Slide Insurance Holdings, Inc. (NASDAQ:SLDE) Sees Significant Growth in Short Interest

Slide Insurance Holdings, Inc. (NASDAQ:SLDE) was the recipient of a significant growth in short interest in March. As of March 31st, there was short interest totaling 6,566,186 shares, a growth of 29.3% from the March 15th total of 5,076,321 shares. Currently, 5.3% of the shares of the stock are short sold. Based on an average trading volume of 2,813,862 shares, the days-to-cover ratio is presently 2.3 days.

Slide Insurance Trading Up 3.4%

Shares of SLDE stock opened at $19.63 on Friday. Slide Insurance has a fifty-two week low of $12.53 and a fifty-two week high of $25.90. The stock has a market cap of $2.44 billion and a P/E ratio of 7.61. The business has a fifty day simple moving average of $17.88 and a 200-day simple moving average of $17.20. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.03.

Slide Insurance (NASDAQ:SLDE) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates 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, CEO Bruce Lucas sold 273,702 shares of the stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $18.11, for a total value of $4,956,743.22. Following the completion of the transaction, the chief executive officer owned 37,620,933 shares in the company, valued at approximately $681,315,096.63. This represents a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 2,909,847 shares of company stock valued at $53,082,121 in the last three months.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Great Lakes Advisors LLC acquired a new stake in shares of Slide Insurance during the third quarter valued at $3,113,000. HB Wealth Management LLC acquired a new stake in shares of Slide Insurance during the third quarter valued at $955,000. Federated Hermes Inc. acquired a new stake in shares of Slide Insurance during the third quarter valued at $9,471,000. Cyndeo Wealth Partners LLC acquired a new stake in shares of Slide Insurance during the fourth quarter valued at $2,235,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Slide Insurance during the third quarter valued at $871,000.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SLDE. Barclays increased their price objective on 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 Slide Insurance from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, February 26th. Zacks Research upgraded Slide Insurance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 17th. Wall Street Zen cut Slide Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Finally, Keefe, Bruyette & Woods raised their price target on Slide Insurance from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Slide Insurance has an average rating of “Buy” and a consensus price target of $24.40.

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.