Greenlight Capital Re (NASDAQ:GLRE – Get Free Report) released its quarterly earnings results on Tuesday. The financial services provider reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.54), FiscalAI reports. The firm had revenue of $137.46 million during the quarter, compared to the consensus estimate of $163.43 million. Greenlight Capital Re had a net margin of 7.47% and a return on equity of 7.26%.
Greenlight Capital Re Stock Performance
NASDAQ:GLRE traded up $0.11 during midday trading on Thursday, hitting $15.86. The company’s stock had a trading volume of 13,112 shares, compared to its average volume of 176,050. Greenlight Capital Re has a fifty-two week low of $11.56 and a fifty-two week high of $19.39. 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 firm has a market cap of $526.18 million, a P/E ratio of 10.93 and a beta of 0.33. The firm’s 50 day moving average is $16.27 and its 200-day moving average is $16.14.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on GLRE shares. Zacks Research upgraded shares of Greenlight Capital Re to a “hold” rating in a research note on Wednesday, May 27th. Wall Street Zen cut Greenlight Capital Re from a “buy” rating to a “hold” rating in a research report on Sunday, June 7th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Greenlight Capital Re in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy”.
Insider Buying and Selling at Greenlight Capital Re
In other news, COO Patrick O’brien sold 3,026 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $16.36, for a total value of $49,505.36. Following the sale, the chief operating officer directly owned 208,633 shares of the company’s stock, valued at $3,413,235.88. This represents a 1.43% decrease in their position. The transaction 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 Ian Isaacs sold 4,000 shares of the firm’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $16.06, for a total transaction of $64,240.00. Following the transaction, the director directly owned 51,191 shares of the company’s stock, valued at approximately $822,127.46. This trade represents a 7.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 85,472 shares of company stock valued at $1,472,107. 24.67% of the stock is currently owned by insiders.
Institutional Trading of Greenlight Capital Re
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Wisconsin Investment Board lifted its holdings in Greenlight Capital Re by 6.7% in the fourth quarter. State of Wisconsin Investment Board now owns 31,981 shares of the financial services provider’s stock valued at $466,000 after acquiring an additional 2,000 shares during the period. ExodusPoint Capital Management LP acquired a new stake in shares of Greenlight Capital Re during the 4th quarter worth approximately $411,000. Squarepoint Ops LLC grew its stake in shares of Greenlight Capital Re by 86.3% during the 4th quarter. Squarepoint Ops LLC now owns 24,110 shares of the financial services provider’s stock worth $352,000 after purchasing an additional 11,167 shares during the period. Walleye Capital LLC purchased a new position in shares of Greenlight Capital Re during the 4th quarter valued at approximately $275,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Greenlight Capital Re in the 4th quarter valued at $228,000. 41.52% of the stock is owned by institutional investors and hedge funds.
Greenlight Capital Re Company Profile
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.
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