Slide Insurance (NASDAQ:SLDE) COO Shannon Lucas Sells 17,141 Shares

Key Points

• Slide Insurance COO Shannon Lucas sold 17,141 shares on May 7 at an average price of $18.81, totaling about $322,422. After the sale, Lucas still owned 1,290,992 shares, worth roughly $24.3 million.
• The company posted strong quarterly results, reporting earnings of $1.02 per share versus analyst expectations of $0.82, on revenue of $389.28 million. The stock also has a low debt-to-equity ratio of 0.03 and a market cap of about $2.13 billion.
• Slide Insurance announced a $100 million share buyback covering up to 4.3% of its shares, which typically signals management believes the stock may be undervalued. Analysts currently have a consensus rating of “Moderate Buy” with an average price target of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) COO Shannon Lucas sold 17,141 shares of the company's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $18.81, for a total value of $322,422.21. Following the completion of the transaction, the chief operating officer directly owned 1,290,992 shares in the company, valued at $24,283,559.52. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Monday, May 11th, Shannon Lucas sold 9,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.76, for a total value of $168,840.00.
• On Monday, May 4th, Shannon Lucas sold 6,647 shares of Slide Insurance stock. The stock was sold at an average price of $18.88, for a total value of $125,495.36.
• On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total value of $158,606.50.
• On Wednesday, April 29th, Shannon Lucas sold 18,917 shares of Slide Insurance stock. The shares were sold at an average price of $19.24, for a total value of $363,963.08.
• On Tuesday, April 28th, Shannon Lucas sold 15,251 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total value of $288,853.94.
• On Monday, April 27th, Shannon Lucas sold 13,500 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total transaction of $253,125.00.
• On Monday, April 20th, Shannon Lucas sold 11,676 shares of Slide Insurance stock. The shares were sold at an average price of $19.55, for a total transaction of $228,265.80.
• On Tuesday, April 14th, Shannon Lucas sold 18,874 shares of Slide Insurance stock. The stock was sold at an average price of $18.04, for a total transaction of $340,486.96.
• On Monday, April 13th, Shannon Lucas sold 25,621 shares of Slide Insurance stock. The shares were sold at an average price of $18.05, for a total transaction of $462,459.05.
• On Thursday, April 9th, Shannon Lucas sold 27,069 shares of Slide Insurance stock. The shares were sold at an average price of $18.11, for a total transaction of $490,219.59.

Slide Insurance Stock Performance

SLDE stock traded up $0.10 on Monday, hitting $18.56. The company had a trading volume of 1,327,143 shares, compared to its average volume of 1,766,007. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.90. The stock has a market cap of $2.13 billion and a price-to-earnings ratio of 5.16. The stock's 50-day simple moving average is $18.25 and its 200 day simple moving average is $17.55.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $0.20. The business had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. As a group, equities research analysts expect that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SLDE. Comerica Bank grew its stake 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 acquiring an additional 1,281 shares during the period. CWM LLC bought a new stake in Slide Insurance during the 4th quarter worth approximately $35,000. Ameritas Investment Partners Inc. purchased a new position in Slide Insurance during the third quarter valued at approximately $35,000. Aster Capital Management DIFC Ltd purchased a new position in Slide Insurance during the fourth quarter valued at approximately $47,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Slide Insurance by 4,839.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company's stock worth $49,000 after purchasing 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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