Slide Insurance (NASDAQ:SLDE) Hits New 52-Week Low After Analyst Downgrade

Key Points

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Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) hit a new 52-week low on Tuesday after Morgan Stanley lowered their price target on the stock from $19.00 to $18.00. Morgan Stanley currently has an equal weight rating on the stock. Slide Insurance traded as low as $14.45 and last traded at $14.54, with a volume of 726178 shares trading hands. The stock had previously closed at $14.55.

A number of other equities analysts have also recently weighed in on the company. Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a research note on Saturday. JMP Securities set a $25.00 price target on Slide Insurance and gave the stock a "market outperform" rating in a research note on Monday, July 14th. Citigroup assumed coverage on Slide Insurance in a research note on Monday, July 14th. They issued an "outperform" rating on the stock. Citizens Jmp initiated coverage on Slide Insurance in a research note on Monday, July 14th. They issued a "strong-buy" rating and a $25.00 price target on the stock. Finally, Keefe, Bruyette & Woods raised Slide Insurance to a "hold" rating and set a $20.00 target price on the stock in a research note on Monday, July 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

Insider Activity at Slide Insurance

In related news, Director Robert Gries, Jr. sold 358,457 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was 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 owned 2,031,265 shares of the company's stock, valued at approximately $32,114,299.65. The trade was a 15.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stephen L. Rohde sold 11,082 shares of the business's stock in a transaction that occurred 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 completion of the sale, the director directly owned 9,335 shares of the company's stock, valued at approximately $147,586.35. The trade was a 54.28% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 427,482 shares of company stock valued at $6,758,490.

Institutional Investors Weigh In On Slide Insurance

Large investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC bought a new stake in Slide Insurance during the second quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Slide Insurance during the second quarter worth approximately $53,000. Man Group plc acquired a new position in shares of Slide Insurance during the second quarter worth approximately $210,000. Legal & General Group Plc acquired a new position in shares of Slide Insurance during the second quarter worth approximately $216,000. Finally, HBK Investments L P acquired a new position in shares of Slide Insurance during the second quarter worth approximately $217,000.

Slide Insurance Stock Down 0.1%

The firm has a fifty day moving average of $19.03.

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

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”).

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