Slide Insurance (NASDAQ:SLDE) Price Target Lowered to $18.00 at Piper Sandler

Key Points

• Piper Sandler has lowered the price target for Slide Insurance (NASDAQ:SLDE) from $25.00 to $18.00, indicating potential upside of 34.53% based on recent stock performance.
• Despite the lowered price target, Slide Insurance holds a consensus rating of "Moderate Buy" with an average price target of $21.83, supported by varied ratings from multiple analysts.
• Slide Insurance recently reported earnings that exceeded expectations, with $0.56 earnings per share against a consensus estimate of $0.40.

Slide Insurance (NASDAQ:SLDE - Free Report) had its target price reduced by Piper Sandler from $25.00 to $18.00 in a report released on Tuesday morning, Marketbeat.com reports. Piper Sandler currently has an overweight rating on the stock.

A number of other brokerages have also recently issued reports on SLDE. Barclays began coverage on shares of Slide Insurance in a report on Monday, July 14th. They set an "overweight" rating and a $25.00 price objective for the company. Citigroup started coverage on shares of Slide Insurance in a report on Monday, July 14th. They set an "outperform" rating on the stock. Morgan Stanley restated a "cautious" rating and set a $18.00 price target on shares of Slide Insurance in a report on Monday, August 18th. Citizens Jmp started coverage on shares of Slide Insurance in a report on Monday, July 14th. They set a "strong-buy" rating and a $25.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $21.83.

Slide Insurance Price Performance

Shares of NASDAQ SLDE traded down $0.13 during mid-day trading on Tuesday, reaching $13.71. 779,728 shares of the company's stock traded hands, compared to its average volume of 855,158. The business has a 50-day moving average of $17.22. Slide Insurance has a 1-year low of $12.77 and a 1-year high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported $0.56 earnings per share (EPS) for the quarter, beating 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.

Slide Insurance announced that its board has initiated a stock repurchase plan on Wednesday, August 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In other Slide Insurance news, Director Stephen L. Rohde sold 11,082 shares of the firm's 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 completion of the transaction, the director directly owned 9,335 shares of the company's stock, valued at $147,586.35. This trade represents a 54.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert Gries, Jr. sold 358,457 shares of the business's stock in a transaction dated 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 427,482 shares of company stock valued at $6,758,490 over the last quarter.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Opal Wealth Advisors LLC bought a new stake in shares of Slide Insurance during the 2nd quarter worth $53,000. Instrumental Wealth LLC purchased a new position in shares of Slide Insurance during the 2nd quarter valued at about $319,000. Stratos Wealth Partners LTD. purchased a new position in shares of Slide Insurance during the 2nd quarter valued at about $238,000. FNY Investment Advisers LLC purchased a new position in shares of Slide Insurance during the 2nd quarter valued at about $26,000. Finally, Envestnet Asset Management Inc. purchased a new position in shares of Slide Insurance during the 2nd quarter valued at about $1,333,000.

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”).