Slide Insurance (NASDAQ:SLDE) Rating Increased to Overweight at Morgan Stanley

Key Points

• Morgan Stanley upgraded Slide Insurance from "equal weight" to "overweight" with a price target of $18.00, indicating a potential upside of 28.02% from its previous close.
• Slide Insurance reported earnings of $0.56 per share, surpassing consensus estimates, but its revenue of $261.61 million fell short of the expected $271.18 million.
• The company has an average rating of "Buy" from analysts, with a consensus price target of $21.67 from various research firms.

Slide Insurance (NASDAQ:SLDE - Get Free Report) was upgraded by investment analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a report released on Thursday,Benzinga reports. The firm currently has a $18.00 price objective on the stock. Morgan Stanley's price objective points to a potential upside of 28.02% from the company's previous close.

Several other research firms also recently issued reports on SLDE. Citigroup began coverage on Slide Insurance in a research note on Monday, July 14th. They issued an "outperform" rating for the company. Keefe, Bruyette & Woods upgraded Slide Insurance from a "market perform" rating to an "outperform" rating and cut their target price for the company from $20.00 to $19.00 in a research report on Thursday, September 18th. Piper Sandler cut their target price on Slide Insurance from $25.00 to $18.00 and set an "overweight" rating for the company in a research report on Tuesday, September 2nd. Barclays began coverage on Slide Insurance in a research report on Monday, July 14th. They set an "overweight" rating and a $25.00 target price for the company. Finally, Citizens Jmp began coverage on Slide Insurance in a research report on Monday, July 14th. They set a "strong-buy" rating and a $25.00 target price for the company. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $21.67.

Slide Insurance Stock Down 4.2%

SLDE opened at $14.06 on Thursday. The firm has a fifty day moving average price of $15.75. Slide Insurance has a 1 year low of $12.53 and a 1 year high of $25.90.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.16. The firm had revenue of $261.61 million during the quarter, compared to the consensus estimate of $271.18 million.

Slide Insurance announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 27th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of Slide Insurance

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

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