Soros Fund Management LLC Takes Position in Slide Insurance Holdings, Inc. $SLDE

Soros Fund Management LLC acquired a new position in shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) during the second quarter, Holdings Channel.com reports. The fund acquired 250,000 shares of the company’s stock, valued at approximately $5,415,000.

Other hedge funds have also added to or reduced their stakes in the company. American Century Companies Inc. bought a new stake in Slide Insurance during the 2nd quarter worth approximately $56,229,000. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Slide Insurance during the 2nd quarter valued at $4,387,000. Russell Investments Group Ltd. bought a new position in shares of Slide Insurance in the second quarter worth $4,245,000. Envestnet Asset Management Inc. purchased a new stake in shares of Slide Insurance in the second quarter worth $1,333,000. Finally, Hood River Capital Management LLC bought a new stake in Slide Insurance during the second quarter valued at $31,542,000.

Slide Insurance Price Performance

Shares of Slide Insurance stock opened at $18.34 on Friday. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $25.90. The firm has a fifty day simple moving average of $16.17.

Slide Insurance (NASDAQ:SLDE) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.30. The business had revenue of $265.69 million for the quarter, compared to analysts’ expectations of $279.36 million.

Slide Insurance declared that its board has initiated a stock repurchase program on Wednesday, August 27th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have weighed in on SLDE shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Slide Insurance in a report on Wednesday, October 8th. Piper Sandler raised their target price on shares of Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Zacks Research lowered shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Morgan Stanley increased their price target on shares of Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Slide Insurance from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.17.

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”).