Greenlight Capital Re (NASDAQ:GLRE) Hits New 12-Month High – Here’s What Happened

Shares of Greenlight Capital Re, Ltd. (NASDAQ:GLRE) reached a new 52-week high on Wednesday . The company traded as high as $17.20 and last traded at $17.1850, with a volume of 3793 shares changing hands. The stock had previously closed at $16.53.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Greenlight Capital Re from a “hold” rating to a “strong-buy” rating in a research note on Saturday, March 14th. Weiss Ratings upgraded shares of 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, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy”.

Greenlight Capital Re Stock Performance

The stock has a market capitalization of $583.95 million, a PE ratio of 7.88 and a beta of 0.54. The business’s 50 day moving average is $14.37 and its 200 day moving average is $13.59. The company has a current ratio of 2.84, a quick ratio of 2.84 and a debt-to-equity ratio of 0.01.

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

Hedge Funds Weigh In On Greenlight Capital Re

Large investors have recently bought and sold shares of the business. Quadrant Capital Group LLC increased its stake in Greenlight Capital Re by 7,213.6% in the fourth quarter. Quadrant Capital Group LLC now owns 3,218 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 3,174 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Greenlight Capital Re by 90.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,431 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 1,627 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Greenlight Capital Re by 184.6% in the third quarter. Russell Investments Group Ltd. now owns 4,238 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 2,749 shares during the last quarter. Financial Consulate Inc. bought a new position in shares of Greenlight Capital Re in the third quarter worth about $124,000. Finally, Vanguard Personalized Indexing Management LLC increased its stake in Greenlight Capital Re by 12.8% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 11,445 shares of the financial services provider’s stock worth $145,000 after buying an additional 1,296 shares during the period. Hedge funds and other institutional investors own 41.52% of the company’s stock.

Greenlight Capital Re Company Profile

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.