Slide Insurance (NASDAQ:SLDE) Shares Gap Up on Analyst Upgrade

Key Points

• Slide Insurance Holdings, Inc. (NASDAQ:SLDE) saw its shares increase from $12.74 to $13.47 after an upgrade from Keefe, Bruyette & Woods, which set a new price target of $19.00.
• Multiple analysts have rated Slide Insurance as either "outperform" or "overweight," with a consensus price target of $21.67.
• Insider trading activity includes the sale of 358,457 shares by Director Robert Gries, Jr., who decreased his position by 15% following the sale.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report)'s share price gapped up prior to trading on Thursday after Keefe, Bruyette & Woods upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $12.74, but opened at $13.47. Keefe, Bruyette & Woods now has a $19.00 price target on the stock, down from their previous price target of $20.00. Slide Insurance shares last traded at $14.28, with a volume of 344,103 shares trading hands.

Several other research firms also recently issued reports on SLDE. Morgan Stanley restated a "cautious" rating and issued a $18.00 price objective on shares of Slide Insurance in a research note on Monday, August 18th. Barclays started coverage on shares of Slide Insurance in a research report on Monday, July 14th. They issued an "overweight" rating and a $25.00 price objective for the company. Citizens Jmp assumed 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 objective for the company. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, August 16th. Finally, Citigroup began coverage on shares of Slide Insurance in a research note on Monday, July 14th. They issued an "outperform" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Slide Insurance has an average rating of "Moderate Buy" and a consensus target price of $21.67.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. FNY Investment Advisers LLC acquired a new position in shares of Slide Insurance during the 2nd quarter valued at $26,000. Opal Wealth Advisors LLC bought a new stake in Slide Insurance during the 2nd quarter valued at $53,000. Man Group plc bought a new stake in Slide Insurance during the 2nd quarter valued at $210,000. Legal & General Group Plc bought a new stake in Slide Insurance during the 2nd quarter valued at $216,000. Finally, HBK Investments L P bought a new stake in shares of Slide Insurance in the 2nd quarter worth $217,000.

Slide Insurance Trading Up 0.9%

The company has a 50 day simple moving average of $16.01.

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

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

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”).