Greenlight Capital Re (GLRE) Downgraded by BidaskClub to Strong Sell

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BidaskClub lowered shares of Greenlight Capital Re (NASDAQ:GLRE) from a sell rating to a strong sell rating in a report issued on Wednesday morning.

Separately, ValuEngine lowered Greenlight Capital Re from a hold rating to a sell rating in a research report on Friday, September 7th. Two equities research analysts have rated the stock with a sell rating and two have given a buy rating to the company’s stock. Greenlight Capital Re currently has a consensus rating of Hold and an average target price of $20.50.

Shares of NASDAQ:GLRE traded down $0.03 during midday trading on Wednesday, hitting $10.03. The company had a trading volume of 4,987 shares, compared to its average volume of 249,663. Greenlight Capital Re has a twelve month low of $10.03 and a twelve month high of $22.45. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.82 and a current ratio of 2.82. The stock has a market cap of $366.03 million, a PE ratio of -8.31 and a beta of 0.69.

Greenlight Capital Re (NASDAQ:GLRE) last posted its quarterly earnings results on Monday, November 5th. The financial services provider reported ($2.20) EPS for the quarter, beating the consensus estimate of ($2.54) by $0.34. The firm had revenue of $42.57 million during the quarter, compared to analysts’ expectations of $68.40 million. Greenlight Capital Re had a negative return on equity of 44.40% and a negative net margin of 125.14%. As a group, analysts predict that Greenlight Capital Re will post -7.3 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Greenlight Capital Re by 1.3% in the third quarter. Vanguard Group Inc. now owns 2,602,963 shares of the financial services provider’s stock worth $32,277,000 after acquiring an additional 34,252 shares during the period. Morgan Stanley grew its position in Greenlight Capital Re by 7.2% in the third quarter. Morgan Stanley now owns 2,201,546 shares of the financial services provider’s stock worth $27,299,000 after acquiring an additional 146,922 shares during the period. Teachers Advisors LLC grew its position in Greenlight Capital Re by 8.4% in the third quarter. Teachers Advisors LLC now owns 68,124 shares of the financial services provider’s stock worth $845,000 after acquiring an additional 5,300 shares during the period. IndexIQ Advisors LLC grew its position in Greenlight Capital Re by 3.9% in the third quarter. IndexIQ Advisors LLC now owns 141,635 shares of the financial services provider’s stock worth $1,756,000 after acquiring an additional 5,349 shares during the period. Finally, Virginia National Bank purchased a new position in Greenlight Capital Re in the third quarter worth approximately $974,000. Institutional investors own 50.22% of the company’s stock.

About Greenlight Capital Re

Greenlight Capital Re, Ltd., through its subsidiaries, engages in the provision of property and casualty reinsurance products and services worldwide. Its frequency business comprises contracts containing small losses emanating from multiple events and enables the clients to increase their underwriting capacity; and severity business includes contracts with the potential for significant losses emanating from one event or various events.

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