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

Key Points

• Shares hit a new 52-week high, trading as high as $18.14 (last $17.99) on volume ~188,294; the stock has a market cap of about $611M, a PE of 8.25 and a low beta of 0.39.
• Greenlight reported an earnings beat with EPS of $1.44 vs. $1.12 expected on $210.3M revenue, and posted ROE of 11.1% and a net margin of 10.25%.
• Analyst and institutional interest is supportive: the consensus rating is “Buy” (recently mixed upgrades/downgrades), and roughly 41.5% of shares are held by hedge funds and other institutions, several of which increased their positions.

Shares of Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $18.14 and last traded at $17.99, with a volume of 188294 shares trading hands. The stock had previously closed at $17.85.

Wall Street Analyst Weigh In

GLRE has been the topic of a number of recent research reports. Wall Street Zen downgraded Greenlight Capital Re from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Weiss Ratings upgraded Greenlight Capital Re from a "hold (c)" rating to a "buy (b+)" rating in a report on Tuesday, March 17th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of "Buy".

Greenlight Capital Re Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.84 and a quick ratio of 2.84. The firm has a fifty day moving average price of $15.08 and a two-hundred day moving average price of $13.89. The stock has a market capitalization of $611.30 million, a PE ratio of 8.25 and a beta of 0.39.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last issued its quarterly earnings results on Monday, March 9th. The financial services provider reported $1.44 earnings per share 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 firm had revenue of $210.30 million for the quarter.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Private Management Group Inc. increased its holdings in Greenlight Capital Re by 25.6% during 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. Vanguard Group Inc. increased its holdings in Greenlight Capital Re by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,469,818 shares of the financial services provider's stock worth $18,667,000 after purchasing an additional 49,929 shares during the period. CWA Asset Management Group LLC increased its holdings in Greenlight Capital Re by 6.9% during the 4th quarter. CWA Asset Management Group LLC now owns 977,105 shares of the financial services provider's stock worth $14,246,000 after purchasing an additional 62,707 shares during the period. Ameriprise Financial Inc. increased its holdings in Greenlight Capital Re by 0.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider's stock worth $9,532,000 after purchasing an additional 2,180 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in Greenlight Capital Re by 4.1% during the 4th quarter. Wells Fargo & Company MN now owns 340,375 shares of the financial services provider's stock worth $4,963,000 after purchasing an additional 13,430 shares during the period. 41.52% of the stock is currently owned by hedge funds and other 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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