Greenlight Capital Re (NASDAQ:GLRE) Reaches New 1-Year High Following Strong Earnings

Greenlight Capital Re, Ltd. (NASDAQ:GLRE)’s stock price hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $15.12 and last traded at $14.95, with a volume of 56710 shares trading hands. The stock had previously closed at $14.20.

The financial services provider reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.32. Greenlight Capital Re had a negative net margin of 0.28% and a negative return on equity of 0.28%. The company had revenue of $210.30 million for the quarter.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Greenlight Capital Re

Several hedge funds have recently bought and sold shares of the company. Quadrant Capital Group LLC raised its stake in Greenlight Capital Re by 7,213.6% in the 4th 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 in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Greenlight Capital Re by 90.2% in the 2nd 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 in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Greenlight Capital Re by 184.6% during the third quarter. Russell Investments Group Ltd. now owns 4,238 shares of the financial services provider’s stock worth $54,000 after buying an additional 2,749 shares during the last quarter. Financial Consulate Inc. acquired a new position in Greenlight Capital Re in the 3rd quarter worth about $124,000. Finally, Vanguard Personalized Indexing Management LLC raised its holdings 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 valued at $145,000 after buying an additional 1,296 shares during the last quarter. 41.52% of the stock is currently owned by institutional investors and hedge funds.

Greenlight Capital Re Stock Performance

The firm has a market capitalization of $511.06 million, a P/E ratio of -215.60 and a beta of 0.54. The company has a current ratio of 2.89, a quick ratio of 2.89 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average of $13.96 and a 200-day moving average of $13.35.

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.