Greenlight Capital Re (NASDAQ:GLRE) Hits New 1-Year High After Better-Than-Expected Earnings

Greenlight Capital Re, Ltd. (NASDAQ:GLRE)’s share price hit a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $15.12 and last traded at $14.95, with a volume of 56710 shares changing hands. The stock had previously closed at $14.20.

The financial services provider reported $1.44 EPS for the quarter, beating the consensus estimate of $1.12 by $0.32. Greenlight Capital Re had a negative return on equity of 0.28% and a negative net margin of 0.28%.The company had revenue of $210.30 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued 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, the stock presently has an average rating of “Hold”.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GLRE. Empowered Funds LLC raised its holdings in shares of Greenlight Capital Re by 11.0% during the fourth quarter. Empowered Funds LLC now owns 162,184 shares of the financial services provider’s stock valued at $2,365,000 after acquiring an additional 16,062 shares in the last quarter. Oxford Asset Management LLP bought a new position in shares of Greenlight Capital Re during the fourth quarter valued at approximately $177,000. Millennium Management LLC lifted its holdings 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 purchasing an additional 168,486 shares during the last quarter. Bridgeway Capital Management LLC boosted its position in shares of 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 purchasing an additional 16,062 shares in the last quarter. Finally, Trexquant Investment LP grew its stake in shares of 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.

Greenlight Capital Re Price Performance

The company has a current ratio of 2.89, a quick ratio of 2.89 and a debt-to-equity ratio of 0.05. The company has a market cap of $511.06 million, a PE ratio of -215.60 and a beta of 0.54. The firm has a 50 day moving average of $13.96 and a two-hundred day moving average of $13.35.

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.