Slide Insurance (NASDAQ:SLDE) Reaches New 52-Week Low - Here's What Happened

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 mid-day trading on Thursday . The company traded as low as $17.24 and last traded at $17.24, with a volume of 88704 shares. The stock had previously closed at $18.50.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SLDE shares. Morgan Stanley started coverage on Slide Insurance in a research report on Monday, July 14th. They set an "equal weight" rating and a $19.00 price objective for the company. Barclays started coverage on Slide Insurance in a research report on Monday, July 14th. They set an "overweight" rating and a $25.00 price objective for the company. Citizens Jmp started coverage on Slide Insurance in a report on Monday, July 14th. They set a "strong-buy" rating and a $25.00 target price for the company. Citigroup started coverage on Slide Insurance in a report on Monday, July 14th. They set an "outperform" rating for the company. Finally, Wall Street Zen upgraded Slide Insurance to a "hold" rating in a report on Saturday, July 5th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $23.17.

Slide Insurance Stock Performance

Insiders Place Their Bets

In other news, Director Robert Gries, Jr. sold 358,457 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $15.81, for a total value of $5,667,205.17. Following the transaction, the director directly owned 2,031,265 shares in the company, valued at $32,114,299.65. This trade represents a 15.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Beth Witte Bruce sold 31,029 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $15.81, for a total value of $490,568.49. Following the completion of the transaction, the director owned 251,645 shares in the company, valued at approximately $3,978,507.45. This trade represents a 10.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 427,482 shares of company stock valued at $6,758,490.

Institutional Investors Weigh In On Slide Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Boston Partners bought a new stake in shares of Slide Insurance in the 2nd quarter valued at approximately $7,024,000. Emerald Mutual Fund Advisers Trust acquired a new position in Slide Insurance during the 2nd quarter worth $4,387,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Slide Insurance during the 2nd quarter worth $2,667,000. Geode Capital Management LLC acquired a new stake in shares of Slide Insurance in the second quarter valued at $2,245,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Slide Insurance in the second quarter valued at $1,333,000.

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”).