Insider Buying: Greenlight Capital Re (NASDAQ:GLRE) Director Purchases 6,000 Shares

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Director Leonard Goldberg acquired 6,000 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were bought at an average price of $15.42 per share, for a total transaction of $92,520.00. Following the acquisition, the director owned 36,000 shares of the company’s stock, valued at approximately $555,120. This represents a 20.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Greenlight Capital Re Stock Performance

Shares of Greenlight Capital Re stock traded up $0.10 during midday trading on Tuesday, hitting $15.46. The company had a trading volume of 101,745 shares, compared to its average volume of 176,522. The company has a fifty day simple moving average of $16.27 and a 200 day simple moving average of $16.18. The stock has a market cap of $512.58 million, a price-to-earnings ratio of 10.51 and a beta of 0.33. The company has a quick ratio of 2.43, a current ratio of 2.43 and a debt-to-equity ratio of 0.01. Greenlight Capital Re, Ltd. has a 12-month low of $11.56 and a 12-month high of $19.39.

Greenlight Capital Re (NASDAQ:GLRE) last issued its quarterly earnings results on Tuesday, August 4th. The financial services provider reported ($0.89) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.54). The company had revenue of $137.46 million for the quarter, compared to analyst estimates of $165.31 million. Greenlight Capital Re had a net margin of 7.47% and a return on equity of 7.28%. As a group, analysts predict that Greenlight Capital Re, Ltd. will post 1.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Greenlight Capital Re

A number of institutional investors have recently modified their holdings of the stock. Private Management Group Inc. lifted its holdings 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 valued at $21,903,000 after buying an additional 306,468 shares during the period. Pinnacle Associates Ltd. acquired a new stake in Greenlight Capital Re during the fourth quarter worth about $2,480,000. Pinnacle Wealth Management Advisory Group LLC acquired a new position in Greenlight Capital Re in the fourth quarter valued at approximately $2,479,000. Millennium Management LLC lifted its holdings in Greenlight Capital Re by 546.5% in the fourth 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 during the period. Finally, HRT Financial LP boosted its position in Greenlight Capital Re by 459.1% in the 4th quarter. HRT Financial LP now owns 118,654 shares of the financial services provider’s stock worth $1,729,000 after purchasing an additional 97,433 shares in the last quarter. Hedge funds and other institutional investors own 41.52% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen downgraded Greenlight Capital Re from a “buy” rating to a “hold” rating in a research note on Sunday, June 7th. Weiss Ratings lowered Greenlight Capital Re from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, August 5th. Finally, Zacks Research upgraded shares of Greenlight Capital Re to a “hold” rating in a report on Wednesday, May 27th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold”.

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.