Slide Insurance (NASDAQ:SLDE) Rating Lowered to Hold at Wall Street Zen

Slide Insurance (NASDAQ:SLDE) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Several other research analysts also recently commented on SLDE. Barclays raised their price target on shares of Slide Insurance from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods increased their price objective on Slide Insurance from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Citigroup reissued an “outperform” rating on shares of Slide Insurance in a research note on Thursday, July 30th. Zacks Research upgraded Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Finally, Citizens Jmp upped their target price on Slide Insurance from $25.00 to $27.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Slide Insurance currently has an average rating of “Buy” and a consensus price target of $25.40.

Slide Insurance Price Performance

Shares of NASDAQ SLDE opened at $23.48 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.23 and a quick ratio of 1.23. Slide Insurance has a 1 year low of $12.53 and a 1 year high of $23.75. The stock has a market capitalization of $2.74 billion, a P/E ratio of 5.73 and a beta of -0.04. The company has a 50-day moving average price of $20.87 and a 200-day moving average price of $18.97.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, July 28th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.18. Slide Insurance had a net margin of 40.02% and a return on equity of 50.69%. The firm had revenue of $386.82 million during the quarter. On average, equities research analysts forecast that Slide Insurance will post 3.79 EPS for the current fiscal year.

Insider Activity

In related news, Director Robert Gries, Jr. sold 84,636 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.34, for a total transaction of $1,721,496.24. Following the transaction, the director directly owned 1,777,357 shares of the company’s stock, valued at approximately $36,151,441.38. This trade represents a 4.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Matthew Paul Larson sold 13,750 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $17.07, for a total value of $234,712.50. Following the completion of the sale, the insider owned 8,998 shares of the company’s stock, valued at $153,595.86. The trade was a 60.44% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 491,691 shares of company stock worth $9,021,426. 50.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Slide Insurance

Several institutional investors and hedge funds have recently made changes to their positions in SLDE. BlackRock Inc. purchased a new stake in Slide Insurance in the second quarter worth about $98,538,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Slide Insurance by 298.0% during the first 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 during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Slide Insurance in the 2nd quarter worth approximately $33,063,000. Balyasny Asset Management L.P. grew its stake in shares of Slide Insurance by 314.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock worth $21,753,000 after buying an additional 1,045,826 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in shares of Slide Insurance in the 4th quarter worth approximately $13,016,000.

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.