Insider Buying: Greenlight Capital Re (NASDAQ:GLRE) Director Purchases 6,000 Shares of Stock

Key Points

• Director Leonard Goldberg purchased 6,000 GLRE shares at an average price of $15.62, investing $93,720 and increasing his stake by 25% to 30,000 shares.
• Greenlight Capital Re’s latest quarterly results fell short of expectations, with an $0.89 per-share loss versus the estimated $0.35 loss and revenue of $137.46 million compared with the $165.31 million consensus.
• GLRE shares traded around $15.46, while analysts maintained a consensus “Hold” rating; institutional investors own 41.52% of the company.

Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Get Free Report) Director Leonard Goldberg purchased 6,000 shares of the business's stock in a transaction dated Friday, August 7th. The shares were purchased at an average cost of $15.62 per share, with a total value of $93,720.00. Following the acquisition, the director owned 30,000 shares in the company, valued at $468,600. This trade represents a 25.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.

Greenlight Capital Re Price Performance

NASDAQ:GLRE traded up $0.10 during trading hours on Tuesday, hitting $15.46. The company's stock had a trading volume of 101,745 shares, compared to its average volume of 176,522. Greenlight Capital Re, Ltd. has a twelve month low of $11.56 and a twelve month high of $19.39. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.43 and a quick ratio of 2.43. The stock has a fifty day simple moving average of $16.27 and a 200-day simple moving average of $16.18. The company has a market capitalization of $512.58 million, a P/E ratio of 10.54 and a beta of 0.33.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last posted its earnings results on Tuesday, August 4th. The financial services provider reported ($0.89) earnings per share for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.54). The company had revenue of $137.46 million for the quarter, compared to the consensus estimate of $165.31 million. Greenlight Capital Re had a return on equity of 7.28% and a net margin of 7.47%. On average, analysts anticipate that Greenlight Capital Re, Ltd. will post 1.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Weiss Ratings downgraded Greenlight Capital Re from a "buy (b)" rating to a "hold (c+)" rating in a report on Wednesday, August 5th. Wall Street Zen lowered Greenlight Capital Re from a "buy" rating to a "hold" rating in a research report on Sunday, June 7th. Finally, Zacks Research raised Greenlight Capital Re to a "hold" rating in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Greenlight Capital Re has a consensus rating of "Hold".

Hedge Funds Weigh In On Greenlight Capital Re

A number of hedge funds have recently bought and sold shares of GLRE. Private Management Group Inc. boosted its position in Greenlight Capital Re by 25.6% during the fourth quarter. Private Management Group Inc. now owns 1,502,235 shares of the financial services provider's stock valued at $21,903,000 after acquiring an additional 306,468 shares during the last quarter. Vanguard Group Inc. grew 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 acquiring an additional 49,929 shares during the period. Ameriprise Financial Inc. raised its position in shares of Greenlight Capital Re by 0.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider's stock worth $9,532,000 after acquiring an additional 2,180 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Greenlight Capital Re by 4.1% in the 4th quarter. Wells Fargo & Company MN now owns 340,375 shares of the financial services provider's stock worth $4,963,000 after acquiring an additional 13,430 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Greenlight Capital Re by 73.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 229,630 shares of the financial services provider's stock valued at $3,348,000 after purchasing an additional 96,983 shares during the period. 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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