Slide Insurance (NASDAQ:SLDE) Shares Gap Up - Should You Buy?

Key Points

• Slide Insurance Holdings, Inc. (NASDAQ:SLDE) shares opened at $13.55 after closing at $12.92, with a last trading price of $13.64 and a trading volume of 415,367 shares.
• Several analysts have rated Slide Insurance positively, with Citigroup, Piper Sandler, and Barclays each setting a target price of $25.00 and issuing "outperform" or "overweight" ratings.
• The company reported earnings of $0.56 per share for the last quarter, surpassing estimates, despite revenue of $261.61 million falling short of the consensus of $271.18 million.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $12.92, but opened at $13.55. Slide Insurance shares last traded at $13.64, with a volume of 415,367 shares changing hands.

Wall Street Analyst Weigh In

SLDE has been the subject of a number of research reports. Citigroup began coverage on Slide Insurance in a report on Monday, July 14th. They issued an "outperform" rating for the company. Piper Sandler initiated coverage on shares of Slide Insurance in a research report on Sunday, July 13th. They set an "overweight" rating and a $25.00 price target on the stock. Barclays started coverage on Slide Insurance in a report on Monday, July 14th. They issued an "overweight" rating and a $25.00 target price on the stock. JMP Securities set a $25.00 price objective on Slide Insurance and gave the company a "market outperform" rating in a report on Monday, July 14th. Finally, Wall Street Zen upgraded shares of Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Slide Insurance currently has an average rating of "Moderate Buy" and a consensus target price of $23.00.

Slide Insurance Stock Performance

The business has a 50-day simple moving average of $18.42.

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 company had revenue of $261.61 million for the quarter, compared to the consensus estimate of $271.18 million.

Insider Activity at Slide Insurance

In other Slide Insurance news, Director Robert Gries, Jr. sold 358,457 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $15.81, for a total transaction of $5,667,205.17. Following the transaction, the director directly owned 2,031,265 shares in the company, valued at $32,114,299.65. This trade represents a 15.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Beth Witte Bruce sold 31,029 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.81, for a total transaction of $490,568.49. Following the sale, the director owned 251,645 shares in the company, valued at approximately $3,978,507.45. This trade represents a 10.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 427,482 shares of company stock valued at $6,758,490 over the last three months.

Institutional Trading of Slide Insurance

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FNY Investment Advisers LLC purchased a new stake in Slide Insurance in the second quarter worth $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Slide Insurance in the second quarter valued at approximately $53,000. Man Group plc acquired a new stake in shares of Slide Insurance in the second quarter worth approximately $210,000. Legal & General Group Plc acquired a new position in Slide Insurance during the second quarter worth $216,000. Finally, HBK Investments L P acquired a new position in shares of Slide Insurance in the 2nd quarter valued at $217,000.

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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