Slide Insurance (NASDAQ:SLDE) Upgraded at Keefe, Bruyette & Woods

Key Points

• Slide Insurance (NASDAQ:SLDE) was upgraded to an "outperform" rating by Keefe, Bruyette & Woods, with a price target of $19.00, suggesting a potential upside of 49.14% from its current price.
• The company reported a quarterly earnings per share of $0.56, surpassing analysts' expectations, though revenue was below estimates at $261.61 million.
• Insider trading activities included the sale of over 427,000 shares by multiple directors in recent months, indicating significant movements in ownership among executives.

Slide Insurance (NASDAQ:SLDE - Get Free Report) was upgraded by investment analysts at Keefe, Bruyette & Woods from a "market perform" rating to an "outperform" rating in a report issued on Thursday, Marketbeat reports. The firm presently has a $19.00 price target on the stock, down from their prior price target of $20.00. Keefe, Bruyette & Woods' price target indicates a potential upside of 29.08% from the company's previous close.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler lowered their target price on shares of Slide Insurance from $25.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, September 2nd. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. Citigroup started coverage on shares of Slide Insurance in a report on Monday, July 14th. They issued an "outperform" rating on the stock. Morgan Stanley reaffirmed a "cautious" rating and issued a $18.00 price target on shares of Slide Insurance in a report on Monday, August 18th. Finally, Barclays started coverage on shares of Slide Insurance in a research report on Monday, July 14th. They issued an "overweight" rating and a $25.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $21.67.

Slide Insurance Price Performance

Slide Insurance stock traded down $0.10 during midday trading on Thursday, reaching $14.72. The stock had a trading volume of 6,645,023 shares, compared to its average volume of 1,105,997. Slide Insurance has a 12 month low of $12.53 and a 12 month high of $25.90. The business has a fifty day moving average price of $16.01.

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

Slide Insurance announced that its board has authorized a share buyback program on Wednesday, August 27th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Insider Activity

In other Slide Insurance news, Director Beth Witte Bruce sold 31,029 shares of the firm'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 $490,568.49. Following the completion of the sale, the director directly owned 251,645 shares in the company, valued at $3,978,507.45. This trade represents a 10.98% decrease in their ownership of the stock. 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 firm'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 transaction of $175,206.42. Following the transaction, the director directly owned 9,335 shares of the company's stock, valued at $147,586.35. This represents a 54.28% decrease in their position. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. FNY Investment Advisers LLC purchased a new position in shares of Slide Insurance during the 2nd quarter worth $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Slide Insurance during the 2nd quarter worth $53,000. Man Group plc purchased a new position in shares of Slide Insurance during the 2nd quarter worth $210,000. Levin Capital Strategies L.P. purchased a new position in shares of Slide Insurance during the 2nd quarter valued at $217,000. Finally, Legal & General Group Plc purchased a new position in shares of Slide Insurance during the 2nd quarter valued at $216,000.

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”).