Alden Global Capital LLC Takes $2.53 Million Position in Slide Insurance Holdings, Inc. $SLDE

Alden Global Capital LLC bought a new stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 130,000 shares of the company’s stock, valued at approximately $2,532,000. Slide Insurance accounts for about 1.2% of Alden Global Capital LLC’s holdings, making the stock its 18th largest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Comerica Bank increased its stake in shares of Slide Insurance by 3,462.2% in the 4th quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after buying an additional 1,281 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Slide Insurance by 11.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company’s stock valued at $313,000 after buying an additional 1,704 shares during the period. CWM LLC acquired a new stake in shares of Slide Insurance in the 4th quarter valued at $35,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Slide Insurance during the third quarter worth $35,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in shares of Slide Insurance during the fourth quarter worth $47,000.

Slide Insurance Stock Performance

SLDE stock opened at $16.84 on Thursday. The business’s 50-day moving average price is $18.09 and its two-hundred day moving average price is $17.83. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. The firm has a market cap of $1.93 billion and a PE ratio of 4.68. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $25.90.

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

Slide Insurance declared that its board has authorized a stock repurchase program on Tuesday, April 28th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SLDE shares. Zacks Research cut Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Slide Insurance in a research note on Wednesday, May 6th. Wall Street Zen raised Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Texas Capital raised Slide Insurance to a “strong-buy” rating in a research note on Wednesday, March 18th. Finally, Piper Sandler lifted their price objective on Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Slide Insurance currently has an average rating of “Moderate Buy” and a consensus target price of $24.80.

Insider Transactions at Slide Insurance

In other news, insider Matthew Paul Larson sold 13,750 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $17.07, for a total value of $234,712.50. Following the sale, the insider directly owned 8,998 shares in the company, valued at $153,595.86. The trade was a 60.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Bruce Lucas sold 44,467 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $17.12, for a total value of $761,275.04. Following the transaction, the chief executive officer directly owned 34,506,199 shares of the company’s stock, valued at $590,746,126.88. This represents a 0.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 5,093,475 shares of company stock worth $94,400,107. Company insiders own 50.80% of the company’s stock.

Slide Insurance 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.