Greenlight Capital Re (GLRE) Rating Increased to Buy at ValuEngine

ValuEngine upgraded shares of Greenlight Capital Re (NASDAQ:GLRE) from a hold rating to a buy rating in a report issued on Tuesday.

Several other analysts also recently weighed in on GLRE. BidaskClub downgraded shares of Greenlight Capital Re from a hold rating to a sell rating in a research note on Saturday, June 30th. Zacks Investment Research raised shares of Greenlight Capital Re from a hold rating to a buy rating and set a $16.00 price target for the company in a research note on Wednesday, July 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $20.50.

Greenlight Capital Re stock opened at $12.04 on Tuesday. The firm has a market capitalization of $452.70 million, a price-to-earnings ratio of -9.95 and a beta of 0.82. Greenlight Capital Re has a twelve month low of $11.25 and a twelve month high of $23.00.

Greenlight Capital Re (NASDAQ:GLRE) last posted its quarterly earnings results on Tuesday, July 31st. The financial services provider reported ($1.01) earnings per share for the quarter, topping the consensus estimate of ($1.05) by $0.04. The business had revenue of $88.08 million during the quarter, compared to the consensus estimate of $103.40 million. Greenlight Capital Re had a negative net margin of 44.10% and a negative return on equity of 25.61%. On average, equities analysts anticipate that Greenlight Capital Re will post -7.08 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in GLRE. Wells Fargo & Company MN increased its position in shares of Greenlight Capital Re by 110.3% in the first quarter. Wells Fargo & Company MN now owns 291,485 shares of the financial services provider’s stock valued at $4,678,000 after acquiring an additional 152,863 shares during the period. SG Americas Securities LLC purchased a new position in shares of Greenlight Capital Re in the first quarter valued at about $102,000. Schwab Charles Investment Management Inc. increased its position in shares of Greenlight Capital Re by 12.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 145,066 shares of the financial services provider’s stock valued at $2,329,000 after acquiring an additional 16,031 shares during the period. Northern Trust Corp increased its position in shares of Greenlight Capital Re by 1.4% in the first quarter. Northern Trust Corp now owns 362,111 shares of the financial services provider’s stock valued at $5,812,000 after acquiring an additional 5,102 shares during the period. Finally, BlackRock Inc. increased its position in shares of Greenlight Capital Re by 1.1% in the first quarter. BlackRock Inc. now owns 1,985,641 shares of the financial services provider’s stock valued at $31,869,000 after acquiring an additional 20,911 shares during the period. Hedge funds and other institutional investors own 43.25% of the company’s stock.

About Greenlight Capital Re

Greenlight Capital Re, Ltd., through its subsidiaries, engages in the provision of property and casualty reinsurance products and services worldwide. Its frequency business comprises contracts containing small losses emanating from multiple events and enables the clients to increase their underwriting capacity; and severity business includes contracts with the potential for significant losses emanating from one event or various events.

Further Reading: How to Calculate Compound Annual Growth Rate (CAGR)

To view ValuEngine’s full report, visit ValuEngine’s official website.

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