Andrew Pardo Wright Sells 6,316 Shares of Slide Insurance (NASDAQ:SLDE) Stock

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Director Andrew Pardo Wright sold 6,316 shares of Slide Insurance stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $18.90, for a total value of $119,372.40. Following the completion of the transaction, the director owned 100,086 shares of the company’s stock, valued at approximately $1,891,625.40. This trade represents a 5.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Andrew Pardo Wright also recently made the following trade(s):

• On Friday, May 1st, Andrew Pardo Wright sold 15,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $281,250.00.

Slide Insurance Price Performance

Shares of NASDAQ SLDE opened at $18.63 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market cap of $2.13 billion and a price-to-earnings ratio of 5.18. The stock’s 50-day moving average is $18.24 and its two-hundred day moving average is $17.58. 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 announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The business had revenue of $389.28 million during the quarter. Analysts forecast that Slide Insurance Holdings, Inc. will post 3.51 EPS for the current fiscal year.

Slide Insurance declared that its Board of Directors has initiated a share repurchase program on Tuesday, April 28th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Zacks Research downgraded shares of Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Piper Sandler raised their price target on Slide Insurance from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, February 26th. Barclays lifted their price target on Slide Insurance from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods upped their price objective on Slide Insurance from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Slide Insurance presently has an average rating of “Moderate Buy” and an average price target of $24.80.

Institutional Trading of Slide Insurance

Institutional investors have recently modified their holdings of the stock. Comerica Bank boosted its holdings 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 in the last quarter. CWM LLC acquired a new stake in Slide Insurance during the 4th quarter worth $35,000. Ameritas Investment Partners Inc. purchased a new stake in Slide Insurance in the third quarter valued at $35,000. Aster Capital Management DIFC Ltd purchased a new stake in Slide Insurance in the fourth quarter valued at $47,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Slide Insurance by 4,839.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,519 shares of the company’s stock valued at $49,000 after acquiring an additional 2,468 shares in the last quarter.

Trending Headlines about Slide Insurance

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

• Negative Sentiment: CEO Bruce Lucas sold 91,000 shares at an average price of $18.76, following a much larger sale earlier in the week of 173,317 shares. Heavy insider selling from the CEO is often seen as a bearish signal by investors. SEC filing
• Negative Sentiment: COO Shannon Lucas also sold shares twice in the period, including 9,000 shares on May 11 and 17,141 shares on May 7, adding to concerns that management may be reducing exposure after the stock’s recent strength. SEC filing
• Negative Sentiment: Director Andrew Pardo Wright sold 6,316 shares, and had already sold 15,000 shares earlier in the month, reinforcing the pattern of insider selling across multiple executives and directors. SEC filing
• Neutral Sentiment: Slide Insurance’s recent earnings report was solid, with EPS of $1.02 versus estimates of $0.82, and the company also authorized a $100 million share repurchase program, which supports the longer-term story. Related article

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.