Insider Selling: Slide Insurance (NASDAQ:SLDE) CEO Sells $3,260,092.77 in Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) CEO Bruce Lucas sold 173,317 shares of the company’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $18.81, for a total value of $3,260,092.77. Following the completion of the sale, the chief executive officer owned 36,245,046 shares in the company, valued at $681,769,315.26. This represents a 0.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Bruce Lucas also recently made the following trade(s):

• On Monday, May 11th, Bruce Lucas sold 91,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.76, for a total value of $1,707,160.00.
• On Monday, May 4th, Bruce Lucas sold 67,205 shares of Slide Insurance stock. The shares were sold at an average price of $18.88, for a total value of $1,268,830.40.
• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The shares were sold at an average price of $18.77, for a total value of $1,603,633.72.
• On Wednesday, April 29th, Bruce Lucas sold 191,276 shares of Slide Insurance stock. The shares were sold at an average price of $19.24, for a total value of $3,680,150.24.
• On Tuesday, April 28th, Bruce Lucas sold 154,207 shares of Slide Insurance stock. The shares were sold at an average price of $18.94, for a total value of $2,920,680.58.
• On Monday, April 27th, Bruce Lucas sold 136,500 shares of Slide Insurance stock. The shares were sold at an average price of $18.75, for a total value of $2,559,375.00.
• On Monday, April 20th, Bruce Lucas sold 118,055 shares of Slide Insurance stock. The shares were sold at an average price of $19.55, for a total value of $2,307,975.25.
• On Tuesday, April 14th, Bruce Lucas sold 190,836 shares of Slide Insurance stock. The shares were sold at an average price of $18.04, for a total value of $3,442,681.44.
• On Monday, April 13th, Bruce Lucas sold 259,055 shares of Slide Insurance stock. The shares were sold at an average price of $18.05, for a total value of $4,675,942.75.
• On Thursday, April 9th, Bruce Lucas sold 273,702 shares of Slide Insurance stock. The shares were sold at an average price of $18.11, for a total value of $4,956,743.22.

Slide Insurance Stock Down 2.3%

Shares of SLDE opened at $18.20 on Thursday. The stock has a market capitalization of $2.08 billion and a price-to-earnings ratio of 5.06. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.33 and a current ratio of 1.33. Slide Insurance Holdings, Inc. has a 52 week low of $12.53 and a 52 week high of $25.90. The stock has a fifty day moving average of $18.22 and a 200-day moving average of $17.59.

Slide Insurance (NASDAQ:SLDE) 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 business had revenue of $389.28 million during the quarter. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%. As a group, sell-side analysts anticipate that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.

Slide Insurance declared that its Board of Directors has initiated a stock buyback program on Tuesday, April 28th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Slide Insurance

Institutional investors have recently added to or reduced their stakes in the business. Comerica Bank boosted its position in Slide Insurance by 3,462.2% during the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after buying an additional 1,281 shares during the period. CWM LLC bought a new position in shares of Slide Insurance during the fourth quarter valued at approximately $35,000. Ameritas Investment Partners Inc. bought a new position in Slide Insurance in the third quarter worth about $35,000. State of Wyoming bought a new position in Slide Insurance in the first quarter worth about $42,000. Finally, Aster Capital Management DIFC Ltd bought a new position in Slide Insurance in the fourth quarter worth about $47,000.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SLDE. Zacks Research lowered Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Piper Sandler boosted their target price on Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, February 26th. Finally, Barclays lifted their price target on shares of Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.80.

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.