Slide Insurance (NASDAQ:SLDE) Stock Price Up 5.4% – Here’s What Happened

Slide Insurance Holdings, Inc. (NASDAQ:SLDE)’s stock price was up 5.4% during mid-day trading on Tuesday . The company traded as high as $18.47 and last traded at $18.42. Approximately 572,392 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 1,135,909 shares. The stock had previously closed at $17.47.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SLDE. Keefe, Bruyette & Woods lifted their price objective on shares of Slide Insurance from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Zacks Research downgraded Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 10th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Slide Insurance in a report on Wednesday, October 8th. Morgan Stanley raised their price objective on Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Finally, Piper Sandler lifted their target price on Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. One investment 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 issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.17.

Slide Insurance Stock Performance

The company’s fifty day moving average price is $16.33.

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

Slide Insurance declared that its board has approved a share repurchase plan on Wednesday, August 27th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Slide Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FNY Investment Advisers LLC acquired a new stake in Slide Insurance during the 2nd quarter valued at approximately $26,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Slide Insurance during the third quarter worth approximately $35,000. Opal Wealth Advisors LLC acquired a new stake in Slide Insurance in the 2nd quarter valued at about $53,000. Strs Ohio purchased a new position in shares of Slide Insurance during the 3rd quarter worth $77,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Slide Insurance during the 3rd quarter valued at approximately $111,000.

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”).