Zacks Research Downgrades Slide Insurance (NASDAQ:SLDE) to Hold

Slide Insurance (NASDAQ:SLDE - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research analysts have also recently issued reports on SLDE. Wall Street Zen cut Slide Insurance from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. Piper Sandler raised their target price on Slide Insurance from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Thursday, February 26th. Texas Capital raised Slide Insurance to a "strong-buy" rating in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods boosted their price objective on Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Monday, March 9th. Finally, Barclays boosted their price objective on Slide Insurance from $25.00 to $29.00 and gave the company an "overweight" rating in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $24.40.

Slide Insurance Trading Down 0.3%

Slide Insurance stock opened at $18.87 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.34 and a quick ratio of 1.34. Slide Insurance has a one year low of $12.53 and a one year high of $25.90. The stock has a market capitalization of $2.35 billion and a PE ratio of 7.31. The business's fifty day moving average is $18.13 and its 200 day moving average is $17.37.

Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.20. The firm had revenue of $389.28 million during the quarter. On average, sell-side analysts predict that Slide Insurance will post 3.26 EPS for the current year.

Slide Insurance announced that its board has initiated a share buyback program on Tuesday, April 28th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Slide Insurance news, COO Shannon Lucas sold 11,676 shares of Slide Insurance stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $19.55, for a total value of $228,265.80. Following the sale, the chief operating officer owned 1,370,898 shares of the company's stock, valued at $26,801,055.90. The trade was a 0.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Matthew Paul Larson sold 11,250 shares of Slide Insurance stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $19.39, for a total value of $218,137.50. Following the completion of the sale, the insider directly owned 8,750 shares in the company, valued at approximately $169,662.50. The trade was a 56.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,059,578 shares of company stock valued at $56,002,750 in the last quarter.

Institutional Trading of Slide Insurance

A number of large investors have recently added to or reduced their stakes in SLDE. Great Lakes Advisors LLC bought a new position in shares of Slide Insurance during the 3rd quarter valued at approximately $3,113,000. HB Wealth Management LLC bought a new position in shares of Slide Insurance during the 3rd quarter valued at approximately $955,000. Cyndeo Wealth Partners LLC bought a new position in shares of Slide Insurance during the 4th quarter valued at approximately $2,235,000. Federated Hermes Inc. bought a new position in shares of Slide Insurance during the 3rd quarter valued at approximately $9,471,000. Finally, Quantbot Technologies LP bought a new position in shares of Slide Insurance during the 3rd quarter valued at approximately $871,000.

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”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer(“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries.

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