Greenlight Capital Re (NASDAQ:GLRE) Hits New 1-Year High – Still a Buy?

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) shares hit a new 52-week high on Wednesday . The company traded as high as $17.20 and last traded at $17.1850, with a volume of 3793 shares changing hands. The stock had previously closed at $16.53.

Analyst Upgrades and Downgrades

GLRE has been the topic of a number of recent research reports. Wall Street Zen raised Greenlight Capital Re from a “hold” rating to a “strong-buy” rating in a research report on Saturday, March 14th. Weiss Ratings raised Greenlight Capital Re from a “hold (c)” rating to a “buy (b+)” rating in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy”.

Greenlight Capital Re Price Performance

The firm’s fifty day moving average price is $14.37 and its 200 day moving average price is $13.59. The firm has a market capitalization of $583.95 million, a PE ratio of 7.88 and a beta of 0.54. 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 issued its earnings results on Monday, March 9th. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.32. The firm had revenue of $210.30 million during the quarter. Greenlight Capital Re had a net margin of 10.25% and a return on equity of 11.10%.

Hedge Funds Weigh In On Greenlight Capital Re

Institutional investors and hedge funds have recently modified their holdings of the stock. Catawba River Capital acquired a new stake in Greenlight Capital Re during the third quarter worth about $2,542,000. Private Management Group Inc. raised its position in Greenlight Capital Re by 12.8% during the third quarter. Private Management Group Inc. now owns 1,195,767 shares of the financial services provider’s stock valued at $15,186,000 after acquiring an additional 136,041 shares in the last quarter. CWA Asset Management Group LLC lifted its holdings in Greenlight Capital Re by 6.9% in the fourth quarter. CWA Asset Management Group LLC now owns 977,105 shares of the financial services provider’s stock valued at $14,246,000 after acquiring an additional 62,707 shares during the period. Creative Planning purchased a new stake in Greenlight Capital Re in the 2nd quarter worth approximately $887,000. Finally, Russell Investments Group Ltd. boosted 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 in the last quarter. Institutional investors and hedge funds own 41.52% of the company’s stock.

Greenlight Capital Re Company Profile

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.