Slide Insurance (NASDAQ:SLDE) Stock Price Down 3.8% - Here's What Happened

Key Points

• Slide Insurance Holdings, Inc. (NASDAQ: SLDE) saw its stock price drop 3.8% to a last traded value of $13.86, with trading volume down 71% from average levels.
• Brokerages have varied views on Slide Insurance, with analysts maintaining an average price target of $21.83, while ratings range from "Strong Buy" to "Sell."
• The company announced an earnings report showing $0.56 earnings per share, surpassing estimates, despite revenue falling short at $261.61 million compared to expected figures.

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) fell 3.8% during mid-day trading on Monday . The stock traded as low as $13.84 and last traded at $13.86. 246,443 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 837,482 shares. The stock had previously closed at $14.40.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SLDE. Citigroup began coverage on shares of Slide Insurance in a report on Monday, July 14th. They issued an "outperform" rating on the stock. Barclays began coverage on shares of Slide Insurance in a report on Monday, July 14th. They issued an "overweight" rating and a $25.00 target price on the stock. Morgan Stanley restated a "cautious" rating and issued a $18.00 target price on shares of Slide Insurance in a report on Monday, August 18th. Keefe, Bruyette & Woods upgraded shares of Slide Insurance to a "hold" rating and set a $20.00 price target on the stock in a research note on Monday, July 14th. Finally, Piper Sandler dropped their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $21.83.

Slide Insurance Stock Performance

The stock's fifty day simple moving average is $16.52.

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 analysts' consensus estimates of $0.40 by $0.16. The company 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 initiated 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 purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Slide Insurance

A number of institutional investors and hedge funds have recently made changes to their positions in SLDE. FNY Investment Advisers LLC purchased a new position in shares of Slide Insurance in the 2nd quarter worth $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Slide Insurance during the 2nd quarter worth about $53,000. Man Group plc purchased a new position in shares of Slide Insurance during the 2nd quarter worth about $210,000. Legal & General Group Plc purchased a new position in shares of Slide Insurance during the 2nd quarter worth about $216,000. Finally, HBK Investments L P purchased a new position in shares of Slide Insurance during the 2nd quarter worth about $217,000.

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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