Greenlight Capital Re (NASDAQ:GLRE) Stock Price Passes Above 200-Day Moving Average – What’s Next?

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $15.77 and traded as high as $16.77. Greenlight Capital Re shares last traded at $16.42, with a volume of 216,981 shares changing hands.

Analysts Set New Price Targets

GLRE has been the topic of several research analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Greenlight Capital Re in a report on Monday. Zacks Research upgraded shares of Greenlight Capital Re to a “hold” rating in a report on Wednesday, May 27th. Finally, Wall Street Zen cut shares of Greenlight Capital Re from a “buy” rating to a “hold” rating in a research note on Sunday, June 7th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

Greenlight Capital Re Stock Up 0.6%

The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $544.65 million, a P/E ratio of 6.93 and a beta of 0.32. The business has a 50-day moving average price of $16.69 and a 200 day moving average price of $15.77.

Greenlight Capital Re (NASDAQ:GLRE) last posted its earnings results on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share 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 business had revenue of $189.66 million during the quarter, compared to analysts’ expectations of $160.88 million. On average, equities analysts expect that Greenlight Capital Re, Ltd. will post 1.8 EPS for the current fiscal year.

Insider Buying and Selling at Greenlight Capital Re

In other news, Director Joseph P. Platt, Jr. sold 23,613 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $18.01, for a total value of $425,270.13. Following the sale, the director directly owned 11,747 shares in the company, valued at $211,563.47. The trade was a 66.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Patrick O’brien sold 3,026 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $16.36, for a total transaction of $49,505.36. Following the sale, the chief operating officer owned 208,633 shares in the company, valued at $3,413,235.88. This represents a 1.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 85,472 shares of company stock valued at $1,472,107. Corporate insiders own 24.67% of the company’s stock.

Institutional Investors Weigh In On Greenlight Capital Re

Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE boosted its holdings in shares of Greenlight Capital Re by 14.9% in the 1st quarter. Bank of America Corp DE now owns 88,059 shares of the financial services provider’s stock worth $1,523,000 after purchasing an additional 11,416 shares during the period. Empowered Funds LLC lifted its stake in shares of Greenlight Capital Re by 9.8% during the 1st quarter. Empowered Funds LLC now owns 178,029 shares of the financial services provider’s stock worth $3,078,000 after acquiring an additional 15,845 shares during the last quarter. Quantinno Capital Management LP lifted its position in shares of Greenlight Capital Re by 65.9% during the first quarter. Quantinno Capital Management LP now owns 51,526 shares of the financial services provider’s stock worth $891,000 after purchasing an additional 20,459 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Greenlight Capital Re in the 1st quarter valued at about $1,343,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in Greenlight Capital Re by 64.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 127,798 shares of the financial services provider’s stock worth $2,210,000 after acquiring an additional 50,099 shares in the last quarter. 41.52% of the stock is owned by institutional investors.

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.