Greenlight Capital Re (NASDAQ:GLRE) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen cut shares of Greenlight Capital Re (NASDAQ:GLRE) from a hold rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings lowered Greenlight Capital Re from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold”.

Greenlight Capital Re Price Performance

Shares of NASDAQ GLRE opened at $14.75 on Friday. Greenlight Capital Re has a fifty-two week low of $11.56 and a fifty-two week high of $19.39. The company has a 50 day simple moving average of $15.46 and a two-hundred day simple moving average of $16.46. The company has a market capitalization of $481.44 million, a price-to-earnings ratio of 10.03 and a beta of 0.27. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.43 and a current ratio of 2.43.

Greenlight Capital Re (NASDAQ:GLRE) last released its earnings results on Tuesday, August 4th. The financial services provider reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.54). Greenlight Capital Re had a net margin of 7.47% and a return on equity of 7.28%. The business had revenue of $137.46 million for the quarter, compared to analysts’ expectations of $165.31 million. Analysts expect that Greenlight Capital Re will post 1.25 EPS for the current fiscal year.

Insider Activity at Greenlight Capital Re

In other Greenlight Capital Re news, Director Ian Isaacs sold 5,150 shares of the firm’s stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $14.90, for a total transaction of $76,735.00. Following the completion of the sale, the director directly owned 37,992 shares in the company, valued at approximately $566,080.80. This trade represents a 11.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Leonard Goldberg bought 6,000 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was purchased at an average cost of $15.42 per share, with a total value of $92,520.00. Following the completion of the acquisition, the director directly owned 36,000 shares of the company’s stock, valued at approximately $555,120. The trade was a 20.00% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have sold 38,500 shares of company stock valued at $580,305. 24.67% of the stock is owned by insiders.

Institutional Investors Weigh In On Greenlight Capital Re

Several institutional investors and hedge funds have recently made changes to their positions in GLRE. PNC Financial Services Group Inc. lifted its position in Greenlight Capital Re by 3,773.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,743 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,698 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in Greenlight Capital Re by 14.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,921 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 2,309 shares during the last quarter. Engineers Gate Manager LP increased its holdings in shares of Greenlight Capital Re by 9.1% in the 2nd quarter. Engineers Gate Manager LP now owns 20,460 shares of the financial services provider’s stock worth $331,000 after purchasing an additional 1,705 shares in the last quarter. Inceptionr LLC bought a new stake in shares of Greenlight Capital Re in the 1st quarter worth $369,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Greenlight Capital Re in the first quarter worth $813,000. Institutional investors own 41.52% of the company’s stock.

About Greenlight Capital Re

Greenlight Capital Re, Ltd. was a Bermuda-based specialty property and casualty reinsurance company established in 2004. The company was founded with backing from Greenlight Capital and was designed to combine traditional reinsurance underwriting with alternative investment expertise.

Through its reinsurance operations, Greenlight Re provided customized coverage and capacity to insurance companies and other risk-bearing organizations. Its business included property, casualty and specialty lines, with underwriting focused on areas such as catastrophe-exposed property, workers’ compensation, liability and other commercial risks.