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

Key Points

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Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) shares reached a new 52-week low during mid-day trading 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 changing hands. The stock had previously closed at $14.55.

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

Insider Activity at Slide Insurance

In related news, Director Robert Gries, Jr. sold 358,457 shares of the company's 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 transaction, the director directly 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 SEC, which is available at this link. Also, Director Stephen L. Rohde sold 11,082 shares of the company's stock in a transaction dated 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 directly owned 9,335 shares in the company, valued at $147,586.35. This represents a 54.28% 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 in the last ninety days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SLDE. FNY Investment Advisers LLC acquired a new position in Slide Insurance during the 2nd quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new stake in Slide Insurance during the 2nd quarter valued at about $53,000. Man Group plc purchased a new stake in Slide Insurance during the 2nd quarter valued at about $210,000. Legal & General Group Plc purchased a new stake in Slide Insurance during the 2nd quarter valued at about $216,000. Finally, Levin Capital Strategies L.P. purchased a new stake in Slide Insurance during the 2nd quarter valued at about $217,000.

Slide Insurance Price Performance

The business's 50 day moving average price is $18.64.

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 the consensus estimate of $0.40 by $0.16. The firm had revenue of $261.61 million for the quarter, compared to analysts' expectations of $271.18 million.

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”).