Greenlight Capital Re (NASDAQ:GLRE) Shares Pass Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Greenlight Capital Re shares moved above their 200-day moving average, trading as high as $17.05 and last changing hands at $16.99, which may signal improving short-term momentum.
• Recent earnings were mixed: the company posted $1.05 EPS, missing estimates of $1.25, but revenue came in above expectations at $189.66 million.
• Insider selling has been notable, with directors and executives selling shares in recent transactions, while institutional ownership remains significant at 41.52%.

Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Get Free Report) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $15.96 and traded as high as $17.05. Greenlight Capital Re shares last traded at $16.99, with a volume of 134,892 shares traded.

Analyst Upgrades and Downgrades

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

Greenlight Capital Re Price Performance

The firm has a market capitalization of $563.56 million, a PE ratio of 7.17 and a beta of 0.32. The stock's 50 day simple moving average is $16.36 and its two-hundred day simple moving average is $15.96. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.46 and a current ratio of 2.46.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share (EPS) 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 company had revenue of $189.66 million during the quarter, compared to analysts' expectations of $160.88 million. On average, sell-side analysts forecast that Greenlight Capital Re, Ltd. will post 1.8 EPS for the current year.

Insider Buying and Selling

In other news, Director Joseph P. Platt, Jr. sold 11,747 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $16.87, for a total transaction of $198,171.89. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Patrick O'brien sold 3,026 shares of the company'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 completion of the sale, the chief operating officer directly owned 208,633 shares of the company's stock, valued at $3,413,235.88. This represents a 1.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 85,472 shares of company stock valued at $1,472,107 in the last quarter. Corporate insiders own 24.67% of the company's stock.

Hedge Funds Weigh In On Greenlight Capital Re

A number of institutional investors have recently bought and sold shares of GLRE. PNC Financial Services Group Inc. grew its stake in shares of Greenlight Capital Re by 3,773.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,743 shares of the financial services provider's stock valued at $30,000 after buying an additional 1,698 shares during the period. Quadrant Capital Group LLC raised its position 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 valued at $47,000 after buying an additional 3,174 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Greenlight Capital Re by 90.2% in the second quarter. Tower Research Capital LLC TRC now owns 3,431 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 1,627 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Greenlight Capital Re by 184.6% in the third quarter. Russell Investments Group Ltd. now owns 4,238 shares of the financial services provider's stock valued at $54,000 after acquiring an additional 2,749 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Greenlight Capital Re in the third quarter worth approximately $164,000. 41.52% of the stock is 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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