Greenlight Capital Re (NASDAQ:GLRE) Trading 5.4% Higher – What’s Next?

Greenlight Capital Re, Ltd. (NASDAQ:GLRE)’s share price was up 5.4% during mid-day trading on Friday . The company traded as high as $17.28 and last traded at $17.1450. Approximately 18,599 shares were traded 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.

Analysts Set New Price Targets

A number of brokerages recently commented on GLRE. Weiss Ratings reiterated a “buy (b)” rating on shares of Greenlight Capital Re in a research report on Monday, July 6th. Wall Street Zen lowered shares of Greenlight Capital Re from a “buy” rating to a “hold” rating in a research report on Sunday, June 7th. Finally, Zacks Research raised Greenlight Capital Re to a “hold” rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Greenlight Capital Re 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 firm’s fifty day moving average price is $16.46 and its 200-day moving average price is $15.87. The stock has a market cap of $569.53 million, a P/E ratio of 7.24 and a beta of 0.32.

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

Insider Activity

In other news, General Counsel David Sigmon sold 7,500 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $17.33, for a total transaction of $129,975.00. Following the completion of the transaction, the general counsel directly owned 32,678 shares of the company’s stock, valued at approximately $566,309.74. This represents a 18.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph P. Platt, Jr. sold 23,613 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $18.01, for a total transaction of $425,270.13. Following the sale, the director owned 11,747 shares of the company’s stock, valued at approximately $211,563.47. This represents a 66.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 85,472 shares of company stock worth $1,472,107 over the last ninety days. 24.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC grew its position in shares of Greenlight Capital Re by 61.1% in the 1st quarter. AQR Capital Management LLC now owns 44,893 shares of the financial services provider’s stock worth $608,000 after buying an additional 17,029 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Greenlight Capital Re by 8.3% during the first quarter. Empowered Funds LLC now owns 117,805 shares of the financial services provider’s stock valued at $1,596,000 after acquiring an additional 9,066 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Greenlight Capital Re during the first quarter valued at approximately $335,000. First Trust Advisors LP lifted its stake in Greenlight Capital Re by 3.2% in the second quarter. First Trust Advisors LP now owns 81,531 shares of the financial services provider’s stock worth $1,172,000 after acquiring an additional 2,553 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in Greenlight Capital Re by 0.3% in the second quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider’s stock worth $9,532,000 after acquiring an additional 2,180 shares during the period. 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.