Slide Insurance (NASDAQ:SLDE) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Slide Insurance (NASDAQ:SLDE) from a buy rating to a hold rating in a research note published on Saturday morning.

A number of other analysts have also recently weighed in on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Slide Insurance in a research note on Friday, December 26th. Zacks Research upgraded Slide Insurance from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 17th. Piper Sandler raised their price target on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, February 26th. Barclays raised their price target on Slide Insurance from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Finally, Keefe, Bruyette & Woods raised their price target on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Monday, March 9th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Slide Insurance presently has a consensus rating of “Buy” and an average target price of $24.40.

Slide Insurance Stock Up 0.3%

Shares of NASDAQ SLDE opened at $18.05 on Friday. The stock has a market cap of $2.24 billion and a P/E ratio of 7.00. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.03. Slide Insurance has a 12-month low of $12.53 and a 12-month high of $25.90. The business’s fifty day simple moving average is $17.76 and its 200-day simple moving average is $17.12.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.36. The company had revenue of $347.01 million during the quarter.

Insider Activity

In other Slide Insurance news, CEO Bruce Lucas sold 273,702 shares of the firm’s stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $18.11, for a total transaction of $4,956,743.22. Following the transaction, the chief executive officer owned 37,620,933 shares of the company’s stock, valued at approximately $681,315,096.63. This trade represents a 0.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 2,690,137 shares of company stock worth $49,118,953 over the last 90 days.

Hedge Funds Weigh In On Slide Insurance

Several hedge funds have recently made changes to their positions in SLDE. Raymond James Financial Inc. purchased a new position in shares of Slide Insurance during the second quarter worth about $33,063,000. Capital World Investors grew its holdings in shares of Slide Insurance by 49.4% during the third quarter. Capital World Investors now owns 4,483,180 shares of the company’s stock worth $70,767,000 after purchasing an additional 1,483,180 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of Slide Insurance by 314.8% during the third quarter. Balyasny Asset Management L.P. now owns 1,378,054 shares of the company’s stock worth $21,753,000 after purchasing an additional 1,045,826 shares during the last quarter. HB Wealth Management LLC grew its holdings in shares of Slide Insurance by 1,375.7% during the fourth quarter. HB Wealth Management LLC now owns 892,586 shares of the company’s stock worth $17,388,000 after purchasing an additional 832,102 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of Slide Insurance during the fourth quarter worth about $13,016,000.

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”). 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.