Slide Insurance (NASDAQ:SLDE) Shares Gap Up After 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) gapped up before the market opened 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. Slide Insurance shares last traded at $14.28, with a volume of 344,103 shares.

Other research analysts have also recently issued reports about the stock. Morgan Stanley reissued a "cautious" rating and set a $18.00 price target on shares of Slide Insurance in a report on Monday, August 18th. Citigroup assumed coverage on shares of Slide Insurance in a research report on Monday, July 14th. They set an "outperform" rating on the stock. Piper Sandler lowered their target price on shares of Slide Insurance from $25.00 to $18.00 and set an "overweight" rating on the stock in a research report on Tuesday, September 2nd. Barclays assumed coverage on shares of Slide Insurance in a research report on Monday, July 14th. They set an "overweight" rating and a $25.00 target price on the stock. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $21.67.

Insiders Place Their Bets

In other Slide Insurance news, Director Robert Gries, Jr. sold 358,457 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $15.81, for a total transaction of $5,667,205.17. Following the transaction, the director owned 2,031,265 shares of the company's stock, valued at $32,114,299.65. This represents a 15.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Stephen L. Rohde sold 11,082 shares of the 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 $175,206.42. Following the transaction, the director directly owned 9,335 shares in the company, valued at approximately $147,586.35. This represents a 54.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 427,482 shares of company stock valued at $6,758,490 in the last quarter.

Hedge Funds Weigh In On Slide Insurance

A number of hedge funds have recently made changes to their positions in SLDE. HBK Investments L P acquired a new position in Slide Insurance in the 2nd quarter worth $217,000. Boston Partners acquired a new stake in shares of Slide Insurance during the second quarter valued at about $10,701,000. American Century Companies Inc. acquired a new stake in shares of Slide Insurance during the second quarter valued at about $56,229,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Slide Insurance during the second quarter valued at about $2,667,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Slide Insurance during the second quarter valued at about $1,333,000.

Slide Insurance Price Performance

The firm's 50 day moving average price is $16.19.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced 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 business had revenue of $261.61 million for the quarter, compared to analyst estimates of $271.18 million.

Slide Insurance declared that its Board of Directors has authorized a stock buyback program on Wednesday, August 27th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication 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”).

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