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

Key Points

• Slide Insurance Holdings, Inc. shares gapped up after Morgan Stanley upgraded its rating from equal weight to overweight, with a newly set price target of $18.00.
• A recent report indicated that the company has been rated a "Buy" by several analysts, with an average price target of $21.67.
• Slide Insurance reported quarterly earnings of $0.56 EPS, surpassing consensus estimates, despite revenues falling short of expectations at $261.61 million.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) shares gapped up prior to trading on Thursday after Morgan Stanley upgraded the stock from an equal weight rating to an overweight rating. The stock had previously closed at $14.06, but opened at $14.59. Morgan Stanley now has a $18.00 price target on the stock. Slide Insurance shares last traded at $14.46, with a volume of 68,928 shares traded.

A number of other brokerages have also commented on SLDE. Wall Street Zen raised shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. Piper Sandler reduced their price target on Slide Insurance from $25.00 to $18.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 2nd. Citizens Jmp started coverage on Slide Insurance in a research note on Monday, July 14th. They issued a "strong-buy" rating and a $25.00 price target for the company. JMP Securities set a $25.00 target price on shares of Slide Insurance and gave the company a "market outperform" rating in a report on Monday, July 14th. Finally, Citigroup initiated coverage on Slide Insurance in a research report on Monday, July 14th. They set an "outperform" rating for the company. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $21.67.

Hedge Funds Weigh In On Slide Insurance

Hedge funds have recently made changes to their positions in the business. FNY Investment Advisers LLC acquired a new position in shares of Slide Insurance during the second quarter worth approximately $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Slide Insurance in the second quarter worth approximately $53,000. Man Group plc purchased a new stake in shares of Slide Insurance in the second quarter valued at $210,000. Levin Capital Strategies L.P. purchased a new position in Slide Insurance during the 2nd quarter valued at about $217,000. Finally, Legal & General Group Plc purchased a new position in Slide Insurance in the second quarter valued at about $216,000.

Slide Insurance Stock Performance

The stock has a fifty day simple moving average of $15.75.

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, beating the consensus estimate of $0.40 by $0.16. The business had revenue of $261.61 million during the quarter, compared to the consensus estimate of $271.18 million.

Slide Insurance announced that its Board of Directors has authorized a share repurchase plan on Wednesday, August 27th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

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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