Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Short Interest Up 89.6% in June

Key Points

• Short interest in Greenlight Capital Re surged 89.6% in June, reaching 635,351 shares, or about 2.5% of the company’s float. The current short-interest ratio is 3.1 days based on average daily trading volume.
• There has also been notable insider selling, including shares sold by Director Joseph P. Platt, Jr. and COO Patrick O’Brien. Over the last 90 days, insiders sold 85,472 shares worth about $1.47 million.
• GLRE rose 3.3% to $16.80 in Thursday trading, but its latest earnings report missed EPS expectations even as revenue came in above estimates. Analysts currently rate the stock a Moderate Buy overall.

Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Get Free Report) saw a large increase in short interest in the month of June. As of June 30th, there was short interest totaling 635,351 shares, an increase of 89.6% from the June 15th total of 335,155 shares. Currently, 2.5% of the company's shares are sold short. Based on an average daily trading volume, of 204,329 shares, the short-interest ratio is currently 3.1 days.

Insider Activity at Greenlight Capital Re

In related news, Director Joseph P. Platt, Jr. sold 11,747 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $16.87, for a total value of $198,171.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Patrick O'brien sold 3,026 shares of the firm'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 transaction, the chief operating officer directly owned 208,633 shares in the company, valued at $3,413,235.88. This trade represents a 1.43% decrease in their position. 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 ninety days, insiders sold 85,472 shares of company stock worth $1,472,107. Insiders own 24.67% of the company's stock.

Hedge Funds Weigh In On Greenlight Capital Re

Several hedge funds have recently bought and sold shares of GLRE. Pinnacle Associates Ltd. acquired a new stake in Greenlight Capital Re in the 4th quarter worth about $2,480,000. CWA Asset Management Group LLC grew its position in Greenlight Capital Re by 6.9% during the fourth quarter. CWA Asset Management Group LLC now owns 977,105 shares of the financial services provider's stock valued at $14,246,000 after acquiring an additional 62,707 shares during the period. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in Greenlight Capital Re during the fourth quarter worth about $2,479,000. Private Management Group Inc. raised 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 worth $21,903,000 after purchasing an additional 306,468 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Greenlight Capital Re in the 1st quarter worth about $1,343,000. 41.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GLRE has been the subject of several analyst reports. Zacks Research raised Greenlight Capital Re to a "hold" rating in a report on Wednesday, May 27th. Wall Street Zen lowered Greenlight Capital Re from a "buy" rating to a "hold" rating in a research note on Sunday, June 7th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Greenlight Capital Re in a research report on Monday, July 6th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy".

Greenlight Capital Re Stock Up 3.3%

Greenlight Capital Re stock traded up $0.53 during midday trading on Thursday, reaching $16.80. The company's stock had a trading volume of 149,324 shares, compared to its average volume of 179,277. The business has a 50-day simple moving average of $16.46 and a 200-day simple moving average of $15.87. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.01. The company has a market cap of $557.26 million, a P/E ratio of 7.09 and a beta of 0.32. Greenlight Capital Re has a fifty-two week low of $11.56 and a fifty-two week high of $19.39.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.20). The firm had revenue of $189.66 million for the quarter, compared to analysts' expectations of $160.88 million. Greenlight Capital Re had a return on equity of 11.69% and a net margin of 11.47%. On average, research analysts expect that Greenlight Capital Re will post 1.8 earnings per share for the current fiscal year.

About Greenlight Capital Re

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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