Greenlight Capital Re (GLRE) Lowered to “Sell” at BidaskClub

Greenlight Capital Re (NASDAQ:GLRE) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a report released on Thursday.

Separately, ValuEngine raised Greenlight Capital Re from a “sell” rating to a “hold” rating in a report on Wednesday, September 19th. Two investment analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $20.50.

NASDAQ GLRE opened at $11.29 on Thursday. The stock has a market capitalization of $427.92 million, a P/E ratio of -9.33 and a beta of 0.75. Greenlight Capital Re has a twelve month low of $11.02 and a twelve month high of $22.75. The company has a quick ratio of 4.16, a current ratio of 2.82 and a debt-to-equity ratio of 0.36.

Greenlight Capital Re (NASDAQ:GLRE) last released its quarterly earnings results on Monday, November 5th. The financial services provider reported ($2.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.54) by $0.34. The company had revenue of $42.57 million during the quarter, compared to analysts’ expectations of $68.40 million. Greenlight Capital Re had a negative return on equity of 44.40% and a negative net margin of 125.14%. As a group, equities research analysts expect that Greenlight Capital Re will post -7.08 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP raised its holdings in Greenlight Capital Re by 18.0% in the 2nd quarter. First Trust Advisors LP now owns 33,325 shares of the financial services provider’s stock worth $473,000 after purchasing an additional 5,078 shares during the period. Investec Asset Management LTD purchased a new stake in Greenlight Capital Re during the 2nd quarter worth approximately $1,025,000. Bank of America Corp DE increased its stake in Greenlight Capital Re by 351.2% during the 2nd quarter. Bank of America Corp DE now owns 214,274 shares of the financial services provider’s stock worth $3,043,000 after buying an additional 166,783 shares in the last quarter. Monarch Partners Asset Management LLC increased its stake in Greenlight Capital Re by 20.0% during the 3rd quarter. Monarch Partners Asset Management LLC now owns 40,580 shares of the financial services provider’s stock worth $503,000 after buying an additional 6,770 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Greenlight Capital Re by 26.6% during the 2nd quarter. BlackRock Inc. now owns 2,513,604 shares of the financial services provider’s stock worth $35,693,000 after buying an additional 527,963 shares in the last quarter. 43.11% of the stock is owned by institutional investors.

About Greenlight Capital Re

Greenlight Capital Re, Ltd., through its subsidiaries, engages in the provision of property and casualty reinsurance products and services worldwide. Its frequency business comprises contracts containing small losses emanating from multiple events and enables the clients to increase their underwriting capacity; and severity business includes contracts with the potential for significant losses emanating from one event or various events.

See Also: Cost of Capital

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