Slide Insurance (NASDAQ:SLDE) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Slide Insurance (NASDAQ:SLDE) from a hold rating to a strong-buy rating in a report released on Thursday,Zacks.com reports.

A number of other research firms have also recently issued reports on SLDE. Morgan Stanley upgraded Slide Insurance from an “equal weight” rating to an “overweight” rating and set a $18.00 target price on the stock in a research report on Thursday, September 25th. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, August 16th. Barclays started coverage on shares of Slide Insurance in a research note on Monday, July 14th. They issued an “overweight” rating and a $25.00 price objective for the company. Citigroup started coverage on shares of Slide Insurance in a research note on Monday, July 14th. They set an “outperform” rating on the stock. Finally, Keefe, Bruyette & Woods increased their price target on Slide Insurance from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Slide Insurance presently has an average rating of “Buy” and a consensus target price of $22.67.

Slide Insurance Trading Down 0.1%

Shares of NASDAQ:SLDE traded down $0.02 during midday trading on Thursday, hitting $16.60. The stock had a trading volume of 1,244,631 shares, compared to its average volume of 1,304,920. The stock has a 50-day moving average price of $14.99. Slide Insurance has a fifty-two week low of $12.53 and a fifty-two week high of $25.90.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.30. The firm had revenue of $265.69 million during the quarter, compared to the consensus estimate of $279.36 million.

Slide Insurance declared that its board has approved a share buyback program on Wednesday, August 27th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. FNY Investment Advisers LLC acquired a new stake in shares of Slide Insurance during the second quarter worth $26,000. Opal Wealth Advisors LLC acquired a new stake in Slide Insurance during the 2nd quarter worth about $53,000. Strs Ohio bought a new position in shares of Slide Insurance in the 3rd quarter worth about $77,000. New York State Common Retirement Fund bought a new position in shares of Slide Insurance in the 3rd quarter worth about $134,000. Finally, Man Group plc acquired a new position in shares of Slide Insurance in the 2nd quarter valued at about $210,000.

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”).