Greenlight Capital Re (NASDAQ:GLRE) Sets New 52-Week High – Here’s What Happened

Greenlight Capital Re, Ltd. (NASDAQ:GLRE)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $17.50 and last traded at $17.49, with a volume of 339347 shares traded. The stock had previously closed at $17.29.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GLRE shares. Wall Street Zen upgraded Greenlight Capital Re from a “hold” rating to a “strong-buy” rating in a report on Saturday, March 14th. Weiss Ratings raised 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, According to MarketBeat.com, the stock currently has an average rating of “Buy”.

Greenlight Capital Re Trading Up 1.2%

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.84 and a quick ratio of 2.84. The firm has a market cap of $594.31 million, a price-to-earnings ratio of 8.02 and a beta of 0.54. The business’s 50-day moving average price is $14.73 and its two-hundred day moving average price is $13.75.

Greenlight Capital Re (NASDAQ:GLRE) last announced its earnings results on Monday, March 9th. The financial services provider reported $1.44 earnings per share (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 Investors Weigh In On Greenlight Capital Re

A number of hedge funds and other institutional investors have recently made changes to their positions in GLRE. Private Management Group Inc. increased its stake in Greenlight Capital Re by 25.6% in the fourth quarter. Private Management Group Inc. now owns 1,502,235 shares of the financial services provider’s stock valued at $21,903,000 after purchasing an additional 306,468 shares during the last quarter. Catawba River Capital purchased a new position in Greenlight Capital Re during the third quarter worth about $2,542,000. Pinnacle Associates Ltd. acquired a new stake in Greenlight Capital Re in the 4th quarter worth about $2,480,000. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in Greenlight Capital Re in the 4th quarter worth about $2,479,000. Finally, Millennium Management LLC grew its holdings in Greenlight Capital Re by 546.5% in the 4th quarter. Millennium Management LLC now owns 199,314 shares of the financial services provider’s stock valued at $2,906,000 after buying an additional 168,486 shares during the period. Hedge funds and other 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.