Greenlight Capital Re (NASDAQ:GLRE) Sets New 12-Month High - Should You Buy?

Key Points

• Greenlight Capital Re (NASDAQ:GLRE) hit a new 52-week high of $17.50 in mid-day trading with roughly 339,347 shares changing hands, up from a prior close of $17.29.
• Recent analyst moves include upgrades from Wall Street Zen to "strong-buy" and Weiss Ratings to "buy," leaving the stock with an average rating of Buy.
• The company beat quarterly expectations with EPS of $1.44 vs. $1.12 consensus and $210.3M revenue, and shows solid fundamentals—quick/current ratio 2.84, debt/equity 0.01, and a P/E of 8.02.

Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $17.50 and last traded at $17.49, with a volume of 339347 shares. The stock had previously closed at $17.29.

Analysts Set New Price Targets

A number of research firms recently commented on GLRE. Wall Street Zen raised shares of Greenlight Capital Re from a "hold" rating to a "strong-buy" rating in a research report on Saturday, March 14th. Weiss Ratings raised shares of Greenlight Capital Re from a "hold (c)" rating to a "buy (b+)" rating in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy".

Greenlight Capital Re Stock Performance

The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 0.01. The firm has a 50-day simple moving average of $14.73 and a 200 day simple moving average of $13.75. The company has a market cap of $594.31 million, a price-to-earnings ratio of 8.02 and a beta of 0.54.

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

Institutional Trading of Greenlight Capital Re

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quadrant Capital Group LLC raised its stake in shares of Greenlight Capital Re by 7,213.6% during the 4th quarter. Quadrant Capital Group LLC now owns 3,218 shares of the financial services provider's stock worth $47,000 after buying an additional 3,174 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Greenlight Capital Re by 90.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,431 shares of the financial services provider's stock worth $49,000 after acquiring an additional 1,627 shares during the last quarter. Russell Investments Group Ltd. raised its position in Greenlight Capital Re by 184.6% during the third quarter. Russell Investments Group Ltd. now owns 4,238 shares of the financial services provider's stock worth $54,000 after acquiring an additional 2,749 shares during the last quarter. Financial Consulate Inc. purchased a new stake in shares of Greenlight Capital Re in the third quarter valued at about $124,000. Finally, Vanguard Personalized Indexing Management LLC grew its position in shares of Greenlight Capital Re by 12.8% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 11,445 shares of the financial services provider's stock valued at $145,000 after purchasing an additional 1,296 shares during the last quarter. Hedge funds and other 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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