Greenlight Reinsurance (GLRE) Downgraded to “Sell” at BidaskClub

BidaskClub downgraded shares of Greenlight Reinsurance (NASDAQ:GLRE) from a hold rating to a sell rating in a research report sent to investors on Friday.

GLRE has been the topic of several other reports. ValuEngine downgraded shares of Greenlight Reinsurance from a buy rating to a hold rating in a report on Friday, September 1st. Zacks Investment Research downgraded shares of Greenlight Reinsurance from a buy rating to a hold rating in a report on Friday, September 15th. Finally, TheStreet raised shares of Greenlight Reinsurance from a c rating to a b- rating in a report on Wednesday, November 1st.

Greenlight Reinsurance (NASDAQ:GLRE) traded up $0.95 during trading hours on Friday, reaching $21.20. 244,864 shares of the company’s stock traded hands, compared to its average volume of 101,862. The stock has a market cap of $756.28, a P/E ratio of 18.41 and a beta of 0.77. Greenlight Reinsurance has a 12 month low of $19.70 and a 12 month high of $24.10.

Greenlight Reinsurance (NASDAQ:GLRE) last released its earnings results on Monday, October 30th. The financial services provider reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.26). The company had revenue of $236.15 million for the quarter, compared to analysts’ expectations of $200.80 million. Greenlight Reinsurance had a return on equity of 4.74% and a net margin of 5.91%. analysts predict that Greenlight Reinsurance will post -0.95 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in GLRE. SG Americas Securities LLC purchased a new stake in shares of Greenlight Reinsurance in the 2nd quarter valued at $113,000. Stevens Capital Management LP purchased a new stake in shares of Greenlight Reinsurance in the 3rd quarter valued at $270,000. Advisory Services Network LLC boosted its holdings in Greenlight Reinsurance by 22.1% during the second quarter. Advisory Services Network LLC now owns 13,113 shares of the financial services provider’s stock worth $274,000 after buying an additional 2,370 shares in the last quarter. Aperio Group LLC boosted its holdings in Greenlight Reinsurance by 44.5% during the second quarter. Aperio Group LLC now owns 13,926 shares of the financial services provider’s stock worth $291,000 after buying an additional 4,288 shares in the last quarter. Finally, Voya Investment Management LLC boosted its holdings in Greenlight Reinsurance by 12.9% during the second quarter. Voya Investment Management LLC now owns 15,340 shares of the financial services provider’s stock worth $321,000 after buying an additional 1,752 shares in the last quarter. 46.96% of the stock is currently owned by institutional investors and hedge funds.

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About Greenlight Reinsurance

Greenlight Capital Re, Ltd. is a holding company. The Company analyzes its underwriting operations using two categories: frequency business, which is characterized as contracts containing a number of small losses emanating from multiple events, and severity business, which is characterized as contracts with the potential for significant losses emanating from one event or multiple events.

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