Analysts Set Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Target Price at $24.80

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) have earned a consensus rating of “Moderate Buy” from the nine research firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $24.80.

Several brokerages have commented on SLDE. Piper Sandler lifted their price objective on shares of Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, February 26th. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Monday, March 9th. Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Finally, Texas Capital upgraded shares of Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th.

Slide Insurance Stock Performance

Shares of NASDAQ SLDE opened at $18.80 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. Slide Insurance has a 12 month low of $12.53 and a 12 month high of $25.90. The company has a 50 day simple moving average of $18.20 and a two-hundred day simple moving average of $17.62. The stock has a market cap of $2.15 billion and a price-to-earnings ratio of 5.22.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.82 by $0.20. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. The business had revenue of $389.28 million during the quarter. As a group, analysts predict that Slide Insurance will post 3.51 earnings per share for the current year.

Slide Insurance declared that its board has authorized a stock repurchase plan on Tuesday, April 28th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Slide Insurance

In other news, CEO Bruce Lucas sold 273,702 shares of Slide Insurance stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $18.11, for a total transaction of $4,956,743.22. Following the completion of the transaction, the chief executive officer directly owned 37,620,933 shares of the company’s stock, valued at $681,315,096.63. The trade was a 0.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 4,196,928 shares of company stock worth $77,562,040. 50.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Slide Insurance

Several institutional investors have recently made changes to their positions in the company. Capital World Investors increased its holdings in shares of Slide Insurance by 49.4% during 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 in the last quarter. Vanguard Group Inc. increased its holdings in shares of Slide Insurance by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 2,761,819 shares of the company’s stock valued at $53,800,000 after purchasing an additional 354,321 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Slide Insurance by 298.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,687,802 shares of the company’s stock valued at $48,380,000 after purchasing an additional 2,012,428 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Slide Insurance by 27.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,758,215 shares of the company’s stock valued at $34,250,000 after purchasing an additional 380,161 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Slide Insurance during the 2nd quarter valued at approximately $33,063,000.

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.