Greenlight Capital Re (NASDAQ:GLRE) Sets New 52-Week High – Should You Buy?

Greenlight Capital Re, Ltd. (NASDAQ:GLRE)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $18.14 and last traded at $17.99, with a volume of 188294 shares. The stock had previously closed at $17.85.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GLRE shares. Weiss Ratings upgraded shares of Greenlight Capital Re from a “hold (c)” rating to a “buy (b+)” rating in a research note on Tuesday, March 17th. Wall Street Zen cut shares of Greenlight Capital Re from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 4th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy”.

Greenlight Capital Re Stock Performance

The company has a market cap of $624.55 million, a P/E ratio of 8.43 and a beta of 0.39. The business’s 50 day simple moving average is $15.27 and its 200 day simple moving average is $13.96. The company has a current ratio of 2.84, a quick ratio of 2.84 and a debt-to-equity ratio of 0.01.

Greenlight Capital Re (NASDAQ:GLRE) last released its earnings results on Monday, March 9th. The financial services provider reported $1.44 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 company had revenue of $210.30 million for the quarter.

Institutional Investors Weigh In On Greenlight Capital Re

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLRE. Quadrant Capital Group LLC grew its holdings in 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 in the last quarter. Tower Research Capital LLC TRC grew its holdings in 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 buying an additional 1,627 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Greenlight Capital Re by 184.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,238 shares of the financial services provider’s stock valued at $54,000 after buying an additional 2,749 shares in the last quarter. Financial Consulate Inc. purchased a new stake in Greenlight Capital Re during the 3rd quarter valued at approximately $124,000. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in Greenlight Capital Re by 12.8% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 11,445 shares of the financial services provider’s stock valued at $145,000 after buying an additional 1,296 shares in the last quarter. Institutional investors own 41.52% of the company’s stock.

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.