Analysts Set Slide Insurance Holdings, Inc. (NASDAQ:SLDE) PT at $23.00

Key Points

• Slide Insurance Holdings, Inc. (NASDAQ:SLDE) has received a consensus rating of "Moderate Buy" from seven brokerages, with an average price target of $23.00 over the next year.
• Major insider transactions were noted, including Director Robert Gries, Jr. selling 358,457 shares for approximately $5.67 million, representing a 15% decrease in his ownership.
• Slide Insurance reported quarterly earnings surpassing analyst expectations, with an EPS of $0.56, and announced a share repurchase program signaling management's belief that the stock is currently undervalued.

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) have been given an average rating of "Moderate Buy" by the seven brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $21.8333.

A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods upgraded Slide Insurance to a "hold" rating and set a $20.00 target price on the stock in a report on Monday, July 14th. Piper Sandler decreased their target price on Slide Insurance from $25.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. JMP Securities set a $25.00 target price on Slide Insurance and gave the company a "market outperform" rating in a report on Monday, July 14th. Finally, Morgan Stanley restated a "cautious" rating and issued a $18.00 target price on shares of Slide Insurance in a report on Monday, August 18th.

Insider Activity

In other news, Director Stephen L. Rohde sold 11,082 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.81, for a total value of $175,206.42. Following the completion of the sale, the director owned 9,335 shares in the company, valued at $147,586.35. This represents a 54.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert Gries, Jr. sold 358,457 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $15.81, for a total value of $5,667,205.17. Following the completion of the sale, the director owned 2,031,265 shares of the company's stock, valued at $32,114,299.65. The trade was a 15.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 427,482 shares of company stock worth $6,758,490 over the last quarter.

Hedge Funds Weigh In On Slide Insurance

Several institutional investors and hedge funds have recently modified their holdings of SLDE. American Century Companies Inc. purchased a new position in shares of Slide Insurance during the 2nd quarter valued at $56,229,000. Raymond James Financial Inc. purchased a new position in shares of Slide Insurance during the 2nd quarter valued at $33,063,000. Hood River Capital Management LLC purchased a new position in shares of Slide Insurance during the 2nd quarter valued at $31,542,000. Boston Partners purchased a new position in shares of Slide Insurance during the 2nd quarter valued at $10,701,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Slide Insurance during the 2nd quarter valued at $9,964,000.

Slide Insurance Stock Down 0.9%

Shares of NASDAQ SLDE traded down $0.13 during mid-day trading on Tuesday, reaching $13.71. The company had a trading volume of 779,728 shares, compared to its average volume of 855,158. The business has a 50-day moving average price of $17.22. Slide Insurance has a 1-year low of $12.77 and a 1-year high of $25.90.

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

Slide Insurance announced that its board has initiated a share buyback plan on Wednesday, August 27th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

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”).