Slide Insurance (NASDAQ:SLDE) Announces Quarterly Earnings Results

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) announced 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. The business had revenue of $261.61 million for the quarter, compared to analyst estimates of $271.18 million.

Slide Insurance Stock Down 4.2%

NASDAQ SLDE traded down $0.64 during trading hours on Friday, reaching $14.55. The company's stock had a trading volume of 713,995 shares, compared to its average volume of 481,691. The company has a 50-day moving average of $19.14. Slide Insurance has a 52 week low of $14.45 and a 52 week high of $25.90.

Insider Activity

In other Slide Insurance news, Director Robert Gries, Jr. sold 358,457 shares of Slide Insurance stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $15.81, for a total value of $5,667,205.17. Following the transaction, the director owned 2,031,265 shares in the company, valued at approximately $32,114,299.65. The trade was a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Beth Witte Bruce sold 31,029 shares of Slide Insurance stock in a transaction that occurred on 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 in the company, valued at approximately $3,978,507.45. The trade was a 10.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 427,482 shares of company stock valued at $6,758,490.

Institutional Trading of Slide Insurance

Several large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC acquired a new position in Slide Insurance in the second quarter valued at approximately $2,245,000. Legal & General Group Plc bought a new position in Slide Insurance in the second quarter valued at $216,000. Norges Bank bought a new position in Slide Insurance in the second quarter valued at $866,000. Marshall Wace LLP acquired a new stake in Slide Insurance in the second quarter valued at $1,056,000. Finally, Qube Research & Technologies Ltd acquired a new stake in Slide Insurance in the second quarter valued at $834,000.

Analyst Upgrades and Downgrades

A number of equities analysts have 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 target on the stock. Piper Sandler started coverage on Slide Insurance in a research note on Sunday, July 13th. They set an "overweight" rating and a $25.00 target price for the company. JMP Securities set a $25.00 price objective on Slide Insurance and gave the company a "market outperform" rating in a research note on Monday, July 14th. Keefe, Bruyette & Woods raised Slide Insurance to a "hold" rating and set a $20.00 target price for the company in a research note on Monday, July 14th. Finally, Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday. Two analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Slide Insurance presently has a consensus rating of "Buy" and a consensus price target of $23.17.

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”).