Greenlight Capital Re (NASDAQ:GLRE) Shares Gap Down – Time to Sell?

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) gapped down before the market opened on Thursday . The stock had previously closed at $17.06, but opened at $16.17. Greenlight Capital Re shares last traded at $17.0390, with a volume of 59,020 shares traded.

Wall Street Analysts Forecast Growth

GLRE has been the topic of several recent analyst reports. Wall Street Zen raised shares of Greenlight Capital Re from a “hold” rating to a “strong-buy” rating in a research note on Saturday, March 14th. Weiss Ratings upgraded shares of Greenlight Capital Re from a “hold (c)” rating to a “buy (b+)” rating in a report on Tuesday, March 17th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy”.

Greenlight Capital Re Stock Performance

The firm has a market cap of $572.87 million, a PE ratio of 7.73 and a beta of 0.54. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 0.01. The business has a 50 day simple moving average of $14.44 and a two-hundred day simple moving average of $13.62.

Greenlight Capital Re (NASDAQ:GLRE) last posted its quarterly earnings results on Monday, March 9th. The financial services provider reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.32. The firm had revenue of $210.30 million for the quarter. Greenlight Capital Re had a net margin of 10.25% and a return on equity of 11.10%.

Institutional Trading of Greenlight Capital Re

Institutional investors and hedge funds have recently modified their holdings of the stock. Private Management Group Inc. grew its holdings in Greenlight Capital Re by 25.6% during the 4th quarter. Private Management Group Inc. now owns 1,502,235 shares of the financial services provider’s stock worth $21,903,000 after acquiring an additional 306,468 shares in the last quarter. Catawba River Capital bought a new stake in shares of Greenlight Capital Re in the 3rd quarter valued at about $2,542,000. Pinnacle Associates Ltd. bought a new stake in shares of Greenlight Capital Re in the 4th quarter valued at about $2,480,000. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in shares of Greenlight Capital Re in the 4th quarter worth approximately $2,479,000. Finally, Millennium Management LLC boosted its stake in shares of Greenlight Capital Re by 546.5% during the fourth quarter. Millennium Management LLC now owns 199,314 shares of the financial services provider’s stock valued at $2,906,000 after purchasing an additional 168,486 shares in the last quarter. Institutional investors own 41.52% of the company’s stock.

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.