Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Sees Significant Decrease in Short Interest

Key Points

• Short interest in Greenlight Capital Re decreased by 64.9% in September, down to 407,600 shares, representing 1.6% of the company's total shares sold short.
• Insider transactions revealed that Director Ian Isaacs sold 8,393 shares, reducing his stake by 10.55%, and insider Thomas James Curnock sold 11,500 shares, decreasing his ownership by 6.01%.
• Several institutional investors increased their holdings in Greenlight Capital Re, with CWA Asset Management Group increasing their stake by 27.8% during the second quarter.

Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Get Free Report) was the recipient of a large decrease in short interest in September. As of September 30th, there was short interest totaling 407,600 shares, a decrease of 64.9% from the September 15th total of 1,160,000 shares. Currently, 1.6% of the company's shares are sold short. Based on an average daily trading volume, of 134,100 shares, the short-interest ratio is presently 3.0 days. Based on an average daily trading volume, of 134,100 shares, the short-interest ratio is presently 3.0 days. Currently, 1.6% of the company's shares are sold short.

Insiders Place Their Bets

In other news, Director Ian Isaacs sold 8,393 shares of the stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $12.79, for a total transaction of $107,346.47. Following the transaction, the director owned 71,137 shares of the company's stock, valued at $909,842.23. This represents a 10.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas James Curnock sold 11,500 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $12.93, for a total value of $148,695.00. Following the transaction, the insider owned 179,832 shares in the company, valued at approximately $2,325,227.76. This trade represents a 6.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Greenlight Capital Re

A number of institutional investors and hedge funds have recently modified their holdings of GLRE. Private Management Group Inc. grew its stake in Greenlight Capital Re by 2.5% in the 2nd quarter. Private Management Group Inc. now owns 1,059,726 shares of the financial services provider's stock worth $15,228,000 after acquiring an additional 25,361 shares in the last quarter. CWA Asset Management Group LLC lifted its position in Greenlight Capital Re by 27.8% during the second quarter. CWA Asset Management Group LLC now owns 865,797 shares of the financial services provider's stock valued at $12,442,000 after acquiring an additional 188,231 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Greenlight Capital Re by 0.3% during the second quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider's stock valued at $9,532,000 after acquiring an additional 2,180 shares during the last quarter. American Century Companies Inc. lifted its position in Greenlight Capital Re by 12.7% during the first quarter. American Century Companies Inc. now owns 529,547 shares of the financial services provider's stock valued at $7,175,000 after acquiring an additional 59,787 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Greenlight Capital Re by 284.9% during the first quarter. Invesco Ltd. now owns 233,227 shares of the financial services provider's stock valued at $3,160,000 after acquiring an additional 172,639 shares during the last quarter. Hedge funds and other institutional investors own 41.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Weiss Ratings restated a "buy (b-)" rating on shares of Greenlight Capital Re in a research note on Tuesday, October 14th. Wall Street Zen downgraded Greenlight Capital Re from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy".

Greenlight Capital Re Stock Performance

GLRE stock traded up $0.04 during trading on Friday, reaching $12.28. The stock had a trading volume of 104,121 shares, compared to its average volume of 149,132. Greenlight Capital Re has a 52 week low of $12.14 and a 52 week high of $15.82. The stock's 50 day moving average is $12.76 and its two-hundred day moving average is $13.32. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.09. The firm has a market cap of $419.95 million, a PE ratio of 11.48 and a beta of 0.60.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The financial services provider reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.35) by $0.36. Greenlight Capital Re had a return on equity of 5.75% and a net margin of 5.37%.The firm had revenue of $179.63 million for the quarter.

About Greenlight Capital Re

Greenlight Capital Re, Ltd., through its subsidiaries, operates as a property and casualty reinsurance company worldwide. The company offers various property reinsurance products and services, including automobile physical damage, personal lines, and commercial lines. It also provides casualty reinsurance products and services comprising general liability, motor liability, professional liability, and worker's compensation; and accident and health, transactional liability, mortgage insurance, surety, trade credit, marine, and energy, as well as other specialty products, such as aviation, crop, cyber, political, and terrorism products.

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