Slide Insurance (NASDAQ:SLDE) Price Target Lowered to $18.00 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 - Free Report) had its price target cut by Morgan Stanley from $19.00 to $18.00 in a report published on Monday morning, Marketbeat.com reports. They currently have an equal weight rating on the stock.

A number of other analysts have also weighed in on SLDE. Citigroup initiated coverage on shares of Slide Insurance in a report on Monday, July 14th. They set an "outperform" rating on the stock. JMP Securities set a $25.00 target price on shares of Slide Insurance and gave the stock a "market outperform" rating in a report on Monday, July 14th. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. Citizens Jmp initiated coverage on shares of Slide Insurance in a report on Monday, July 14th. They set a "strong-buy" rating and a $25.00 target price on the stock. Finally, Piper Sandler initiated coverage on shares of Slide Insurance in a report on Sunday, July 13th. They set an "overweight" rating and a $25.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $23.00.

Slide Insurance Stock Down 2.9%

Shares of NASDAQ SLDE traded down $0.43 during midday trading on Monday, hitting $14.17. The company's stock had a trading volume of 442,698 shares, compared to its average volume of 547,750. The company's fifty day simple moving average is $18.64. Slide Insurance has a one year low of $14.08 and a one year 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 (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.16. The business had revenue of $261.61 million during the quarter, compared to the consensus estimate of $271.18 million.

Insider Transactions at Slide Insurance

In other news, Director Robert Gries, Jr. sold 358,457 shares of the stock in a transaction 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 transaction, the director owned 2,031,265 shares of the company's stock, valued at $32,114,299.65. This represents a 15.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen L. Rohde sold 11,082 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.81, for a total transaction of $175,206.42. Following the completion of the transaction, the director directly owned 9,335 shares in the company, valued at $147,586.35. The trade was a 54.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 427,482 shares of company stock valued at $6,758,490 in the last quarter.

Hedge Funds Weigh In On Slide Insurance

A number of institutional investors have recently made changes to their positions in the stock. American Century Companies Inc. bought a new position in shares of Slide Insurance in the 2nd quarter worth $56,229,000. Raymond James Financial Inc. bought a new position in shares of Slide Insurance during the 2nd quarter valued at $33,063,000. Hood River Capital Management LLC bought a new position in shares of Slide Insurance during the 2nd quarter valued at $31,542,000. Boston Partners bought a new position in shares of Slide Insurance during the 2nd quarter valued at $10,701,000. Finally, Squarepoint Ops LLC bought a new position in shares of Slide Insurance during the 2nd quarter valued at $9,964,000.

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”).