Slide Insurance (NASDAQ:SLDE) Reaches New 52-Week Low - Time to Sell?

Key Points

• Slide Insurance Holdings, Inc. (NASDAQ:SLDE) has reached a new 52-week low at $17.24, declining from a previous close of $18.50, amid a trading volume of 88,704 shares.
• Equities analysts remain optimistic, with several firms initiating coverage and setting a target price of $25.00 by Citigroup, Citizens Jmp, and Barclays, while the consensus target price sits at $23.17.
• Insider trading activity shows significant sales, with Director Stephen L. Rohde and Director Beth Witte Bruce selling large portions of their holdings, totaling over 427,000 shares in the last 90 days.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report)'s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $17.24 and last traded at $17.24, with a volume of 88704 shares traded. The stock had previously closed at $18.50.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Citigroup began coverage on shares of Slide Insurance in a research note on Monday, July 14th. They issued an "outperform" rating for the company. Citizens Jmp began 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 target for the company. JMP Securities set a $25.00 price objective on shares of Slide Insurance and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Barclays initiated coverage on shares of Slide Insurance in a research note on Monday, July 14th. They issued an "overweight" rating and a $25.00 price target on the stock. Finally, Morgan Stanley began coverage on 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. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Slide Insurance has a consensus rating of "Moderate Buy" and a consensus target price of $23.17.

Slide Insurance Stock Down 8.1%

Insider Activity at Slide Insurance

In other Slide Insurance news, Director Stephen L. Rohde sold 11,082 shares of the business's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.81, for a total value of $175,206.42. Following the sale, the director directly owned 9,335 shares in the company, valued at $147,586.35. The trade was a 54.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Beth Witte Bruce sold 31,029 shares of the stock in a transaction dated Monday, June 23rd. The stock was 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 of the company's stock, valued at $3,978,507.45. This represents a 10.98% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 427,482 shares of company stock worth $6,758,490.

Hedge Funds Weigh In On Slide Insurance

Several institutional investors and hedge funds have recently bought and sold shares of SLDE. FNY Investment Advisers LLC bought a new stake in Slide Insurance during the second quarter worth about $26,000. Opal Wealth Advisors LLC bought a new position in Slide Insurance during the 2nd quarter valued at approximately $53,000. Levin Capital Strategies L.P. purchased a new position in Slide Insurance during the second quarter valued at $217,000. Stratos Wealth Partners LTD. purchased a new stake in shares of Slide Insurance in the second quarter worth $238,000. Finally, Instrumental Wealth LLC bought a new position in shares of Slide Insurance during the second quarter valued at $319,000.

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”).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.