Greenlight Capital Re (NASDAQ:GLRE) Trading Up 5.3% – Here’s Why

Greenlight Capital Re, Ltd. (NASDAQ:GLRE)’s stock price shot up 5.3% during mid-day trading on Friday . The stock traded as high as $15.90 and last traded at $15.78. 154,771 shares changed hands during mid-day trading, an increase of 31% from the average session volume of 118,498 shares. The stock had previously closed at $14.99.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Greenlight Capital Re in a report on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Greenlight Capital Re currently has a consensus rating of “Hold”.

Greenlight Capital Re Trading Up 4.8%

The stock has a 50-day moving average of $13.99 and a two-hundred day moving average of $13.39. The company has a market cap of $535.88 million, a P/E ratio of 7.21 and a beta of 0.54. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.89 and a current ratio of 2.84.

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. The firm had revenue of $210.30 million for the quarter. Greenlight Capital Re had a return on equity of 11.10% and a net margin of 10.25%.

Institutional Investors Weigh In On Greenlight Capital Re

Several institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC boosted its stake in Greenlight Capital Re by 11.0% during the 4th quarter. Empowered Funds LLC now owns 162,184 shares of the financial services provider’s stock valued at $2,365,000 after purchasing an additional 16,062 shares during the last quarter. Oxford Asset Management LLP bought a new position in shares of Greenlight Capital Re during the fourth quarter valued at $177,000. Millennium Management LLC boosted its position in shares of Greenlight Capital Re by 546.5% during the fourth quarter. Millennium Management LLC now owns 199,314 shares of the financial services provider’s stock valued at $2,906,000 after buying an additional 168,486 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in Greenlight Capital Re by 8.3% in the 4th quarter. Bridgeway Capital Management LLC now owns 210,684 shares of the financial services provider’s stock worth $3,072,000 after buying an additional 16,062 shares in the last quarter. Finally, Trexquant Investment LP raised its position in Greenlight Capital Re by 70.2% in the 4th quarter. Trexquant Investment LP now owns 104,212 shares of the financial services provider’s stock worth $1,519,000 after buying an additional 42,972 shares during 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.