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

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

Analyst Ratings Changes

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

Slide Insurance Trading Down 2.4%

Insider Activity

In related news, Director Stephen L. Rohde sold 11,082 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.81, for a total value of $175,206.42. Following the completion of the transaction, the director directly 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Beth Witte Bruce sold 31,029 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 $490,568.49. Following the transaction, the director directly owned 251,645 shares of the company's stock, 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 ninety days.

Institutional Investors Weigh In On Slide Insurance

A hedge fund recently bought a new stake in Slide Insurance stock. Opal Wealth Advisors LLC purchased a new stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,469 shares of the company's stock, valued at approximately $53,000.

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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