Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Sees Significant Decrease in Short Interest

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) saw a large decline in short interest in the month of December. As of December 31st, there was short interest totaling 3,628,260 shares, a decline of 22.0% from the December 15th total of 4,653,470 shares. Based on an average daily trading volume, of 1,522,481 shares, the short-interest ratio is currently 2.4 days. Currently, 2.9% of the company’s shares are sold short. Currently, 2.9% of the company’s shares are sold short. Based on an average daily trading volume, of 1,522,481 shares, the short-interest ratio is currently 2.4 days.

Analysts Set New Price Targets

Several research analysts have weighed in on SLDE shares. Piper Sandler lifted their target price on Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Keefe, Bruyette & Woods raised their price target on Slide Insurance from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Slide Insurance in a report on Friday, December 26th. Morgan Stanley increased their target price on Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Monday, November 17th. Finally, Zacks Research upgraded shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Slide Insurance presently has a consensus rating of “Buy” and an average price target of $23.17.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. American Century Companies Inc. bought a new stake in Slide Insurance during the second quarter worth $56,229,000. HB Wealth Management LLC acquired a new position in shares of Slide Insurance during the 3rd quarter worth about $955,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Slide Insurance during the 2nd quarter worth about $4,387,000. Soros Fund Management LLC bought a new stake in shares of Slide Insurance in the 2nd quarter valued at about $5,415,000. Finally, Russell Investments Group Ltd. acquired a new stake in Slide Insurance in the 2nd quarter valued at about $4,245,000.

Slide Insurance Stock Up 1.4%

SLDE traded up $0.22 during trading hours on Tuesday, hitting $16.51. 117,379 shares of the company’s stock were exchanged, compared to its average volume of 903,513. The stock has a market cap of $2.05 billion and a price-to-earnings ratio of 12.23. Slide Insurance has a 1-year low of $12.53 and a 1-year high of $25.90. The stock’s 50-day moving average is $17.60 and its two-hundred day moving average is $16.59. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.04.

Slide Insurance (NASDAQ:SLDE) last issued 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 during the quarter, compared to analyst estimates of $279.36 million.

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.