Slide Insurance (NASDAQ:SLDE) Reaches New 52-Week Low - Here's What Happened

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $17.77 and last traded at $17.83, with a volume of 56437 shares changing hands. The stock had previously closed at $18.53.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. JMP Securities set a $25.00 price target on Slide Insurance and gave the stock a "market outperform" rating in a report on Monday. Piper Sandler initiated coverage on Slide Insurance in a report on Sunday. They set an "overweight" rating and a $25.00 price objective on the stock. Citigroup initiated coverage on Slide Insurance in a report on Monday. They set an "outperform" rating for the company. Morgan Stanley assumed coverage on shares of Slide Insurance in a report on Monday. They issued an "equal weight" rating and a $19.00 price target on the stock. Finally, Keefe, Bruyette & Woods raised shares of Slide Insurance to a "hold" rating and set a $20.00 price objective for the company in a research note on Monday. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $23.17.

Slide Insurance Price Performance

Insider Activity at Slide Insurance

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

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Slide Insurance stock. Opal Wealth Advisors LLC purchased a new stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 2,469 shares of the company's stock, valued at approximately $53,000.

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”).