Short Interest in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Expands By 19.8%

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) was the target of a significant increase in short interest during the month of January. As of January 30th, there was short interest totaling 4,061,198 shares, an increase of 19.8% from the January 15th total of 3,391,167 shares. Approximately 3.3% of the shares of the company are sold short. Based on an average trading volume of 874,141 shares, the short-interest ratio is presently 4.6 days. Based on an average trading volume of 874,141 shares, the short-interest ratio is presently 4.6 days. Approximately 3.3% of the shares of the company are sold short.

Slide Insurance Stock Performance

NASDAQ SLDE traded up $0.31 during trading hours on Tuesday, reaching $17.18. The company’s stock had a trading volume of 459,278 shares, compared to its average volume of 894,326. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.04. The business has a 50-day simple moving average of $17.70 and a 200 day simple moving average of $16.25. Slide Insurance has a 52 week low of $12.53 and a 52 week high of $25.90. The stock has a market cap of $2.14 billion and a PE ratio of 12.73.

Hedge Funds Weigh In On Slide Insurance

Several institutional investors have recently modified their holdings of SLDE. Capital World Investors lifted its position in Slide Insurance by 49.4% in the 3rd quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock valued at $70,767,000 after purchasing an additional 1,483,180 shares during the last quarter. Vanguard Group Inc. grew its position in Slide Insurance by 14.7% in the 4th quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock worth $53,800,000 after purchasing an additional 354,321 shares during the last quarter. American Century Companies Inc. acquired a new stake in shares of Slide Insurance in the second quarter valued at approximately $56,229,000. Raymond James Financial Inc. bought a new stake in shares of Slide Insurance during the second quarter valued at approximately $33,063,000. Finally, Hood River Capital Management LLC acquired a new position in shares of Slide Insurance during the second quarter worth approximately $31,542,000.

Analysts Set New Price Targets

Several research firms have recently commented on SLDE. Zacks Research upgraded Slide Insurance from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 8th. Weiss Ratings reissued a “hold (c-)” rating on shares of Slide Insurance in a research note on Friday, December 26th. Keefe, Bruyette & Woods increased their price objective on shares of Slide Insurance from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Morgan Stanley increased their target price on shares of Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Finally, Piper Sandler upped their price objective on shares of Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Slide Insurance currently has an average rating of “Buy” and an average price target of $22.80.

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”). 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.