Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Slide Insurance has a consensus analyst rating of “Moderate Buy”, with six buy ratings, one strong buy, and two hold ratings; the average 12-month price target is $24.80.
• The company beat quarterly earnings expectations, reporting $1.02 EPS versus the $0.82 estimate, on revenue of $389.28 million.
• Slide Insurance’s board authorized a $100 million share buyback, which could repurchase up to 4.3% of outstanding shares and may signal management thinks the stock is undervalued.

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) have received a consensus rating of "Moderate Buy" from the nine research firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $24.80.

A number of brokerages recently commented on SLDE. Piper Sandler increased their price objective on shares of Slide Insurance from $22.00 to $24.00 and gave the company an "overweight" rating in a research note on Thursday, February 26th. Barclays increased their price objective on shares of Slide Insurance from $29.00 to $31.00 and gave the company an "overweight" rating in a research note on Wednesday, April 29th. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday. Weiss Ratings reissued a "hold (c)" rating on shares of Slide Insurance in a research note on Wednesday. Finally, Zacks Research lowered shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th.

Slide Insurance Price Performance

Shares of NASDAQ SLDE opened at $18.46 on Friday. The stock has a market cap of $2.11 billion and a price-to-earnings ratio of 5.13. Slide Insurance has a 52 week low of $12.53 and a 52 week high of $25.90. The company's 50-day moving average price is $18.29 and its 200 day moving average price is $17.50. The company has a current ratio of 1.33, a quick ratio of 1.34 and a debt-to-equity ratio of 0.03.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 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%. As a group, research analysts forecast that Slide Insurance will post 3.51 earnings per share for the current fiscal year.

Slide Insurance declared that its board has initiated a share buyback plan on Tuesday, April 28th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Insider Transactions at Slide Insurance

In other Slide Insurance news, CEO Bruce Lucas sold 273,702 shares of the company's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $18.11, for a total value of $4,956,743.22. Following the transaction, the chief executive officer directly owned 37,620,933 shares in the company, valued at approximately $681,315,096.63. This represents a 0.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 3,883,904 shares of company stock valued at $71,679,115.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLDE. Geode Capital Management LLC purchased a new position in Slide Insurance in the 2nd quarter valued at about $2,245,000. Legal & General Group Plc purchased a new position in shares of Slide Insurance during the 2nd quarter worth about $216,000. Norges Bank purchased a new position in shares of Slide Insurance during the 2nd quarter worth about $866,000. Marshall Wace LLP purchased a new position in shares of Slide Insurance during the 2nd quarter worth about $1,056,000. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Slide Insurance during the 2nd quarter worth about $834,000.

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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