Slide Insurance (NASDAQ:SLDE) Hits New 52-Week Low - Should You Sell?

Key Points

• Slide Insurance Holdings' stock reached a new 52-week low at $12.53 during trading, down from a previous close of $14.08.
• Analysts have varying opinions on SLDE, with a consensus rating of "Moderate Buy" and a target price of $21.83, while several brokerages set price targets between $18.00 and $25.00.
• Insider selling has increased, with key directors selling significant shares, totaling over $6.7 million in the last three months.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report)'s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as $12.53 and last traded at $12.72, with a volume of 2149992 shares. The stock had previously closed at $14.08.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SLDE shares. Barclays began coverage on shares of Slide Insurance in a report on Monday, July 14th. They issued an "overweight" rating and a $25.00 target price for the company. Morgan Stanley reaffirmed a "cautious" rating and issued a $18.00 price objective on shares of Slide Insurance in a research report on Monday, August 18th. JMP Securities set a $25.00 target price on shares of Slide Insurance and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Piper Sandler decreased their price objective on shares of Slide Insurance from $25.00 to $18.00 and set an "overweight" rating for the company in a research note on Tuesday, September 2nd. Finally, Keefe, Bruyette & Woods upgraded shares of Slide Insurance from a "market perform" rating to an "outperform" rating and decreased their target price for the company from $20.00 to $19.00 in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.67.

Slide Insurance Trading Down 0.7%

The stock has a 50 day moving average price of $16.01.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.16. The firm had revenue of $261.61 million during the quarter, compared to analyst estimates of $271.18 million.

Slide Insurance announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 27th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Insider Activity

In related news, Director Beth Witte Bruce sold 31,029 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were 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 of the company's stock, valued at approximately $3,978,507.45. The trade was a 10.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Stephen L. Rohde sold 11,082 shares of the company'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 directly owned 9,335 shares of the company's stock, valued at approximately $147,586.35. This represents a 54.28% decrease in their position. The disclosure for this sale can be found here.

Institutional Trading of Slide Insurance

Institutional investors and hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC acquired a new stake in Slide Insurance in the second quarter valued at approximately $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Slide Insurance during the 2nd quarter valued at approximately $53,000. Man Group plc purchased a new position in shares of Slide Insurance during the 2nd quarter valued at approximately $210,000. Legal & General Group Plc purchased a new position in shares of Slide Insurance during the 2nd quarter valued at approximately $216,000. Finally, HBK Investments L P acquired a new position in Slide Insurance in the second quarter worth $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”).