Slide Insurance (NASDAQ:SLDE) Stock Rating Upgraded by Zacks Research

Slide Insurance (NASDAQ:SLDE) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

Several other research analysts also recently commented on SLDE. Citigroup started coverage on Slide Insurance in a research note on Monday, July 14th. They issued an “outperform” rating for the company. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a report on Saturday, August 16th. Barclays started coverage on shares of Slide Insurance in a research report on Monday, July 14th. They issued an “overweight” rating and a $25.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Slide Insurance in a report on Wednesday, October 8th. Finally, Piper Sandler raised their price target on shares of Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $22.67.

Slide Insurance Price Performance

NASDAQ:SLDE traded down $0.02 during trading hours on Thursday, reaching $16.60. The stock had a trading volume of 1,244,631 shares, compared to its average volume of 1,304,920. Slide Insurance has a 12-month low of $12.53 and a 12-month high of $25.90. The stock has a 50 day moving average of $14.99.

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

Slide Insurance announced that its Board of Directors has authorized a share repurchase plan on Wednesday, August 27th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Slide Insurance

Several institutional investors and hedge funds have recently made changes to their positions in SLDE. GSA Capital Partners LLP purchased a new stake in shares of Slide Insurance in the 3rd quarter valued at $309,000. Vanguard Group Inc. lifted its stake in Slide Insurance by 25.2% in the third quarter. Vanguard Group Inc. now owns 2,407,498 shares of the company’s stock worth $38,002,000 after purchasing an additional 484,542 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in Slide Insurance during the third quarter valued at about $173,000. Rhumbline Advisers bought a new position in shares of Slide Insurance during the third quarter valued at about $445,000. Finally, Great Lakes Advisors LLC purchased a new position in shares of Slide Insurance in the third quarter worth about $3,113,000.

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”).