Greenlight Capital Re (NASDAQ:GLRE) Shares Up 5.4% – Here’s Why

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) rose 5.4% during trading on Friday . The stock traded as high as $17.28 and last traded at $17.1450. Approximately 18,599 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 179,277 shares. The stock had previously closed at $16.27.

Analyst Ratings Changes

Several brokerages have recently weighed in on GLRE. Wall Street Zen cut Greenlight Capital Re from a “buy” rating to a “hold” rating in a research report on Sunday, June 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Greenlight Capital Re in a research note on Monday, July 6th. Finally, Zacks Research raised shares of Greenlight Capital Re to a “hold” rating in a report on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Greenlight Capital Re currently has a consensus rating of “Moderate Buy”.

Greenlight Capital Re Stock Up 2.2%

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.46 and a quick ratio of 2.46. The company has a fifty day moving average price of $16.46 and a 200 day moving average price of $15.87. The company has a market cap of $569.53 million, a PE ratio of 7.24 and a beta of 0.32.

Greenlight Capital Re (NASDAQ:GLRE) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.20). Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%. The company had revenue of $189.66 million during the quarter, compared to analysts’ expectations of $160.88 million. As a group, analysts anticipate that Greenlight Capital Re, Ltd. will post 1.8 EPS for the current year.

Insider Activity at Greenlight Capital Re

In related news, General Counsel David Sigmon sold 7,500 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $17.33, for a total value of $129,975.00. Following the completion of the transaction, the general counsel directly owned 32,678 shares in the company, valued at approximately $566,309.74. The trade was a 18.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph P. Platt, Jr. sold 11,747 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $16.87, for a total value of $198,171.89. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 85,472 shares of company stock worth $1,472,107. Corporate insiders own 24.67% of the company’s stock.

Institutional Investors Weigh In On Greenlight Capital Re

Several hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its position in shares of Greenlight Capital Re by 4.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 30,659 shares of the financial services provider’s stock valued at $441,000 after purchasing an additional 1,429 shares during the last quarter. Bank of America Corp DE lifted its position in Greenlight Capital Re by 3.8% in the 2nd quarter. Bank of America Corp DE now owns 39,239 shares of the financial services provider’s stock worth $564,000 after buying an additional 1,451 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Greenlight Capital Re by 90.2% in the second quarter. Tower Research Capital LLC TRC now owns 3,431 shares of the financial services provider’s stock worth $49,000 after buying an additional 1,627 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Greenlight Capital Re by 3,773.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,743 shares of the financial services provider’s stock worth $30,000 after buying an additional 1,698 shares in the last quarter. Finally, Independent Advisor Alliance grew its position in Greenlight Capital Re by 2.8% during the fourth quarter. Independent Advisor Alliance now owns 64,561 shares of the financial services provider’s stock valued at $941,000 after acquiring an additional 1,751 shares during the last quarter. Institutional investors own 41.52% of the company’s stock.

About Greenlight Capital Re

Greenlight Capital Re Ltd. (NASDAQ: GLRE) is a Bermuda‐incorporated reinsurer externally managed by Greenlight Capital Re Services Ltd., a subsidiary of Greenlight Capital, Inc Since its formation in 2016 and subsequent initial public offering in 2017, the company has focused on providing customized reinsurance solutions to insurers worldwide. Greenlight Capital Re operates as an independent, publicly traded entity, leveraging the investment expertise and underwriting rigor that underpin its parent’s investment platform.

The company’s core business activities encompass both treaty and facultative reinsurance across a broad spectrum of property and casualty lines.