Short Interest in Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Decreases By 22.0%
by Renee Jackson · The Cerbat GemSlide Insurance Holdings, Inc. (NASDAQ:SLDE – Get Free Report) saw a large drop in short interest in the month of December. As of December 31st, there was short interest totaling 3,628,260 shares, a drop of 22.0% from the December 15th total of 4,653,470 shares. Currently, 2.9% of the shares of the company are short sold. Based on an average daily volume of 1,522,481 shares, the short-interest ratio is presently 2.4 days. Based on an average daily volume of 1,522,481 shares, the short-interest ratio is presently 2.4 days. Currently, 2.9% of the shares of the company are short sold.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. purchased a new stake in shares of Slide Insurance in the second quarter valued at about $56,229,000. HB Wealth Management LLC acquired a new position in Slide Insurance in the 3rd quarter valued at about $955,000. Emerald Mutual Fund Advisers Trust purchased a new stake in Slide Insurance during the 2nd quarter valued at approximately $4,387,000. Soros Fund Management LLC acquired a new stake in Slide Insurance during the 2nd quarter worth approximately $5,415,000. Finally, Russell Investments Group Ltd. purchased a new position in shares of Slide Insurance in the 2nd quarter valued at approximately $4,245,000.
Slide Insurance Trading Up 0.7%
SLDE traded up $0.12 on Friday, hitting $16.29. The company had a trading volume of 842,092 shares, compared to its average volume of 960,523. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.04. The firm has a market cap of $2.02 billion and a P/E ratio of 12.07. Slide Insurance has a 1 year low of $12.53 and a 1 year high of $25.90. The company’s fifty day moving average price is $17.61 and its 200 day moving average price is $16.65.
Slide Insurance (NASDAQ:SLDE – Get Free Report) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.30. The company had revenue of $265.69 million for the quarter, compared to analysts’ expectations of $279.36 million.
Wall Street Analyst Weigh In
Several analysts recently commented on SLDE shares. Zacks Research upgraded shares of Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. Weiss Ratings reissued a “hold (c-)” rating on shares of Slide Insurance in a research note on Friday, December 26th. Morgan Stanley lifted their price target on Slide Insurance from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Monday, November 17th. Piper Sandler increased their price target on Slide Insurance from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on Slide Insurance from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $23.17.
Read Our Latest Research Report on SLDE
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.