Slide Insurance (NASDAQ:SLDE) Releases Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Key Points

• Slide Insurance reported earnings of $0.56 EPS, exceeding analyst expectations by $0.16.
• Shares of Slide Insurance fell by 2.7%, trading at $17.01, with significant insider selling activity noted.
• Several analysts have set a price target of $25.00 for Slide Insurance, indicating a positive outlook for the stock.

Slide Insurance (NASDAQ:SLDE - Get Free Report) issued its earnings results on Tuesday. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.16, Zacks reports.

Slide Insurance Trading Down 2.7%

Shares of SLDE traded down $0.47 during trading hours on Tuesday, reaching $17.01. The company had a trading volume of 870,427 shares, compared to its average volume of 782,298. Slide Insurance has a 12-month low of $16.50 and a 12-month high of $25.90.

Insider Activity

In other Slide Insurance news, Director Beth Witte Bruce sold 31,029 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.81, for a total transaction of $490,568.49. Following the completion of the transaction, the director directly owned 251,645 shares in the company, valued at approximately $3,978,507.45. This trade represents a 10.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephen L. Rohde sold 11,082 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.81, for a total transaction of $175,206.42. Following the transaction, the director owned 9,335 shares of the company's stock, valued at $147,586.35. This trade represents a 54.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 427,482 shares of company stock worth $6,758,490 in the last 90 days.

Hedge Funds Weigh In On Slide Insurance

An institutional investor recently bought a new position in Slide Insurance stock. Geode Capital Management LLC bought a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 103,643 shares of the company's stock, valued at approximately $2,245,000. Geode Capital Management LLC owned approximately 0.08% of Slide Insurance at the end of the most recent quarter.

Analyst Upgrades and Downgrades

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

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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