Slide Insurance (NASDAQ:SLDE) Upgraded by Zacks Research to Strong-Buy Rating

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

Several other equities research analysts have also issued reports on SLDE. Weiss Ratings restated a “hold (c-)” rating on shares of Slide Insurance in a report on Friday, December 26th. Keefe, Bruyette & Woods increased their price objective on shares of Slide Insurance from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Piper Sandler raised their price objective on shares of Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Finally, Morgan Stanley upped their target price on Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Monday, November 17th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $23.17.

Slide Insurance Price Performance

Shares of Slide Insurance stock opened at $18.10 on Thursday. The stock has a market cap of $2.25 billion and a price-to-earnings ratio of 13.41. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.30 and a current ratio of 1.30. The stock has a 50 day moving average price of $17.58 and a 200-day moving average price of $16.83. Slide Insurance has a one year low of $12.53 and a one year high of $25.90.

Slide Insurance (NASDAQ:SLDE) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.79 earnings per share for the quarter, beating 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.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. American Century Companies Inc. purchased a new stake in shares of Slide Insurance in the 2nd quarter worth $56,229,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Slide Insurance in the second quarter valued at about $4,387,000. Soros Fund Management LLC purchased a new stake in Slide Insurance in the second quarter worth about $5,415,000. Russell Investments Group Ltd. bought a new position in Slide Insurance during the 2nd quarter worth about $4,245,000. Finally, Hood River Capital Management LLC purchased a new position in Slide Insurance during the 2nd quarter valued at about $31,542,000.

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.