Slide Insurance (NASDAQ:SLDE) Trading Down 4.6% - What's Next?

Key Points

• Slide Insurance's share price fell 4.6%, closing at $13.99, with a trading volume decline of 58% from its average.
• Wall Street analysts have varying recommendations, with Barclays giving it an "overweight" rating and a $25.00 price target, while Piper Sandler reduced their target from $25.00 to $18.00.
• In its most recent earnings report, Slide Insurance posted $0.56 earnings per share, exceeding expectations, but reported revenue below analyst estimates at $261.61 million.

Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report)'s share price dropped 4.6% on Wednesday . The company traded as low as $13.83 and last traded at $13.99. Approximately 409,260 shares changed hands during trading, a decline of 58% from the average daily volume of 976,021 shares. The stock had previously closed at $14.67.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Barclays assumed coverage on shares of Slide Insurance in a research report on Monday, July 14th. They set an "overweight" rating and a $25.00 price objective for the company. Wall Street Zen upgraded shares of Slide Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, August 16th. Keefe, Bruyette & Woods raised shares of Slide Insurance from a "market perform" rating to an "outperform" rating and cut their target price for the stock from $20.00 to $19.00 in a research note on Thursday, September 18th. Citigroup assumed coverage on shares of Slide Insurance in a research note on Monday, July 14th. They set an "outperform" rating on the stock. Finally, Piper Sandler cut their target price 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 analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $21.67.

Slide Insurance Trading Down 4.6%

The firm's fifty day moving average price is $15.85.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.40 by $0.16. The business had revenue of $261.61 million for the quarter, compared to analysts' expectations of $271.18 million.

Slide Insurance announced that its board has authorized a share buyback program on Wednesday, August 27th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Slide Insurance

Several large investors have recently modified their holdings of the company. FNY Investment Advisers LLC purchased a new stake in shares of Slide Insurance during the second quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Slide Insurance in the 2nd quarter valued at about $53,000. Man Group plc purchased a new stake in shares of Slide Insurance during the 2nd quarter valued at about $210,000. Legal & General Group Plc purchased a new stake in Slide Insurance during the 2nd quarter worth approximately $216,000. Finally, HBK Investments L P purchased a new stake in Slide Insurance during the 2nd quarter worth approximately $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”).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.