Slide Insurance (NASDAQ:SLDE) Trading Down 5% - Here's What Happened

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) fell 5% during mid-day trading on Thursday . The stock traded as low as $17.95 and last traded at $17.95. 79,897 shares changed hands during trading, a decline of 93% from the average session volume of 1,140,853 shares. The stock had previously closed at $18.90.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wall Street Zen raised Slide Insurance to a "hold" rating in a research note on Saturday, July 5th. Citizens Jmp initiated coverage on Slide Insurance in a research note on Monday, July 14th. They set a "strong-buy" rating and a $25.00 price target for the company. JMP Securities set a $25.00 price objective on Slide Insurance and gave the company a "market outperform" rating in a research note on Monday, July 14th. Keefe, Bruyette & Woods raised Slide Insurance to a "hold" rating and set a $20.00 target price for the company in a research report on Monday, July 14th. Finally, Morgan Stanley initiated coverage on Slide Insurance in a research note on Monday, July 14th. They issued an "equal weight" rating and a $19.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $23.17.

Slide Insurance Price Performance

Insider Activity

In related news, 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 sale, the director owned 9,335 shares of the company's stock, valued at approximately $147,586.35. This trade represents a 54.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Beth Witte Bruce sold 31,029 shares of Slide Insurance stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $15.81, for a total value of $490,568.49. Following the sale, the director directly owned 251,645 shares in the company, valued at approximately $3,978,507.45. This trade represents a 10.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 427,482 shares of company stock worth $6,758,490 over the last three months.

Institutional Investors Weigh In On Slide Insurance

An institutional investor recently bought a new position in Slide Insurance stock. Instrumental Wealth LLC acquired a new stake in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 14,705 shares of the company's stock, valued at approximately $319,000.

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”).