Short Interest in Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Expands By 89.6%

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) saw a significant increase in short interest in June. As of June 30th, there was short interest totaling 635,351 shares, an increase of 89.6% from the June 15th total of 335,155 shares. Currently, 2.5% of the company’s stock are short sold. Based on an average daily volume of 204,329 shares, the days-to-cover ratio is currently 3.1 days.

Insider Buying and Selling

In other Greenlight Capital Re news, General Counsel David Sigmon sold 7,500 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $17.33, for a total value of $129,975.00. Following the completion of the transaction, the general counsel directly owned 32,678 shares of the company’s stock, valued at $566,309.74. This represents a 18.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ian Isaacs sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $16.06, for a total value of $64,240.00. Following the sale, the director owned 51,191 shares of the company’s stock, valued at approximately $822,127.46. This trade represents a 7.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 85,472 shares of company stock worth $1,472,107 over the last three months. 24.67% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Greenlight Capital Re

A number of large investors have recently made changes to their positions in GLRE. Pinnacle Associates Ltd. purchased a new stake in Greenlight Capital Re in the 4th quarter worth approximately $2,480,000. CWA Asset Management Group LLC increased its stake in shares of Greenlight Capital Re by 6.9% in the fourth quarter. CWA Asset Management Group LLC now owns 977,105 shares of the financial services provider’s stock worth $14,246,000 after acquiring an additional 62,707 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in shares of Greenlight Capital Re during the fourth quarter worth $2,479,000. Private Management Group Inc. raised its holdings in shares of Greenlight Capital Re by 25.6% during the fourth quarter. Private Management Group Inc. now owns 1,502,235 shares of the financial services provider’s stock worth $21,903,000 after acquiring an additional 306,468 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Greenlight Capital Re during the first quarter valued at $1,343,000. Institutional investors and hedge funds own 41.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GLRE. Zacks Research upgraded Greenlight Capital Re to a “hold” rating in a research note on Wednesday, May 27th. Wall Street Zen cut shares of Greenlight Capital Re from a “buy” rating to a “hold” rating in a report on Sunday, June 7th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Greenlight Capital Re in a research report on Monday, July 6th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Greenlight Capital Re currently has a consensus rating of “Moderate Buy”.

Greenlight Capital Re Price Performance

GLRE stock traded up $0.53 during trading hours on Thursday, hitting $16.80. 149,324 shares of the stock traded hands, compared to its average volume of 179,277. The stock has a 50-day simple moving average of $16.46 and a 200 day simple moving average of $15.87. The company has a market cap of $557.26 million, a P/E ratio of 7.09 and a beta of 0.32. Greenlight Capital Re has a one year low of $11.56 and a one year high of $19.39. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.01.

Greenlight Capital Re (NASDAQ:GLRE) last announced its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.20). Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%. The company had revenue of $189.66 million for the quarter, compared to analyst estimates of $160.88 million. Equities analysts forecast that Greenlight Capital Re will post 1.8 earnings per share for the current year.

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.