Slide Insurance (NASDAQ:SLDE) Director Sells $119,372.40 in Stock

Key Points

• Director Andrew Pardo Wright sold 6,316 shares of Slide Insurance on May 7 at an average price of $18.90, totaling $119,372.40. After the sale, he still held 100,086 shares, a 5.94% reduction in his position.
• Slide Insurance reported stronger-than-expected first-quarter results, posting EPS of $1.02 versus the $0.82 consensus estimate on revenue of $389.28 million. The company also reported a net margin of 38.86% and return on equity of 48.38%.
• The company authorized a $100 million share buyback, equal to about 4.3% of shares outstanding. Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average target price of $24.80.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) Director Andrew Pardo Wright sold 6,316 shares of the stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $18.90, for a total transaction of $119,372.40. Following the completion of the transaction, the director owned 100,086 shares of the company's stock, valued at approximately $1,891,625.40. This represents a 5.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• 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 up $0.10 on Monday, reaching $18.56. The company's stock had a trading volume of 1,327,143 shares, compared to its average volume of 1,766,007. The firm has a market cap of $2.13 billion and a PE ratio of 5.16. The business has a 50-day moving average price of $18.25 and a 200 day moving average price of $17.55. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $25.90. 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 (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping analysts' consensus estimates 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%. Sell-side analysts expect 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 share buyback program on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Slide Insurance

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its stake in Slide Insurance by 152.5% in the first quarter. Bank of New York Mellon Corp now owns 152,359 shares of the company's stock worth $2,742,000 after purchasing an additional 92,029 shares in the last quarter. Blackhawk Capital Partners LLC increased its stake in shares of Slide Insurance by 58.6% in the first quarter. Blackhawk Capital Partners LLC now owns 148,222 shares of the company's stock valued at $2,668,000 after buying an additional 54,771 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its holdings in shares of Slide Insurance by 24.9% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 459,820 shares of the company's stock valued at $8,277,000 after buying an additional 91,610 shares during the last quarter. Emerald Advisers LLC raised its holdings in shares of Slide Insurance by 40.5% in the first quarter. Emerald Advisers LLC now owns 85,885 shares of the company's stock valued at $1,546,000 after buying an additional 24,740 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in Slide Insurance by 10.9% during the 1st quarter. Fifth Third Bancorp now owns 423,202 shares of the company's stock worth $7,618,000 after buying an additional 41,655 shares in the last quarter.

Analysts Set New Price Targets

SLDE has been the subject of several recent analyst reports. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday. 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 note on Wednesday, April 29th. Piper Sandler increased their target price on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Thursday, February 26th. Weiss Ratings reissued a "hold (c)" rating on shares of Slide Insurance in a report on Wednesday, May 6th. Finally, Texas Capital upgraded shares of Slide Insurance to a "strong-buy" rating in a research report 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 issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.80.

Slide Insurance Company Profile

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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