Slide Insurance (NASDAQ:SLDE) Price Target Raised to $23.00

Key Points

• Keefe, Bruyette & Woods raised its price target on Slide Insurance to $23.00 (from $22.00), implying a 31.01% upside
• The stock fell about 5% to $17.56 on Monday despite the analyst optimism; Slide Insurance has a market cap of $2.18 billion, a PE of 6.83, and a 1‑year range of $12.53–$25.90.
• Slide beat estimates last quarter with EPS of $1.23 vs. $0.87 expected on $347.0M revenue, but insiders have sold roughly 50,585 shares (≈$960,641) in the past 90 days.

Slide Insurance (NASDAQ:SLDE - Get Free Report) had its target price boosted by stock analysts at Keefe, Bruyette & Woods from $22.00 to $23.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' target price indicates a potential upside of 31.01% from the company's current price.

Other equities analysts have also issued reports about the company. Piper Sandler increased their price objective on Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Thursday, February 26th. Zacks Research cut Slide Insurance from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 16th. Barclays raised their price target on Slide Insurance from $25.00 to $29.00 and gave the company an "overweight" rating in a report on Wednesday, February 25th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Slide Insurance in a report on Friday, December 26th. Finally, Morgan Stanley increased their target price on shares of Slide Insurance from $18.00 to $21.00 and gave the company an "overweight" rating in a research report on Monday, November 17th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $24.40.

Slide Insurance Stock Down 5.0%

NASDAQ:SLDE traded down $0.92 during trading hours on Monday, hitting $17.56. The stock had a trading volume of 1,564,049 shares, compared to its average volume of 1,295,796. The business has a 50 day simple moving average of $17.59 and a two-hundred day simple moving average of $16.43. Slide Insurance has a 1-year low of $12.53 and a 1-year high of $25.90. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.03. The company has a market cap of $2.18 billion and a PE ratio of 6.83.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its quarterly earnings results on Tuesday, February 24th. The company reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.87 by $0.36. The firm had revenue of $347.01 million for the quarter.

Insider Buying and Selling

In other news, Director Beth Witte Bruce sold 25,000 shares of Slide Insurance stock in a transaction on Friday, February 27th. The stock was sold at an average price of $18.94, for a total transaction of $473,500.00. Following the transaction, the director owned 226,645 shares in the company, valued at approximately $4,292,656.30. The trade was a 9.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Stephen L. Rohde sold 9,335 shares of the company's stock in a transaction on Friday, February 27th. The shares were sold at an average price of $18.83, for a total value of $175,778.05. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 50,585 shares of company stock valued at $960,641.

Hedge Funds Weigh In On Slide Insurance

Several institutional investors and hedge funds have recently bought and sold shares of SLDE. Comerica Bank raised its holdings in shares of Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company's stock worth $26,000 after acquiring an additional 1,281 shares in the last quarter. CWM LLC acquired a new position in shares of Slide Insurance during the 4th quarter worth $35,000. Ameritas Investment Partners Inc. acquired a new position in Slide Insurance during the third quarter worth $35,000. Aster Capital Management DIFC Ltd bought a new position in Slide Insurance during the fourth quarter valued at about $47,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Slide Insurance by 4,839.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company's stock worth $49,000 after buying an additional 2,468 shares during the last quarter.

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”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer(“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries.

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