Slide Insurance (NASDAQ:SLDE) CEO Sells $1,268,830.40 in Stock

Key Points

• Bruce Lucas, Slide Insurance CEO, sold 67,205 shares on May 4 at $18.88 for $1,268,830.40 and has made multiple large sell-offs in April–May, trimming his stake by 0.18% to 36,418,363 shares valued at about $687.6M.
• Slide beat quarterly expectations with EPS of $1.02 versus $0.82 and the board authorized a $100 million share buyback (up to ~4.3% of shares), while the stock traded down roughly 1% to $18.43 midday.
• The company has a market cap of $2.11B and a P/E of 5.12; analysts give a consensus rating of "Moderate Buy" with a $24.80 price target and a one-year trading range of $12.53–$25.90.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) CEO Bruce Lucas sold 67,205 shares of Slide Insurance stock in a transaction on Monday, May 4th. The stock was sold at an average price of $18.88, for a total transaction of $1,268,830.40. Following the sale, the chief executive officer directly owned 36,418,363 shares in the company, valued at $687,578,693.44. This trade represents a 0.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total transaction of $1,603,633.72.
• On Wednesday, April 29th, Bruce Lucas sold 191,276 shares of Slide Insurance stock. The shares were sold at an average price of $19.24, for a total value of $3,680,150.24.
• On Tuesday, April 28th, Bruce Lucas sold 154,207 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total value of $2,920,680.58.
• On Monday, April 27th, Bruce Lucas sold 136,500 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $2,559,375.00.
• On Monday, April 20th, Bruce Lucas sold 118,055 shares of Slide Insurance stock. The shares were sold at an average price of $19.55, for a total value of $2,307,975.25.
• On Tuesday, April 14th, Bruce Lucas sold 190,836 shares of Slide Insurance stock. The shares were sold at an average price of $18.04, for a total value of $3,442,681.44.
• On Monday, April 13th, Bruce Lucas sold 259,055 shares of Slide Insurance stock. The stock was sold at an average price of $18.05, for a total value of $4,675,942.75.
• On Thursday, April 9th, Bruce Lucas sold 273,702 shares of Slide Insurance stock. The shares were sold at an average price of $18.11, for a total value of $4,956,743.22.
• On Wednesday, April 8th, Bruce Lucas sold 121,414 shares of Slide Insurance stock. The shares were sold at an average price of $18.01, for a total value of $2,186,666.14.
• On Tuesday, April 7th, Bruce Lucas sold 114,077 shares of Slide Insurance stock. The stock was sold at an average price of $18.00, for a total transaction of $2,053,386.00.

Slide Insurance Stock Down 1.0%

Shares of NASDAQ:SLDE traded down $0.19 during midday trading on Monday, reaching $18.43. The company had a trading volume of 1,466,513 shares, compared to its average volume of 1,723,868. The stock has a market capitalization of $2.11 billion and a P/E ratio of 5.12. The stock's fifty day moving average price is $18.19 and its 200-day moving average price is $17.42. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.34 and a quick ratio of 1.34. Slide Insurance Holdings, Inc. has a one year low of $12.53 and a one year high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.20. The company 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%. Equities research analysts expect that Slide Insurance Holdings, Inc. will post 3.36 earnings per share for the current fiscal year.

Slide Insurance declared that its Board of Directors has approved a stock repurchase program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Piper Sandler upped their price objective on Slide Insurance from $22.00 to $24.00 and gave the company an "overweight" rating in a research note on Thursday, February 26th. Texas Capital raised Slide Insurance to a "strong-buy" rating in a research report on Wednesday, March 18th. Wall Street Zen cut Slide Insurance from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Barclays lifted their price objective on shares of Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Finally, Zacks Research cut shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.80.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank grew its stake in Slide Insurance by 3,462.2% during the 4th quarter. Comerica Bank now owns 1,318 shares of the company's stock worth $26,000 after buying an additional 1,281 shares during the last quarter. CWM LLC acquired a new position in shares of Slide Insurance during the fourth quarter valued at $35,000. Ameritas Investment Partners Inc. bought a new position in shares of Slide Insurance during the third quarter worth about $35,000. Aster Capital Management DIFC Ltd bought a new position in shares of Slide Insurance during the fourth quarter worth about $47,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Slide Insurance by 4,839.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company's stock worth $49,000 after acquiring an additional 2,468 shares during the period.

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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