Leonard Goldberg Acquires 6,000 Shares of Greenlight Capital Re (NASDAQ:GLRE) Stock

Key Points

• Director Leonard Goldberg purchased 6,000 GLRE shares at an average price of $15.42, investing $92,520 and increasing his stake by 20% to 36,000 shares.
• Greenlight Capital Re’s shares rose 0.7% to $15.46, while the company’s latest quarterly results missed expectations: it reported an $0.89 loss per share versus the $0.35 expected and revenue of $137.46 million versus $165.31 million forecast.
• Analyst sentiment remains cautious, with the two covered analysts maintaining a consensus “Hold” rating; institutional investors own 41.52% of the stock.

Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Get Free Report) Director Leonard Goldberg bought 6,000 shares of the firm's stock in a transaction on Monday, August 10th. The shares were purchased at an average cost of $15.42 per share, with a total value of $92,520.00. Following the completion of the transaction, the director owned 36,000 shares in the company, valued at $555,120. This represents a 20.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Greenlight Capital Re Stock Up 0.7%

Shares of GLRE traded up $0.10 during midday trading on Tuesday, reaching $15.46. 101,745 shares of the stock were exchanged, compared to its average volume of 176,522. Greenlight Capital Re, Ltd. has a 52 week low of $11.56 and a 52 week high of $19.39. The company has a current ratio of 2.43, a quick ratio of 2.43 and a debt-to-equity ratio of 0.01. The company's 50 day moving average is $16.27 and its two-hundred day moving average is $16.18. The company has a market capitalization of $512.58 million, a P/E ratio of 10.51 and a beta of 0.33.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last released its quarterly earnings data 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). Greenlight Capital Re had a return on equity of 7.28% and a net margin of 7.47%.The business had revenue of $137.46 million during the quarter, compared to analysts' expectations of $165.31 million. On average, sell-side analysts anticipate that Greenlight Capital Re, Ltd. will post 1.8 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GLRE. PNC Financial Services Group Inc. boosted its stake in Greenlight Capital Re by 3,773.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,743 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 1,698 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Greenlight Capital Re by 7,213.6% during the fourth quarter. Quadrant Capital Group LLC now owns 3,218 shares of the financial services provider's stock worth $47,000 after purchasing an additional 3,174 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Greenlight Capital Re by 90.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,431 shares of the financial services provider's stock valued at $49,000 after purchasing an additional 1,627 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Greenlight Capital Re by 184.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,238 shares of the financial services provider's stock worth $54,000 after purchasing an additional 2,749 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Greenlight Capital Re during the 3rd quarter worth $164,000. Institutional investors own 41.52% of the company's stock.

Wall Street Analysts Forecast Growth

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

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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