Slide Insurance (NASDAQ:SLDE) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Slide Insurance (NASDAQ:SLDE) experienced a significant surge in trading volume, with 3.5 million shares traded, marking a 244% increase from the previous session.
• The company's recent earnings report revealed $0.56 EPS, surpassing expectations of $0.40, while revenue fell short at $261.61 million against an expected $271.18 million.
• Analyst sentiment remains positive, with a consensus "Buy" rating and a price target of $21.67 following upgrades from firms such as Citigroup and Wall Street Zen.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) saw strong trading volume on Tuesday . 3,546,891 shares changed hands during trading, an increase of 244% from the previous session's volume of 1,030,042 shares.The stock last traded at $15.01 and had previously closed at $14.83.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Citigroup initiated coverage on shares of Slide Insurance in a report on Monday, July 14th. They issued an "outperform" rating on the stock. JMP Securities set a $25.00 price target on shares of Slide Insurance and gave the company a "market outperform" rating in a report on Monday, July 14th. Piper Sandler cut their price target on shares of Slide Insurance from $25.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, September 2nd. Wall Street Zen upgraded shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. Finally, Barclays began coverage on shares of Slide Insurance in a report on Monday, July 14th. They set an "overweight" rating and a $25.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, Slide Insurance has a consensus rating of "Buy" and a consensus price target of $21.67.

Slide Insurance Trading Up 4.2%

The stock's 50 day simple moving average is $15.54.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.16. The business had revenue of $261.61 million during the quarter, compared to analysts' expectations of $271.18 million.

Slide Insurance announced that its board has authorized a stock buyback plan on Wednesday, August 27th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC purchased a new position in Slide Insurance during the 2nd quarter worth $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Slide Insurance in the second quarter valued at about $53,000. Man Group plc acquired a new position in shares of Slide Insurance in the second quarter valued at about $210,000. HBK Investments L P acquired a new stake in Slide Insurance during the 2nd quarter worth about $217,000. Finally, Levin Capital Strategies L.P. purchased a new position in shares of Slide Insurance during the 2nd quarter valued at about $217,000.

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”).

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