in short interest in September. As of September 30th, there was short interest totaling 5,100,000 shares, an increase of 128.7% from the September 15th total of 2,230,000 shares. Based on an average daily trading volume, of 1,100,000 shares, the days-to-cover ratio is presently 4.6 days. Currently, 7.1% of the shares of the company are short sold. Currently, 7.1% of the shares of the company are short sold. Based on an average daily trading volume, of 1,100,000 shares, the days-to-cover ratio is presently 4.6 days.

Institutional Trading of Slide Insurance

Several large investors have recently bought and sold shares of SLDE. American Century Companies Inc. bought a new stake in Slide Insurance during the 2nd quarter valued at about $56,229,000. Raymond James Financial Inc. bought a new stake in shares of Slide Insurance during the second quarter valued at approximately $33,063,000. Hood River Capital Management LLC purchased a new position in Slide Insurance in the 2nd quarter worth approximately $31,542,000. Boston Partners bought a new position in Slide Insurance in the 2nd quarter valued at approximately $10,701,000. Finally, Squarepoint Ops LLC purchased a new stake in Slide Insurance during the 2nd quarter valued at $9,964,000.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. JMP Securities set a $25.00 price target on Slide Insurance and gave the stock a "market outperform" rating in a report on Monday, July 14th. Morgan Stanley upgraded shares of Slide Insurance from an "equal weight" rating to an "overweight" rating and set a $18.00 price target for the company in a research report on Thursday, September 25th. Citigroup started coverage on shares of Slide Insurance in a research report on Monday, July 14th. They issued an "outperform" rating on the stock. Weiss Ratings restated a "sell (d+)" rating on shares of Slide Insurance in a research note on Wednesday, October 8th. Finally, Citizens Jmp assumed coverage on Slide Insurance in a report on Monday, July 14th. They set a "strong-buy" rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Slide Insurance has an average rating of "Moderate Buy" and a consensus price target of $21.67.

Slide Insurance Price Performance

SLDE stock opened at $14.68 on Monday. Slide Insurance has a one year low of $12.53 and a one year high of $25.90. The business has a 50 day moving average of $14.64.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.40 by $0.16. The business had revenue of $261.61 million for the quarter, compared to the consensus estimate of $271.18 million.

Slide Insurance announced that its board has authorized a stock repurchase plan on Wednesday, August 27th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

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”).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.