Slide Insurance (NASDAQ:SLDE) Shares Gap Up – Should You Buy?

Slide Insurance Holdings, Inc. (NASDAQ:SLDE)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $16.98, but opened at $17.73. Slide Insurance shares last traded at $17.9770, with a volume of 475,759 shares changing hands.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SLDE shares. Piper Sandler boosted their price objective on shares of Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, February 26th. Barclays lifted their target price on Slide Insurance from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Slide Insurance in a report on Friday, December 26th. Texas Capital raised Slide Insurance to a “strong-buy” rating in a report on Wednesday, March 18th. Finally, Keefe, Bruyette & Woods boosted their price objective on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. Two investment 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 MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $24.40.

Slide Insurance Stock Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market cap of $2.19 billion and a P/E ratio of 6.84. The stock’s 50 day moving average is $17.31 and its two-hundred day moving average is $16.73.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.36. The business had revenue of $347.01 million for the quarter.

Insider Buying and Selling

In related news, COO Shannon Lucas sold 23,884 shares of the business’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $18.59, for a total value of $444,003.56. Following the sale, the chief operating officer owned 1,609,041 shares of the company’s stock, valued at $29,912,072.19. The trade was a 1.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Gries, Jr. sold 28,212 shares of the company’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $18.35, for a total value of $517,690.20. Following the completion of the sale, the director owned 2,003,053 shares in the company, valued at $36,756,022.55. This trade represents a 1.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,025,372 shares of company stock worth $19,041,559 over the last 90 days.

Institutional Trading of Slide Insurance

Several hedge funds have recently modified their holdings of SLDE. Hsbc Holdings PLC bought a new position in shares of Slide Insurance in the fourth quarter valued at approximately $382,000. World Investment Advisors acquired a new stake in Slide Insurance during the 4th quarter valued at $1,964,000. Caitong International Asset Management Co. Ltd increased its holdings in Slide Insurance by 4,839.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company’s stock valued at $49,000 after purchasing an additional 2,468 shares in the last quarter. Invesco Ltd. raised its position in Slide Insurance by 35.1% in the 4th quarter. Invesco Ltd. now owns 20,066 shares of the company’s stock valued at $391,000 after purchasing an additional 5,212 shares during the last quarter. Finally, Vident Advisory LLC acquired a new position in Slide Insurance in the fourth quarter worth $859,000.

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.