Slide Insurance (NASDAQ:SLDE) Price Target Cut to $18.00 by Analysts at Morgan Stanley

Key Points

• Morgan Stanley has revised the price target for Slide Insurance (NASDAQ:SLDE) from $19.00 to $18.00, maintaining an "equal weight" rating, which suggests a potential upside of 20.72% from its current price.
• The consensus rating for Slide Insurance among analysts is "Buy", with an overall target price averaging $23.00, despite recent mixed ratings from various firms.
• Insider trading showed significant activity as directors sold shares, with approximately 427,482 shares sold in the last quarter, amounting to about $6.76 million.

Slide Insurance (NASDAQ:SLDE - Get Free Report) had its target price cut by equities research analysts at Morgan Stanley from $19.00 to $18.00 in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's price objective suggests a potential upside of 24.74% from the stock's previous close.

A number of other equities analysts have also recently issued reports on SLDE. Citizens Jmp assumed coverage on Slide Insurance in a report on Monday, July 14th. They set a "strong-buy" rating and a $25.00 target price for the company. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday. Barclays assumed coverage on Slide Insurance in a report on Monday, July 14th. They issued an "overweight" rating and a $25.00 price objective for the company. Citigroup assumed coverage on Slide Insurance in a report on Monday, July 14th. They issued an "outperform" rating for the company. Finally, Piper Sandler assumed coverage on Slide Insurance in a report on Sunday, July 13th. They issued an "overweight" rating and a $25.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $23.00.

Slide Insurance Stock Performance

NASDAQ:SLDE traded down $0.11 during trading hours on Monday, hitting $14.43. 89,731 shares of the stock were exchanged, compared to its average volume of 782,828. The company's 50 day moving average is $19.03. Slide Insurance has a twelve month low of $14.37 and a twelve month high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.16. The company had revenue of $261.61 million during the quarter, compared to analyst estimates of $271.18 million.

Insiders Place Their Bets

In other news, Director Robert Gries, Jr. sold 358,457 shares of Slide Insurance stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $15.81, for a total value of $5,667,205.17. Following the completion of the sale, the director directly owned 2,031,265 shares in the company, valued at approximately $32,114,299.65. The trade was a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Beth Witte Bruce sold 31,029 shares of Slide Insurance stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $15.81, for a total transaction of $490,568.49. Following the completion of the sale, the director owned 251,645 shares of the company's stock, valued at approximately $3,978,507.45. The trade was a 10.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 427,482 shares of company stock worth $6,758,490 over the last three months.

Hedge Funds Weigh In On Slide Insurance

Several institutional investors have recently made changes to their positions in SLDE. Opal Wealth Advisors LLC acquired a new stake in shares of Slide Insurance in the 2nd quarter worth about $53,000. Instrumental Wealth LLC purchased a new stake in shares of Slide Insurance during the 2nd quarter valued at $319,000. Stratos Wealth Partners LTD. bought a new position in shares of Slide Insurance during the 2nd quarter valued at $238,000. FNY Investment Advisers LLC bought a new stake in Slide Insurance in the 2nd quarter worth $26,000. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Slide Insurance during the 2nd quarter valued at about $1,333,000.

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”).