Slide Insurance (NASDAQ:SLDE) COO Shannon Lucas Sells 22,548 Shares

Key Points

• Slide Insurance COO Shannon Lucas sold 22,548 shares on May 27 at an average price of $18.95, totaling about $427,285. After the sale, Lucas still held 1,142,473 shares, and the transaction reduced ownership by 1.94%.
• Lucas has been consistently selling shares in recent weeks, with multiple transactions in May and late April ranging from about 6,647 to 45,000 shares each.
• Slide Insurance reported stronger-than-expected quarterly results, posting $1.02 EPS versus the $0.82 estimate, while also approving a $100 million share repurchase program. Analysts currently rate the stock a “Moderate Buy” with an average price target of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) COO Shannon Lucas sold 22,548 shares of the firm's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $18.95, for a total transaction of $427,284.60. Following the completion of the transaction, the chief operating officer owned 1,142,473 shares in the company, valued at $21,649,863.35. The trade was a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Wednesday, May 20th, Shannon Lucas sold 18,279 shares of Slide Insurance stock. The shares were sold at an average price of $18.78, for a total transaction of $343,279.62.
• On Tuesday, May 19th, Shannon Lucas sold 27,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.97, for a total transaction of $512,190.00.
• On Monday, May 18th, Shannon Lucas sold 45,000 shares of Slide Insurance stock. The shares were sold at an average price of $19.06, for a total transaction of $857,700.00.
• On Friday, May 15th, Shannon Lucas sold 26,692 shares of Slide Insurance stock. The shares were sold at an average price of $18.84, for a total transaction of $502,877.28.
• On Monday, May 11th, Shannon Lucas sold 9,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.76, for a total transaction of $168,840.00.
• On Thursday, May 7th, Shannon Lucas sold 17,141 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total transaction of $322,422.21.
• 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 transaction of $125,495.36.
• On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total transaction of $158,606.50.
• On Wednesday, April 29th, Shannon Lucas sold 18,917 shares of Slide Insurance stock. The stock was sold at an average price of $19.24, for a total transaction 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 transaction of $288,853.94.

Slide Insurance Stock Performance

NASDAQ SLDE opened at $18.03 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market capitalization of $2.07 billion and a price-to-earnings ratio of 5.01. The company's fifty day moving average is $18.32 and its two-hundred day moving average is $17.80. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.20. The company 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%. Equities research analysts forecast that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

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

Hedge Funds Weigh In On Slide Insurance

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

Analysts Set New Price Targets

A number of research firms have recently commented on SLDE. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Slide Insurance in a report on Wednesday, May 6th. Keefe, Bruyette & Woods raised their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Monday, March 9th. Barclays raised 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. Zacks Research downgraded shares of Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Finally, Piper Sandler raised their price objective on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Slide Insurance currently has an average rating of "Moderate Buy" and an average price target of $24.80.

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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