Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Sees Large Decline in Short Interest

Key Points

• Short interest fell 20.6% to 355,524 shares as of April 15, representing 1.4% of shares sold short and a days-to-cover ratio of about 1.5 days.
• Greenlight reported an EPS beat ($1.44 vs. $1.12 est.) on $210.3M in revenue; the stock trades near $18.32 with a market cap of $622.5M and a P/E of 8.4.
• Analyst and institutional interest is rising: Weiss and Wall Street Zen upgraded the stock to Buy/Strong-Buy, and institutional ownership is roughly 41.5% with several funds adding to positions.

Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Get Free Report) saw a significant decline in short interest in April. As of April 15th, there was short interest totaling 355,524 shares, a decline of 20.6% from the March 31st total of 447,670 shares. Currently, 1.4% of the shares of the company are sold short. Based on an average daily volume of 236,416 shares, the days-to-cover ratio is presently 1.5 days.

Greenlight Capital Re Price Performance

Greenlight Capital Re stock traded up $0.14 during midday trading on Thursday, hitting $18.32. 197,049 shares of the company's stock were exchanged, compared to its average volume of 202,027. Greenlight Capital Re has a 52-week low of $11.56 and a 52-week high of $19.39. The stock has a 50-day moving average price of $16.70 and a two-hundred day moving average price of $14.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.84 and a current ratio of 2.84. The company has a market cap of $622.51 million, a P/E ratio of 8.40 and a beta of 0.39.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last posted its earnings results on Monday, March 9th. The financial services provider reported $1.44 EPS for the quarter, topping the consensus estimate of $1.12 by $0.32. Greenlight Capital Re had a return on equity of 11.10% and a net margin of 10.25%.The business had revenue of $210.30 million during the quarter.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Weiss Ratings upgraded Greenlight Capital Re from a "hold (c)" rating to a "buy (b+)" rating in a research report on Tuesday, March 17th. Wall Street Zen upgraded Greenlight Capital Re from a "buy" rating to a "strong-buy" rating in a research report on Saturday, April 25th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy".

Institutional Investors Weigh In On Greenlight Capital Re

Several hedge funds have recently added to or reduced their stakes in GLRE. Private Management Group Inc. lifted its stake in 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 purchasing an additional 306,468 shares during the last quarter. Catawba River Capital bought a new stake in Greenlight Capital Re during the third quarter worth about $2,542,000. Pinnacle Associates Ltd. bought a new stake in Greenlight Capital Re during the fourth quarter worth about $2,480,000. Pinnacle Wealth Management Advisory Group LLC bought a new stake in Greenlight Capital Re during the fourth quarter worth about $2,479,000. Finally, Millennium Management LLC lifted its stake in Greenlight Capital Re by 546.5% during the fourth quarter. Millennium Management LLC now owns 199,314 shares of the financial services provider's stock worth $2,906,000 after purchasing an additional 168,486 shares during the last quarter. Institutional investors own 41.52% of the company's stock.

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.

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