Emerald Advisers LLC Raises Position in Slide Insurance Holdings, Inc. $SLDE

by · The Markets Daily

Emerald Advisers LLC increased its stake in Slide Insurance Holdings, Inc. (NASDAQ:SLDE – Free Report) by 40.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 85,885 shares of the company’s stock after buying an additional 24,740 shares during the quarter. Emerald Advisers LLC’s holdings in Slide Insurance were worth $1,546,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Slide Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 price target (down from $23.00) on shares of Slide Insurance in a report on Monday, July 6th. Zacks Research lowered Slide Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings restated a “hold (c)” rating on shares of Slide Insurance in a report on Wednesday, May 6th. Finally, Barclays cut their target price on Slide Insurance from $31.00 to $27.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.75.

Check Out Our Latest Stock Analysis on Slide Insurance

Slide Insurance Stock Performance

Slide Insurance stock opened at $20.88 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. Slide Insurance Holdings, Inc. has a 12 month low of $12.53 and a 12 month high of $21.79. The company has a fifty day moving average price of $18.48 and a two-hundred day moving average price of $18.07. The company has a market cap of $2.39 billion and a PE ratio of 5.80.

Slide Insurance (NASDAQ:SLDE – Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. The business had revenue of $389.28 million during the quarter. Slide Insurance had a net margin of 38.86% and a return on equity of 48.38%. Research analysts expect that Slide Insurance Holdings, Inc. will post 3.59 earnings per share for the current year.

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

Insider Buying and Selling

In other news, CEO Bruce Lucas sold 455,000 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $19.06, for a total transaction of $8,672,300.00. Following the completion of the transaction, the chief executive officer directly owned 35,429,165 shares of the company’s stock, valued at approximately $675,279,884.90. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 3,382,850 shares of company stock valued at $63,811,068 in the last three months. Insiders own 50.80% of the company’s stock.

Slide Insurance Company Profile

(Free Report)

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.

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