Greenlight Capital Re (NASDAQ:GLRE) Upgraded by Wall Street Zen to "Strong-Buy" Rating

Key Points

• Wall Street Zen upgraded Greenlight Capital Re (NASDAQ:GLRE) from "buy" to "strong-buy," and Weiss Ratings also raised its rating to "buy," leaving the consensus rating at "Buy."
• Greenlight reported $1.44 EPS for the quarter vs. $1.12 expected, with $210.3M in revenue, a 10.25% net margin and 11.10% ROE; the stock trades near its 52-week high with a market cap of $645.6M and a P/E of 8.72.
• About 41.5% of the stock is owned by hedge funds and institutional investors, and several funds (AQR, Empowered, Jane Street, First Trust, Ameriprise) recently increased or initiated positions.

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

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

Greenlight Capital Re Price Performance

Greenlight Capital Re stock opened at $19.00 on Friday. Greenlight Capital Re has a 52-week low of $11.56 and a 52-week high of $19.39. The firm has a market capitalization of $645.62 million, a price-to-earnings ratio of 8.72 and a beta of 0.39. The company has a fifty day simple moving average of $16.35 and a 200-day simple moving average of $14.43. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 0.01.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last released 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 during the quarter.

Hedge Funds Weigh In On Greenlight Capital Re

Several hedge funds have recently added to or reduced their stakes in GLRE. AQR Capital Management LLC boosted its holdings in shares of Greenlight Capital Re by 61.1% in the first quarter. AQR Capital Management LLC now owns 44,893 shares of the financial services provider's stock valued at $608,000 after acquiring an additional 17,029 shares during the period. Empowered Funds LLC lifted its holdings in shares of Greenlight Capital Re by 8.3% during the first quarter. Empowered Funds LLC now owns 117,805 shares of the financial services provider's stock worth $1,596,000 after purchasing an additional 9,066 shares during the period. Jane Street Group LLC acquired a new stake in shares of Greenlight Capital Re during the first quarter worth $335,000. First Trust Advisors LP lifted its holdings in shares of Greenlight Capital Re by 3.2% during the second quarter. First Trust Advisors LP now owns 81,531 shares of the financial services provider's stock worth $1,172,000 after purchasing an additional 2,553 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Greenlight Capital Re by 0.3% during the second 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. 41.52% of the stock is currently owned by hedge funds and other institutional investors.

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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