Slide Insurance (NASDAQ:SLDE) Shares Gap Up – Here’s Why

Shares of Slide Insurance Holdings, Inc. (NASDAQ:SLDE) 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 trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Slide Insurance in a research note on Friday, December 26th. Keefe, Bruyette & Woods raised their target price on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Monday, March 9th. Barclays upped their price target on shares of Slide Insurance from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Piper Sandler increased 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. Finally, Texas Capital upgraded shares of Slide Insurance to a “strong-buy” rating in a research report on Wednesday, March 18th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Slide Insurance presently has an average rating of “Buy” and an average price target of $24.40.

Slide Insurance Stock Performance

The stock has a market cap of $2.21 billion and a price-to-earnings ratio of 6.89. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.03. The firm has a fifty day simple moving average of $17.34 and a 200-day simple moving average of $16.76.

Slide Insurance (NASDAQ:SLDE) last released its earnings results on Tuesday, February 24th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $0.87 by $0.36. The firm had revenue of $347.01 million during the quarter.

Insider Transactions at Slide Insurance

In other Slide Insurance news, Director Robert Gries, Jr. sold 28,212 shares of the company’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $18.35, for a total transaction of $517,690.20. Following the transaction, the director directly owned 2,003,053 shares in the company, valued at approximately $36,756,022.55. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Shannon Lucas sold 9,763 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $18.44, for a total transaction of $180,029.72. Following the completion of the transaction, the chief operating officer directly owned 1,553,108 shares in the company, valued at $28,639,311.52. This trade represents a 0.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,036,622 shares of company stock valued at $19,244,059 in the last three months.

Hedge Funds Weigh In On Slide Insurance

Large investors have recently bought and sold shares of the business. Comerica Bank boosted its stake in Slide Insurance by 3,462.2% in the fourth quarter. Comerica Bank now owns 1,318 shares of the company’s stock valued at $26,000 after acquiring an additional 1,281 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Slide Insurance by 11.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,019 shares of the company’s stock valued at $313,000 after acquiring an additional 1,704 shares during the last quarter. CWM LLC acquired a new position in shares of Slide Insurance in the 4th quarter valued at $35,000. Ameritas Investment Partners Inc. bought a new position in shares of Slide Insurance in the 3rd quarter worth $35,000. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Slide Insurance in the 4th quarter worth $47,000.

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.