Insider Selling: Slide Insurance (NASDAQ:SLDE) CEO Sells $761,275.04 in Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) CEO Bruce Lucas sold 44,467 shares of Slide Insurance stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $17.12, for a total transaction of $761,275.04. Following the sale, the chief executive officer directly owned 34,506,199 shares in the company, valued at approximately $590,746,126.88. The trade was a 0.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Bruce Lucas also recently made the following trade(s):

• On Wednesday, June 10th, Bruce Lucas sold 192,695 shares of Slide Insurance stock. The stock was sold at an average price of $17.03, for a total value of $3,281,595.85.
• On Wednesday, May 27th, Bruce Lucas sold 227,987 shares of Slide Insurance stock. The stock was sold at an average price of $18.95, for a total value of $4,320,353.65.
• On Wednesday, May 20th, Bruce Lucas sold 184,817 shares of Slide Insurance stock. The stock was sold at an average price of $18.78, for a total value of $3,470,863.26.
• On Tuesday, May 19th, Bruce Lucas sold 273,000 shares of Slide Insurance stock. The shares were sold at an average price of $18.97, for a total value of $5,178,810.00.
• On Monday, May 18th, Bruce Lucas sold 455,000 shares of Slide Insurance stock. The shares were sold at an average price of $19.06, for a total value of $8,672,300.00.
• On Friday, May 15th, Bruce Lucas sold 269,881 shares of Slide Insurance stock. The stock was sold at an average price of $18.84, for a total value of $5,084,558.04.
• On Monday, May 11th, Bruce Lucas sold 91,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.76, for a total value of $1,707,160.00.
• On Thursday, May 7th, Bruce Lucas sold 173,317 shares of Slide Insurance stock. The shares were sold at an average price of $18.81, for a total transaction of $3,260,092.77.
• On Monday, May 4th, Bruce Lucas sold 67,205 shares of Slide Insurance stock. The shares were sold at an average price of $18.88, for a total transaction of $1,268,830.40.
• On Friday, May 1st, Bruce Lucas sold 85,436 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total transaction of $1,603,633.72.

Slide Insurance Price Performance

Shares of SLDE opened at $16.70 on Monday. Slide Insurance Holdings, Inc. has a 1-year low of $12.53 and a 1-year high of $25.90. The stock has a market cap of $1.91 billion and a PE ratio of 4.64. The firm has a 50-day simple moving average of $18.17 and a two-hundred day simple moving average of $17.83. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33.

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

Slide Insurance announced that its board has authorized a stock buyback plan on Tuesday, April 28th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

More Slide Insurance News

Here are the key news stories impacting Slide Insurance this week:

• Negative Sentiment: CEO Bruce Lucas sold shares in two transactions this week, including a large sale of 192,695 shares and another of 44,467 shares, trimming his ownership slightly. SEC filing for Bruce Lucas sale
• Negative Sentiment: COO Shannon Lucas also sold shares in two filings, including 19,058 shares and 4,659 shares, adding to the impression of insider selling at SLDE. SEC filing for Shannon Lucas sale
• Negative Sentiment: Insider Matthew Paul Larson sold 13,750 shares, reducing his stake by more than 60%, which may raise concerns about near-term insider confidence. SEC filing for Matthew Paul Larson sale
• Neutral Sentiment: The company’s last reported quarterly results were strong, with earnings of $1.02 per share beating estimates and revenue of $389.28 million, which may help limit downside from the insider sales.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Slide Insurance

A number of large investors have recently modified their holdings of SLDE. Geode Capital Management LLC acquired a new stake in shares of Slide Insurance in the second quarter valued at $2,245,000. Legal & General Group Plc acquired a new position in Slide Insurance during the 2nd quarter worth $216,000. Norges Bank purchased a new stake in Slide Insurance during the 2nd quarter worth about $866,000. Marshall Wace LLP purchased a new stake in Slide Insurance during the 2nd quarter worth about $1,056,000. Finally, Qube Research & Technologies Ltd acquired a new stake in Slide Insurance in the 2nd quarter valued at about $834,000.

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.