Greenlight Capital Re (GLRE) Hits New 12-Month Low on Insider Selling

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) shares hit a new 52-week low on Tuesday after an insider sold shares in the company. The company traded as low as $15.68 and last traded at $15.70, with a volume of 185712 shares. The stock had previously closed at $15.80.

Specifically, insider Sherry Diaz sold 1,500 shares of the business’s stock in a transaction on Thursday, November 22nd. The stock was sold at an average price of $21.65, for a total transaction of $32,475.00. Following the completion of the sale, the insider now owns 32,000 shares in the company, valued at $692,800. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Daniel Roitman bought 35,000 shares of the company’s stock in a transaction dated Tuesday, March 6th. The shares were purchased at an average price of $16.49 per share, with a total value of $577,150.00. Following the transaction, the insider now owns 270,117 shares of the company’s stock, valued at $4,454,229.33. The disclosure for this purchase can be found here. Insiders own 21.38% of the company’s stock.

A number of equities research analysts recently commented on GLRE shares. UBS reiterated a “buy” rating and issued a $25.00 price objective (down previously from $27.00) on shares of Greenlight Capital Re in a report on Friday, February 23rd. Zacks Investment Research upgraded Greenlight Capital Re from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Tuesday, November 28th. TheStreet downgraded Greenlight Capital Re from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. BidaskClub upgraded Greenlight Capital Re from a “sell” rating to a “hold” rating in a report on Friday, January 5th. Finally, ValuEngine downgraded Greenlight Capital Re from a “hold” rating to a “sell” rating in a report on Saturday, December 9th. Three investment analysts have rated the stock with a sell rating and one has given a buy rating to the stock. Greenlight Capital Re has an average rating of “Hold” and an average target price of $24.50.

The firm has a market capitalization of $592.09, a price-to-earnings ratio of -12.72 and a beta of 0.89.

Greenlight Capital Re (NASDAQ:GLRE) last released its quarterly earnings data on Tuesday, February 20th. The financial services provider reported ($1.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.47). The company had revenue of $124.54 million during the quarter, compared to the consensus estimate of $157.50 million. Greenlight Capital Re had a negative net margin of 6.96% and a negative return on equity of 5.14%. research analysts predict that Greenlight Capital Re, Ltd. will post -1.68 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Crestline Management LP bought a new stake in Greenlight Capital Re in the fourth quarter valued at about $202,000. Teacher Retirement System of Texas acquired a new position in Greenlight Capital Re in the fourth quarter valued at about $207,000. Guggenheim Capital LLC acquired a new position in Greenlight Capital Re in the fourth quarter valued at about $232,000. Jefferies Group LLC acquired a new position in Greenlight Capital Re in the fourth quarter valued at about $239,000. Finally, Stevens Capital Management LP acquired a new position in Greenlight Capital Re in the third quarter valued at about $270,000. Institutional investors and hedge funds own 49.29% of the company’s stock.

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About Greenlight Capital Re

Greenlight Capital Re, Ltd. is a holding company. The Company analyzes its underwriting operations using two categories: frequency business, which is characterized as contracts containing a number of small losses emanating from multiple events, and severity business, which is characterized as contracts with the potential for significant losses emanating from one event or multiple events.

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