Insider Selling: Slide Insurance (NASDAQ:SLDE) Director Sells $187,500.00 in Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Andrew Pardo Wright sold 10,000 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $18.75, for a total transaction of $187,500.00. Following the transaction, the director directly owned 90,086 shares in the company, valued at approximately $1,689,112.50. The trade was a 9.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Andrew Pardo Wright also recently made the following trade(s):

• On Monday, May 18th, Andrew Pardo Wright sold 10,086 shares of Slide Insurance stock. The shares were sold at an average price of $19.00, for a total transaction of $191,634.00.
• On Thursday, May 7th, Andrew Pardo Wright sold 6,316 shares of Slide Insurance stock. The stock was sold at an average price of $18.90, for a total transaction of $119,372.40.
• On Friday, May 1st, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total transaction of $281,250.00.

Slide Insurance Stock Performance

NASDAQ:SLDE opened at $18.61 on Friday. The company’s 50-day moving average is $18.23 and its two-hundred day moving average is $17.72. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $25.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market capitalization of $2.13 billion and a price-to-earnings ratio of 5.17.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The business had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. Analysts forecast that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current year.

Slide Insurance announced that its board has initiated a stock repurchase program on Tuesday, April 28th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 4.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Slide Insurance

A number of institutional investors have recently modified their holdings of SLDE. Great Lakes Advisors LLC acquired a new position in Slide Insurance during the 3rd quarter worth about $3,113,000. Fifth Third Bancorp increased its stake in Slide Insurance by 529,826.4% during the fourth quarter. Fifth Third Bancorp now owns 381,547 shares of the company’s stock worth $7,433,000 after purchasing an additional 381,475 shares during the period. Cyndeo Wealth Partners LLC acquired a new stake in shares of Slide Insurance during the fourth quarter worth about $2,235,000. Federated Hermes Inc. acquired a new stake in shares of Slide Insurance during the third quarter worth about $9,471,000. Finally, Quantbot Technologies LP purchased a new position in shares of Slide Insurance in the third quarter valued at approximately $871,000.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SLDE shares. Keefe, Bruyette & Woods upped 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. Barclays raised their price objective on Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. Zacks Research cut shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Wall Street Zen raised shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Texas Capital upgraded shares of Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.80.

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.