Greenlight Capital Re (NASDAQ:GLRE) Trading Up 5.3% – Here’s Why

Greenlight Capital Re, Ltd. (NASDAQ:GLRE)’s share price rose 5.3% during trading on Friday . The company traded as high as $15.90 and last traded at $15.78. Approximately 154,771 shares were traded during mid-day trading, an increase of 31% from the average daily volume of 118,498 shares. The stock had previously closed at $14.99.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “hold (c-)” rating on shares of Greenlight Capital Re in a report on Monday, December 29th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Greenlight Capital Re Stock Up 4.8%

The company has a market capitalization of $535.88 million, a P/E ratio of 7.21 and a beta of 0.54. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.84 and a quick ratio of 2.89. The company has a 50 day moving average of $13.99 and a 200-day moving average of $13.39.

Greenlight Capital Re (NASDAQ:GLRE) last released its quarterly earnings data on Monday, March 9th. The financial services provider reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.32. The business had revenue of $210.30 million during the quarter. Greenlight Capital Re had a return on equity of 11.10% and a net margin of 10.25%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Private Management Group Inc. lifted its position in shares of Greenlight Capital Re by 25.6% in the 4th quarter. Private Management Group Inc. now owns 1,502,235 shares of the financial services provider’s stock worth $21,903,000 after purchasing an additional 306,468 shares during the period. Catawba River Capital bought a new position in Greenlight Capital Re in the third quarter worth about $2,542,000. Pinnacle Associates Ltd. bought a new position in Greenlight Capital Re in the fourth quarter worth about $2,480,000. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in Greenlight Capital Re in the fourth quarter worth about $2,479,000. Finally, Millennium Management LLC boosted its position in Greenlight Capital Re by 546.5% during the 4th quarter. Millennium Management LLC now owns 199,314 shares of the financial services provider’s stock valued at $2,906,000 after acquiring an additional 168,486 shares in the last quarter. 41.52% of the stock is owned by hedge funds and other institutional investors.

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.