Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Slide Insurance Holdings has a consensus analyst rating of “Moderate Buy” from seven covering analysts, with an average 12-month price target of $23.75.
• Recent analyst moves were mixed: Barclays cut its price target to $27 but kept an overweight rating, while Keefe, Bruyette & Woods raised its target to $24 and issued an outperform rating.
• CEO Bruce Lucas sold 455,000 shares for about $8.67 million, and the company also authorized a $100 million stock buyback after reporting stronger-than-expected quarterly earnings.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) has earned an average rating of "Moderate Buy" from the seven analysts that are currently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $23.75.

A number of analysts recently weighed in on SLDE shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Slide Insurance in a report on Wednesday, May 6th. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Barclays reduced their price target on shares of Slide Insurance from $31.00 to $27.00 and set an "overweight" rating for the company in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods upped their price target on shares of Slide Insurance from $23.00 to $24.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Finally, Zacks Research downgraded Slide Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th.

Insiders Place Their Bets

In other news, CEO Bruce Lucas sold 455,000 shares of Slide Insurance stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $19.06, for a total transaction of $8,672,300.00. Following the completion of the sale, the chief executive officer owned 35,429,165 shares in the company, valued at approximately $675,279,884.90. This trade represents a 1.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders sold 3,233,119 shares of company stock valued at $60,890,439. 50.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Slide Insurance

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Comerica Bank raised its position in shares of Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company's stock valued at $26,000 after buying an additional 1,281 shares in the last quarter. CWM LLC purchased a new position in Slide Insurance in the fourth quarter worth $35,000. Ameritas Investment Partners Inc. bought a new position in Slide Insurance in the third quarter valued at $35,000. State of Wyoming purchased a new stake in Slide Insurance during the first quarter valued at about $42,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Slide Insurance during the fourth quarter worth about $47,000.

Slide Insurance Stock Down 0.6%

Shares of NASDAQ SLDE opened at $19.71 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. The company has a market cap of $2.26 billion and a P/E ratio of 5.48. Slide Insurance has a 52 week low of $12.53 and a 52 week high of $21.79. The business has a 50-day simple moving average of $18.72 and a two-hundred day simple moving average of $18.11.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly 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. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The firm had revenue of $389.28 million for the quarter. Research analysts anticipate that Slide Insurance will post 3.59 earnings per share for the current fiscal year.

Slide Insurance declared that its board has approved a stock buyback program on Tuesday, April 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication 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”). 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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