Greenlight Capital Re (NASDAQ:GLRE) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen cut Greenlight Capital Re from “strong-buy” to “hold”, though Weiss Ratings separately upgraded the stock to “buy (b+).”
• The company reported Q1 earnings of $1.05 per share, missing analyst estimates of $1.25, even as revenue came in above expectations at $189.66 million.
• Greenlight Capital Re shares were trading up slightly at $17.86, and the stock has seen notable institutional buying, with hedge funds increasing positions and institutions owning 41.52% of shares.

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

Separately, Weiss Ratings upgraded shares of Greenlight Capital Re from a "hold (c)" rating to a "buy (b+)" rating in a research report on Tuesday, March 17th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Greenlight Capital Re has a consensus rating of "Buy".

Greenlight Capital Re Trading Up 0.3%

GLRE stock opened at $17.86 on Friday. The company has a quick ratio of 2.84, a current ratio of 2.46 and a debt-to-equity ratio of 0.01. Greenlight Capital Re has a twelve month low of $11.56 and a twelve month high of $19.39. The stock has a market capitalization of $606.88 million, a price-to-earnings ratio of 7.54 and a beta of 0.38. The firm's fifty day simple moving average is $16.93 and its two-hundred day simple moving average is $14.74.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share for the quarter, missing analysts' consensus estimates of $1.25 by ($0.20). Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%. The firm had revenue of $189.66 million for the quarter, compared to the consensus estimate of $160.88 million.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GLRE. Private Management Group Inc. grew its holdings in shares of Greenlight Capital Re by 25.6% in 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 position in shares of Greenlight Capital Re in the third quarter worth about $2,542,000. Pinnacle Associates Ltd. bought a new position in shares of Greenlight Capital Re in the fourth quarter worth about $2,480,000. Pinnacle Wealth Management Advisory Group LLC bought a new position in shares of Greenlight Capital Re in the fourth quarter worth about $2,479,000. Finally, Millennium Management LLC grew its holdings in shares of 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 worth $2,906,000 after purchasing an additional 168,486 shares during the last quarter. 41.52% of the stock is currently owned by institutional investors.

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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