Short Interest in Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Increases By 89.6%

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) was the recipient of a large growth in short interest in June. As of June 30th, there was short interest totaling 635,351 shares, a growth of 89.6% from the June 15th total of 335,155 shares. Based on an average daily volume of 204,329 shares, the days-to-cover ratio is currently 3.1 days. Currently, 2.5% of the company’s stock are sold short.

Greenlight Capital Re Stock Up 1.6%

Greenlight Capital Re stock traded up $0.27 during mid-day trading on Friday, hitting $17.07. The company had a trading volume of 196,864 shares, compared to its average volume of 179,407. The stock has a market cap of $566.21 million, a price-to-earnings ratio of 7.20 and a beta of 0.32. Greenlight Capital Re has a 1 year low of $11.56 and a 1 year high of $19.39. 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 business has a fifty day moving average of $16.46 and a 200 day moving average of $15.87.

Greenlight Capital Re (NASDAQ:GLRE) last issued its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.20). The company had revenue of $189.66 million for the quarter, compared to analysts’ expectations of $160.88 million. Greenlight Capital Re had a return on equity of 11.69% and a net margin of 11.47%. On average, sell-side analysts expect that Greenlight Capital Re will post 1.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel David Sigmon sold 7,500 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was 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. The trade was a 18.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph P. Platt, Jr. sold 11,747 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $16.87, for a total value of $198,171.89. The SEC filing for this sale provides additional information. Insiders have sold 85,472 shares of company stock worth $1,472,107 in the last quarter. Company insiders own 24.67% of the company’s stock.

Institutional Trading of Greenlight Capital Re

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wedge Capital Management L L P NC boosted its position in shares of Greenlight Capital Re by 10.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 62,951 shares of the financial services provider’s stock valued at $1,019,000 after purchasing an additional 6,178 shares during the period. Bank of America Corp DE increased its position in Greenlight Capital Re by 14.9% during the first quarter. Bank of America Corp DE now owns 88,059 shares of the financial services provider’s stock worth $1,523,000 after buying an additional 11,416 shares during the period. Empowered Funds LLC lifted its stake in Greenlight Capital Re by 9.8% in the first quarter. Empowered Funds LLC now owns 178,029 shares of the financial services provider’s stock valued at $3,078,000 after buying an additional 15,845 shares during the last quarter. Quantinno Capital Management LP lifted its stake in Greenlight Capital Re by 65.9% in the first quarter. Quantinno Capital Management LP now owns 51,526 shares of the financial services provider’s stock valued at $891,000 after buying an additional 20,459 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Greenlight Capital Re in the first quarter valued at approximately $1,343,000. Institutional investors and hedge funds own 41.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on GLRE. Zacks Research upgraded shares of Greenlight Capital Re to a “hold” rating in a report on Wednesday, May 27th. Wall Street Zen lowered shares of Greenlight Capital Re from a “buy” rating to a “hold” rating in a report on Sunday, June 7th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Greenlight Capital Re in a research report on Monday, July 6th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy”.

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.