Slide Insurance (NASDAQ:SLDE) Hits New 1-Year Low - What's Next?

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.

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

Analyst Upgrades and Downgrades

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

Slide Insurance Stock Performance

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

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued 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 company had revenue of $261.61 million during the quarter, compared to analyst estimates of $271.18 million.

Insider Activity at Slide Insurance

In related news, 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 value of $490,568.49. Following the completion of the sale, the director owned 251,645 shares of the company's stock, 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 document filed with the SEC, which is available at the SEC website. Also, 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 completion of the sale, the director directly owned 2,031,265 shares of the company's stock, valued at approximately $32,114,299.65. This represents a 15.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 427,482 shares of company stock valued at $6,758,490 over the last quarter.

Hedge Funds Weigh In On Slide Insurance

A number of hedge funds and other institutional investors have recently bought and sold shares of SLDE. FNY Investment Advisers LLC bought a new position in Slide Insurance in the second quarter valued at approximately $26,000. Opal Wealth Advisors LLC bought a new position in Slide Insurance in the second quarter valued at approximately $53,000. Man Group plc bought a new position in Slide Insurance in the second quarter valued at approximately $210,000. Legal & General Group Plc bought a new position in Slide Insurance in the second quarter valued at approximately $216,000. Finally, HBK Investments L P bought a new position in Slide Insurance in the second quarter valued at 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”).