Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) have been given an average recommendation of “Moderate Buy” by the nine ratings firms that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $24.80.

A number of analysts recently issued reports on the stock. Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday. Texas Capital raised shares of Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Piper Sandler raised their target price 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.

Slide Insurance Trading Down 2.2%

Shares of SLDE stock opened at $18.46 on Friday. The firm has a market cap of $2.11 billion and a P/E ratio of 5.13. Slide Insurance has a 1-year low of $12.53 and a 1-year high of $25.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.34. The firm’s 50-day simple moving average is $18.29 and its 200-day simple moving average is $17.50.

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

Slide Insurance declared that its Board of Directors has approved a share buyback plan on Tuesday, April 28th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at Slide Insurance

In other news, CEO Bruce Lucas sold 273,702 shares of the firm’s stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $18.11, for a total value of $4,956,743.22. Following the transaction, the chief executive officer owned 37,620,933 shares of the company’s stock, valued at approximately $681,315,096.63. This trade represents a 0.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 3,883,904 shares of company stock valued at $71,679,115.

Hedge Funds Weigh In On Slide Insurance

A number of hedge funds have recently made changes to their positions in SLDE. Raymond James Financial Inc. purchased a new stake in shares of Slide Insurance during the second quarter valued at approximately $33,063,000. Capital World Investors raised its stake in shares of Slide Insurance by 49.4% during the third 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 period. Balyasny Asset Management L.P. raised its stake in shares of Slide Insurance by 314.8% during the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock valued at $21,753,000 after purchasing an additional 1,045,826 shares during the period. HB Wealth Management LLC raised its stake in shares of Slide Insurance by 1,375.7% during the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock valued at $17,388,000 after purchasing an additional 832,102 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in shares of Slide Insurance during the fourth quarter valued at approximately $13,016,000.

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.