Slide Insurance (NASDAQ:SLDE) COO Shannon Lucas Sells 26,692 Shares

Key Points

• Slide Insurance COO Shannon Lucas sold 26,692 shares on May 15 at an average price of $18.84, totaling about $502,877. After the sale, Lucas still held roughly 1.26 million shares valued at about $23.65 million.
• Insider selling has been frequent, with Lucas also making multiple additional sales in May and late April, and other insiders, including the CEO, selling shares as well. The cluster of transactions is drawing investor attention and may be pressuring sentiment.
• Despite the insider activity, Slide Insurance reported strong fundamentals: it beat quarterly EPS estimates and its board authorized a $100 million share buyback. Analysts currently have a Moderate Buy consensus with a target price of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) COO Shannon Lucas sold 26,692 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $18.84, for a total transaction of $502,877.28. Following the transaction, the chief operating officer directly owned 1,255,300 shares in the company, valued at approximately $23,649,852. This represents a 2.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• 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 value 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 value of $857,700.00.
• 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 transaction of $168,840.00.
• On Thursday, May 7th, Shannon Lucas sold 17,141 shares of Slide Insurance stock. The shares were 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 shares were 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 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 value 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 value of $228,265.80.

Slide Insurance Trading Down 2.6%

SLDE stock traded down $0.50 on Tuesday, reaching $18.48. The company's stock had a trading volume of 1,257,810 shares, compared to its average volume of 1,627,024. The firm has a market cap of $2.12 billion and a PE ratio of 5.13. The business has a fifty day simple moving average of $18.19 and a two-hundred day simple moving average of $17.68. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.90. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33.

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

Slide Insurance declared that its Board of Directors has initiated a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of Slide Insurance

A number of institutional investors and hedge funds have recently modified their holdings of the business. Comerica Bank lifted its holdings in shares of Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock valued at $26,000 after purchasing an additional 1,281 shares in the last quarter. CWM LLC bought a new stake in Slide Insurance in the 4th quarter worth about $35,000. Ameritas Investment Partners Inc. purchased a new position in Slide Insurance in the 3rd quarter worth about $35,000. State of Wyoming bought a new position in Slide Insurance during the 1st quarter valued at about $42,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Slide Insurance during the 4th quarter valued at about $47,000.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SLDE. Barclays upped their target price on Slide Insurance from $29.00 to $31.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Weiss Ratings reissued a "hold (c)" rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Keefe, Bruyette & Woods upped their price target on Slide Insurance from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Monday, March 9th. Piper Sandler raised their price objective on Slide Insurance from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Thursday, February 26th. Finally, Texas Capital raised Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Slide Insurance currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.80.

Slide Insurance News Roundup

Here are the key news stories impacting Slide Insurance this week:

• Positive Sentiment: Slide Insurance said it will take on 86,000 Farmers home insurance policies in Florida, a move that could expand its book of business and boost premium growth. Article Title
• Neutral Sentiment: The company’s CEO Bruce Lucas sold shares in multiple transactions over May 15-19, and COO Shannon Lucas, director Andrew Pardo Wright, and insider Matthew Paul Larson also sold stock, adding to investor focus on insider activity. Article Title Article Title Article Title Article Title
• Negative Sentiment: The clustering of insider sales may be weighing on sentiment, since investors often view heavy selling by management as a sign that shares may be fairly valued or that near-term upside is limited. Article Title

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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