Greenlight Capital Re (NASDAQ:GLRE) Cut to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Greenlight Capital Re to “Sell” from “Hold,” while Weiss Ratings also lowered its view to “Hold.” The broader analyst consensus remains “Hold.”
• Greenlight Capital Re reported a quarterly loss of $0.89 per share, missing the $0.35 loss estimate, while revenue of $137.46 million fell short of expectations of $165.31 million.
• The stock opened at $14.75, near the lower half of its 52-week range. Recent insider activity was mixed, with a director selling 10,000 shares while another director purchased 6,000 shares; insiders own 24.67% of the company.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings lowered Greenlight Capital Re from a "buy (b)" rating to a "hold (c+)" rating in a report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold".

Greenlight Capital Re Trading Up 0.4%

NASDAQ GLRE opened at $14.75 on Friday. Greenlight Capital Re has a 1-year low of $11.56 and a 1-year high of $19.39. The company has a current ratio of 2.43, a quick ratio of 2.43 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $481.44 million, a PE ratio of 10.03 and a beta of 0.27. The firm's fifty day simple moving average is $15.46 and its 200-day simple moving average is $16.46.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The financial services provider reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.54). Greenlight Capital Re had a return on equity of 7.28% and a net margin of 7.47%.The firm had revenue of $137.46 million for the quarter, compared to analysts' expectations of $165.31 million. As a group, sell-side analysts anticipate that Greenlight Capital Re will post 1.25 earnings per share for the current fiscal year.

Insider Activity

In other Greenlight Capital Re news, Director Ian Isaacs sold 10,000 shares of the company's stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $14.95, for a total transaction of $149,500.00. Following the completion of the sale, the director owned 43,142 shares of the company's stock, valued at $644,972.90. This represents a 18.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leonard Goldberg purchased 6,000 shares of the stock in a transaction on 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. The trade was a 20.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have sold 38,500 shares of company stock valued at $580,305. Insiders own 24.67% of the company's stock.

Hedge Funds Weigh In On Greenlight Capital Re

A number of institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. boosted its stake in Greenlight Capital Re by 3,773.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,743 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 1,698 shares during the period. Janney Montgomery Scott LLC increased its position in Greenlight Capital Re by 14.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 17,921 shares of the financial services provider's stock worth $310,000 after buying an additional 2,309 shares during the period. Engineers Gate Manager LP lifted its holdings in shares of Greenlight Capital Re by 9.1% during the second quarter. Engineers Gate Manager LP now owns 20,460 shares of the financial services provider's stock worth $331,000 after buying an additional 1,705 shares during the last quarter. Inceptionr LLC acquired a new position in shares of Greenlight Capital Re during the first quarter worth approximately $369,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Greenlight Capital Re in the first quarter valued at approximately $813,000. 41.52% of the stock is currently owned by institutional investors.

Greenlight Capital Re Company Profile

Greenlight Capital Re, Ltd. is a specialty property and casualty reinsurance company headquartered in the Cayman Islands. Through its operating subsidiaries, the company provides reinsurance capacity to insurance companies and other risk-bearing organizations, helping them manage and transfer portions of their underwriting exposure.

Its business has included customized reinsurance arrangements across property, casualty and specialty lines. These arrangements may include quota-share and excess-of-loss structures, allowing clients to address specific risks, expand underwriting capacity or manage the volatility of their insurance portfolios.

Founded in 2004, Greenlight Capital Re has operated through entities in the Cayman Islands and Ireland and has served clients in multiple international insurance markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.