Greenlight Capital Re (NASDAQ:GLRE) Issues Earnings Results, Misses Estimates By $0.54 EPS

Greenlight Capital Re (NASDAQ:GLRE) issued its earnings results on Tuesday. The financial services provider reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.54), FiscalAI reports. Greenlight Capital Re had a return on equity of 11.69% and a net margin of 11.47%.The company had revenue of $137.46 million during the quarter, compared to analysts’ expectations of $163.43 million.

Greenlight Capital Re Trading Down 1.7%

GLRE traded down $0.28 on Tuesday, hitting $16.36. The company had a trading volume of 126,348 shares, compared to its average volume of 176,506. The company has a market cap of $542.66 million, a PE ratio of 6.90 and a beta of 0.33. Greenlight Capital Re has a 12-month low of $11.56 and a 12-month high of $19.39. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.01. The business’s fifty day simple moving average is $16.29 and its 200 day simple moving average is $16.10.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Wall Street Zen downgraded Greenlight Capital Re from a “buy” rating to a “hold” rating in a research note on Sunday, June 7th. Zacks Research upgraded shares of Greenlight Capital Re to a “hold” rating in a research note on Wednesday, May 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Greenlight Capital Re in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

Insider Buying and Selling

In other news, General Counsel David Sigmon sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $17.33, for a total transaction of $129,975.00. Following the transaction, the general counsel owned 32,678 shares of the company’s stock, valued at approximately $566,309.74. The trade was a 18.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph P. Platt, Jr. sold 11,747 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $16.87, for a total value of $198,171.89. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 85,472 shares of company stock valued at $1,472,107. Insiders own 24.67% of the company’s stock.

Institutional Investors Weigh In On Greenlight Capital Re

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quadrant Capital Group LLC boosted its stake in shares of 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 worth $47,000 after purchasing an additional 3,174 shares during the period. Tower Research Capital LLC TRC raised its position in Greenlight Capital Re by 90.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,431 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 1,627 shares during the period. Russell Investments Group Ltd. raised its position in 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 during the period. Squarepoint Ops LLC bought a new stake in Greenlight Capital Re in the third quarter worth about $164,000. Finally, Oxford Asset Management LLP bought a new stake in Greenlight Capital Re in the fourth quarter worth about $177,000. Hedge funds and other 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.