Greenlight Capital Re (NASDAQ:GLRE) Stock Breaks Above 50 Day Moving Average - Here's What Happened

Key Points

• Greenlight Capital Re shares crossed above their 50-day moving average, reaching $15.18 and last trading at $15.09, versus a 50-day average of $15.00.
• The company reported quarterly EPS of $0.10, beating estimates by $0.35, although revenue of $148.29 million fell short of the $167.94 million consensus forecast. Analysts collectively maintain a “Hold” rating.
• Institutional investors own 41.52% of the company, while insiders own 24.67%; recent insider activity included both a director purchase and sales totaling 38,500 shares over the past 90 days.

Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Get Free Report)'s stock price crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $15.00 and traded as high as $15.18. Greenlight Capital Re shares last traded at $15.09, with a volume of 136,289 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Greenlight Capital Re from a "sell" rating to a "hold" rating in a research report on Saturday. Weiss Ratings lowered Greenlight Capital Re from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, October 2nd. Two research analysts have rated the stock with a Hold rating. According to MarketBeat, Greenlight Capital Re currently has an average rating of "Hold".

Greenlight Capital Re Price Performance

The firm has a market capitalization of $492.54 million, a price-to-earnings ratio of 10.27 and a beta of 0.27. The stock's 50-day moving average price is $15.00 and its 200 day moving average price is $15.80. The company has a quick ratio of 2.43, a current ratio of 2.43 and a debt-to-equity ratio of 0.01.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last announced its quarterly earnings data on Monday, November 2nd. The financial services provider reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.35. The company had revenue of $148.29 million during the quarter, compared to analysts' expectations of $167.94 million. Greenlight Capital Re had a net margin of 7.47% and a return on equity of 7.28%. Equities research analysts expect that Greenlight Capital Re, Ltd. will post 0.50 earnings per share for the current fiscal year.

Insider Transactions at Greenlight Capital Re

In related news, insider Sherry Diaz sold 13,500 shares of the stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $15.08, for a total value of $203,580.00. Following the completion of the sale, the insider owned 86,879 shares of the company's stock, valued at approximately $1,310,135.32. This trade represents a 13.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leonard R. Goldberg acquired 6,000 shares of Greenlight Capital Re stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average price of $15.42 per share, for a total transaction of $92,520.00. Following the transaction, the director owned 36,000 shares of the company's stock, valued at $555,120. This represents a 20.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold a total of 38,500 shares of company stock worth $580,305 in the last ninety days. Insiders own 24.67% of the company's stock.

Hedge Funds Weigh In On Greenlight Capital Re

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new position in shares of Greenlight Capital Re during the 1st quarter valued at about $1,343,000. Hsbc Holdings PLC purchased a new stake in shares of Greenlight Capital Re in the first quarter valued at about $813,000. Hillsdale Investment Management Inc. acquired a new stake in Greenlight Capital Re during the first quarter worth about $1,117,000. Arrowstreet Capital Limited Partnership increased its position in Greenlight Capital Re by 64.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 127,798 shares of the financial services provider's stock worth $2,210,000 after purchasing an additional 50,099 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Greenlight Capital Re by 14.8% during the first quarter. Janney Montgomery Scott LLC now owns 17,921 shares of the financial services provider's stock worth $310,000 after purchasing an additional 2,309 shares during the last quarter. Institutional investors and hedge funds own 41.52% of the company's stock.

About Greenlight Capital Re

Greenlight Capital Re, Ltd. is a Bermuda-based specialty property and casualty reinsurance company that provides customized reinsurance solutions to insurance and reinsurance companies. Its offerings are designed to help clients manage and transfer risks across a range of property and casualty insurance lines.

The company conducts business primarily through its Bermuda operations and has served clients in international insurance markets. Greenlight Re has historically combined specialty underwriting with an investment approach associated with its Greenlight Capital affiliation, seeking to generate returns from both its insurance portfolio and investment activities.

Founded in 2004, Greenlight Re has focused on flexible, relationship-driven underwriting rather than offering standardized insurance products directly to consumers.

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