Greenlight Capital Re (NASDAQ:GLRE) Shares Up 5.4% – Should You Buy?

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) shares rose 5.4% during trading on Friday . The company traded as high as $17.28 and last traded at $17.1450. Approximately 18,599 shares changed hands during 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

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

Greenlight Capital Re Price Performance

The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.01. The stock has a market cap of $566.21 million, a P/E ratio of 7.20 and a beta of 0.32. The business’s 50-day simple moving average is $16.45 and its two-hundred day simple moving average is $15.88.

Greenlight Capital Re (NASDAQ:GLRE) last posted its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $189.66 million during the quarter, compared to the consensus estimate of $160.88 million. Sell-side analysts expect that Greenlight Capital Re, Ltd. will post 1.8 EPS for the current year.

Insider Buying and Selling

In other news, Director Joseph P. Platt, Jr. sold 11,747 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $16.87, for a total value of $198,171.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ian Isaacs sold 4,000 shares of Greenlight Capital Re stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $16.06, for a total value of $64,240.00. Following the completion of the transaction, the director owned 51,191 shares of the company’s stock, valued at approximately $822,127.46. This trade represents a 7.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 85,472 shares of company stock worth $1,472,107. Insiders own 24.67% of the company’s stock.

Institutional Investors Weigh In On Greenlight Capital Re

Several hedge funds and other institutional investors have recently modified their holdings of GLRE. PNC Financial Services Group Inc. grew its stake in Greenlight Capital Re by 3,773.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,743 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,698 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in Greenlight Capital Re by 7,213.6% in the 4th quarter. Quadrant Capital Group LLC now owns 3,218 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 3,174 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Greenlight Capital Re by 90.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,431 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 1,627 shares during the period. Russell Investments Group Ltd. grew its position in shares of Greenlight Capital Re by 184.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,238 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 2,749 shares in the last quarter. Finally, Bfsg LLC grew its position in shares of Greenlight Capital Re by 31.8% during the 4th quarter. Bfsg LLC now owns 11,940 shares of the financial services provider’s stock valued at $174,000 after purchasing an additional 2,880 shares in the last quarter. 41.52% of the stock is currently owned by institutional investors.

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.