Slide Insurance (NASDAQ:SLDE) Hits New 52-Week Low - Should You Sell?

Key Points

• Slide Insurance Holdings, Inc. shares hit a new 52-week low of $16.50 during trading, closing at $17.01 with a trading volume of 870,427 shares.
• Analysts have set a consensus price target of $23.17 for Slide Insurance, with multiple reports indicating ratings ranging from "hold" to "strong buy."
• Insider selling activity was significant, with directors selling a combined 427,482 shares valued at over $6.7 million in the last quarter.

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) hit a new 52-week low during trading on Wednesday . The stock traded as low as $16.50 and last traded at $17.01, with a volume of 870427 shares traded. The stock had previously closed at $17.48.

Wall Street Analysts Forecast Growth

SLDE has been the topic of several research analyst reports. Keefe, Bruyette & Woods raised shares of Slide Insurance to a "hold" rating and set a $20.00 price target on the stock in a research report on Monday, July 14th. Morgan Stanley started coverage on shares of Slide Insurance in a report on Monday, July 14th. They issued an "equal weight" rating and a $19.00 target price on the stock. Citizens Jmp started coverage on shares of Slide Insurance in a report on Monday, July 14th. They issued a "strong-buy" rating and a $25.00 target price on the stock. JMP Securities set a $25.00 target price on shares of Slide Insurance and gave the stock a "market outperform" rating in a report on Monday, July 14th. Finally, Piper Sandler started coverage on shares of Slide Insurance in a report on Sunday, July 13th. They issued an "overweight" rating and a $25.00 target price on the stock. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $23.17.

Slide Insurance Price Performance

The company's fifty day moving average is $19.14.

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 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 the consensus estimate of $271.18 million.

Insider Activity at Slide Insurance

In related news, Director Robert Gries, Jr. sold 358,457 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $15.81, for a total transaction of $5,667,205.17. Following the transaction, the director owned 2,031,265 shares in the company, valued at $32,114,299.65. This trade represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Beth Witte Bruce sold 31,029 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 $490,568.49. Following the transaction, the director owned 251,645 shares in the company, valued at $3,978,507.45. This represents a 10.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 427,482 shares of company stock worth $6,758,490 over the last quarter.

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 in the second quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new position in Slide Insurance in the 2nd quarter worth approximately $53,000. Man Group plc acquired a new position in Slide Insurance in the 2nd quarter worth approximately $210,000. Legal & General Group Plc acquired a new position in Slide Insurance in the 2nd quarter worth approximately $216,000. Finally, HBK Investments L P acquired a new position in Slide Insurance in the 2nd quarter worth approximately $217,000.

About Slide Insurance

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”).