Slide Insurance (NASDAQ:SLDE) Shares Gap Down - Should You Sell?

Key Points

• Slide Insurance Holdings, Inc. (NASDAQ:SLDE) shares gapped down from a previous close of $15.79 to an opening price of $15.26, and currently trade at $15.55 with a volume of 101,907 shares.
• Analysts show a bullish outlook for SLDE, with targets ranging from $18.00 to $25.00, while the stock has a consensus rating of "Buy" and an average price target of $21.67.
• Following its recent earnings report, Slide Insurance announced a stock buyback program, indicating management's belief that the shares may be undervalued.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $15.79, but opened at $15.26. Slide Insurance shares last traded at $15.55, with a volume of 101,907 shares.

Wall Street Analysts Forecast Growth

SLDE has been the topic of several research analyst reports. Citizens Jmp assumed coverage on shares of Slide Insurance in a research report on Monday, July 14th. They issued a "strong-buy" rating and a $25.00 target price on the stock. Citigroup initiated coverage on shares of Slide Insurance in a research note on Monday, July 14th. They set an "outperform" rating on the stock. Piper Sandler dropped their price objective on shares of Slide Insurance from $25.00 to $18.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 2nd. JMP Securities set a $25.00 price objective on shares of Slide Insurance and gave the company a "market outperform" rating in a research note on Monday, July 14th. Finally, Keefe, Bruyette & Woods upgraded shares of Slide Insurance from a "market perform" rating to an "outperform" rating and dropped their price objective for the company from $20.00 to $19.00 in a research note on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $21.67.

Slide Insurance Stock Performance

The firm's fifty day simple moving average is $15.48.

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

Slide Insurance announced that its board has initiated a stock buyback program on Wednesday, August 27th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Institutional Trading of Slide Insurance

Institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. purchased a new position in Slide Insurance during the 2nd quarter valued at about $56,229,000. Raymond James Financial Inc. bought a new stake in Slide Insurance during the second quarter worth approximately $33,063,000. Hood River Capital Management LLC acquired a new position in shares of Slide Insurance during the second quarter worth approximately $31,542,000. Boston Partners acquired a new position in shares of Slide Insurance during the second quarter worth approximately $10,701,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Slide Insurance during the second quarter worth approximately $9,964,000.

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”).

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