Slide Insurance (NASDAQ:SLDE) Shares Gap Up – Here’s Why

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) gapped up prior to trading on Wednesday . The stock had previously closed at $12.92, but opened at $13.55. Slide Insurance shares last traded at $13.64, with a volume of 415,367 shares.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SLDE shares. Keefe, Bruyette & Woods raised shares of Slide Insurance to a “hold” rating and set a $20.00 price objective for the company in a report on Monday, July 14th. JMP Securities set a $25.00 price target on shares of Slide Insurance and gave the company a “market outperform” rating in a report on Monday, July 14th. Citigroup assumed coverage on Slide Insurance in a report on Monday, July 14th. They issued an “outperform” rating on the stock. Wall Street Zen upgraded Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, August 16th. Finally, Morgan Stanley reiterated a “cautious” rating and issued a $18.00 target price on shares of Slide Insurance in a report on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Slide Insurance Price Performance

The company’s 50 day moving average is $18.20.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings results on Tuesday, August 12th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.40 by $0.16. The firm had revenue of $261.61 million during the quarter, compared to the consensus estimate of $271.18 million.

Slide Insurance announced that its Board of Directors has approved a stock buyback plan on Wednesday, August 27th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Slide Insurance news, Director Beth Witte Bruce sold 31,029 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.81, for a total transaction of $490,568.49. Following the completion of the sale, the director owned 251,645 shares of the company’s stock, valued at $3,978,507.45. This represents a 10.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Gries, Jr. sold 358,457 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $15.81, for a total value of $5,667,205.17. Following the sale, the director directly owned 2,031,265 shares of the company’s stock, valued at $32,114,299.65. The trade was a 15.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 427,482 shares of company stock valued at $6,758,490 over the last 90 days.

Institutional Investors Weigh In On Slide Insurance

Large investors have recently added to or reduced their stakes in the stock. HBK Investments L P bought a new stake in Slide Insurance during the second quarter worth approximately $217,000. Boston Partners bought a new stake in Slide Insurance during the second quarter worth approximately $10,701,000. American Century Companies Inc. bought a new stake in Slide Insurance during the second quarter worth approximately $56,229,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Slide Insurance during the second quarter worth approximately $2,667,000. Finally, Envestnet Asset Management Inc. bought a new stake in Slide Insurance during the second quarter worth approximately $1,333,000.

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”).