Greenlight Capital Re (NASDAQ:GLRE) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Greenlight Capital Re (NASDAQ:GLRE) to a hold rating in a research report released on Wednesday morning,Zacks.com reports.

A number of other brokerages have also weighed in on GLRE. Weiss Ratings raised shares of Greenlight Capital Re from a “hold (c)” rating to a “buy (b+)” rating in a report on Tuesday, March 17th. Wall Street Zen lowered shares of Greenlight Capital Re from a “strong-buy” rating to a “hold” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Greenlight Capital Re presently has a consensus rating of “Moderate Buy”.

Greenlight Capital Re Stock Down 2.7%

Greenlight Capital Re stock opened at $15.89 on Wednesday. The stock has a market capitalization of $527.07 million, a price-to-earnings ratio of 6.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.46 and a quick ratio of 2.46. Greenlight Capital Re has a 1-year low of $11.56 and a 1-year high of $19.39. The business has a fifty day moving average price of $17.69 and a 200-day moving average price of $15.28.

Greenlight Capital Re (NASDAQ:GLRE) last announced its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 11.47% and a return on equity of 11.69%. Equities research analysts forecast that Greenlight Capital Re will post 2 EPS for the current fiscal year.

Insider Buying and Selling at Greenlight Capital Re

In other Greenlight Capital Re news, Director Joseph P. Platt, Jr. sold 11,747 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $16.87, for a total value of $198,171.89. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel David Sigmon sold 7,500 shares of the company’s stock in a transaction on 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 sale, the general counsel directly owned 32,678 shares in the company, valued at approximately $566,309.74. The trade was a 18.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 62,500 shares of company stock worth $1,097,117. 24.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Greenlight Capital Re

Institutional investors have recently modified their holdings of the stock. Pinnacle Associates Ltd. purchased a new position in shares of Greenlight Capital Re during the 4th quarter valued at about $2,480,000. Private Management Group Inc. raised its stake in shares of Greenlight Capital Re by 12.8% during the 3rd quarter. Private Management Group Inc. now owns 1,195,767 shares of the financial services provider’s stock valued at $15,186,000 after buying an additional 136,041 shares during the last quarter. Catawba River Capital purchased a new position in shares of Greenlight Capital Re during the 3rd quarter valued at about $2,542,000. CWA Asset Management Group LLC raised its stake in shares of Greenlight Capital Re by 6.9% during the 4th quarter. CWA Asset Management Group LLC now owns 977,105 shares of the financial services provider’s stock valued at $14,246,000 after buying an additional 62,707 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC purchased a new position in shares of Greenlight Capital Re during the 4th quarter valued at about $2,479,000. 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.