Slide Insurance (NASDAQ:SLDE) Reaches New 52-Week Low - Time to Sell?

Key Points

• Slide Insurance Holdings, Inc. (NASDAQ:SLDE) shares hit a new 52-week low at $13.90 during trading, closing at $14.04, which reflects a 1.7% decline.
• Despite the recent drop in stock price, analysts have assigned a mixed rating, with an average rating of "Moderate Buy" and an average target price of $23.00.
• Insider transactions included significant sales, notably by Director Robert Gries, Jr., who sold 358,457 shares at an average price of $15.81, suggesting potential concerns about the company's outlook.

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) hit a new 52-week low on Monday . The stock traded as low as $13.90 and last traded at $14.04, with a volume of 101229 shares changing hands. The stock had previously closed at $14.17.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SLDE. Piper Sandler began coverage on Slide Insurance in a report on Sunday, July 13th. They set an "overweight" rating and a $25.00 target price for the company. Keefe, Bruyette & Woods upgraded Slide Insurance to a "hold" rating and set a $20.00 target price for the company in a report on Monday, July 14th. Citigroup initiated coverage on Slide Insurance in a report on Monday, July 14th. They issued an "outperform" rating for the company. Wall Street Zen upgraded Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. Finally, Barclays initiated 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. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned 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 target price of $23.00.

Slide Insurance Price Performance

The company's 50 day moving average is $18.00.

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

Slide Insurance declared that its board has approved a share buyback plan on Wednesday, August 27th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Slide Insurance

In other Slide Insurance news, Director Robert Gries, Jr. sold 358,457 shares of Slide Insurance stock in a transaction on 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 completion of the transaction, the director 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen L. Rohde sold 11,082 shares of Slide Insurance stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.81, for a total value of $175,206.42. Following the transaction, the director owned 9,335 shares of the company's stock, valued at $147,586.35. The trade was a 54.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 427,482 shares of company stock worth $6,758,490.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SLDE. American Century Companies Inc. purchased a new position in Slide Insurance during the second quarter valued at $56,229,000. Raymond James Financial Inc. purchased a new position in shares of Slide Insurance in the second quarter worth $33,063,000. Hood River Capital Management LLC purchased a new position in shares of Slide Insurance in the second quarter worth $31,542,000. Boston Partners purchased a new position in shares of Slide Insurance in the second quarter worth $10,701,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Slide Insurance in the second quarter worth $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”).