Slide Insurance (NASDAQ:SLDE) Director Andrew Pardo Wright Sells 10,000 Shares

Key Points

• Director Andrew Pardo Wright sold 10,000 shares of Slide Insurance at an average price of $18.75, worth about $187,500. After the sale, he still held 90,086 shares valued at roughly $1.69 million.
• Slide Insurance has seen multiple insider sales recently, including additional transactions by Wright on May 18, May 7, and May 1, alongside sales by other executives and directors. That cluster of selling may be pressuring investor sentiment.
• The company continues to post strong fundamentals and growth signals, including a recent earnings beat, a $100 million share buyback authorization, and analyst sentiment that currently sits at a “Moderate Buy” with a consensus target price of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Andrew Pardo Wright sold 10,000 shares of the firm's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $18.75, for a total value of $187,500.00. Following the completion of the transaction, the director owned 90,086 shares of the company's stock, valued at approximately $1,689,112.50. This represents a 9.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Andrew Pardo Wright also recently made the following trade(s):

• On Monday, May 18th, Andrew Pardo Wright sold 10,086 shares of Slide Insurance stock. The shares were sold at an average price of $19.00, for a total value of $191,634.00.
• On Thursday, May 7th, Andrew Pardo Wright sold 6,316 shares of Slide Insurance stock. The stock was sold at an average price of $18.90, for a total transaction of $119,372.40.
• On Friday, May 1st, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total transaction of $281,250.00.

Slide Insurance Price Performance

NASDAQ:SLDE traded down $0.50 during mid-day trading on Tuesday, hitting $18.48. 1,257,810 shares of the stock traded hands, compared to its average volume of 1,627,024. The business's 50-day moving average price is $18.19 and its 200 day moving average price is $17.68. 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 $2.12 billion and a PE ratio of 5.13. Slide Insurance Holdings, Inc. has a 12-month low of $12.53 and a 12-month high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.82 by $0.20. The firm 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%. On average, analysts expect that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

SLDE has been the topic of a number of research analyst reports. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Piper Sandler boosted their price objective on Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Thursday, February 26th. Weiss Ratings restated a "hold (c)" rating on shares of Slide Insurance in a research report on Wednesday, May 6th. Keefe, Bruyette & Woods raised their target price on shares of Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Monday, March 9th. Finally, Texas Capital raised shares of Slide Insurance to a "strong-buy" rating in a research note on Wednesday, March 18th. One 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 stock. According to data from MarketBeat, Slide Insurance presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.80.

Key Slide Insurance News

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

Institutional Investors Weigh In On Slide Insurance

Large investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Slide Insurance by 298.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company's stock worth $48,380,000 after purchasing an additional 2,012,428 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Slide Insurance during the 2nd quarter valued at about $33,063,000. Capital World Investors raised its holdings in shares of Slide Insurance by 49.4% during the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company's stock valued at $70,767,000 after buying an additional 1,483,180 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in Slide Insurance by 314.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company's stock worth $21,753,000 after buying an additional 1,045,826 shares during the last quarter. Finally, HB Wealth Management LLC lifted its position in Slide Insurance by 1,375.7% in the 4th quarter. HB Wealth Management LLC now owns 892,586 shares of the company's stock worth $17,388,000 after buying an additional 832,102 shares during the last quarter.

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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