Greenlight Capital Re (NASDAQ:GLRE) COO Sells 3,026 Shares

by · The Cerbat Gem

Greenlight Capital Re, Ltd. (NASDAQ:GLRE – Get Free Report) COO Patrick O’brien sold 3,026 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $16.36, for a total transaction of $49,505.36. Following the transaction, the chief operating officer directly owned 208,633 shares of the company’s stock, valued at $3,413,235.88. This trade represents a 1.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Greenlight Capital Re Trading Down 2.7%

Shares of NASDAQ GLRE traded down $0.44 during trading on Thursday, hitting $16.08. 218,417 shares of the company traded hands, compared to its average volume of 176,715. Greenlight Capital Re, Ltd. has a 1 year low of $11.56 and a 1 year high of $19.39. The company has a 50-day moving average price of $17.07 and a 200-day moving average price of $15.62. The firm has a market capitalization of $533.37 million, a P/E ratio of 6.78 and a beta of 0.33. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.01.

Greenlight Capital Re (NASDAQ:GLRE – Get Free Report) last posted its earnings results on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.20). Greenlight Capital Re had a return on equity of 11.69% and a net margin of 11.47%.The business had revenue of $189.66 million for the quarter, compared to analyst estimates of $160.88 million. On average, equities analysts predict that Greenlight Capital Re, Ltd. will post 1.8 EPS for the current year.

Hedge Funds Weigh In On Greenlight Capital Re

A number of institutional investors have recently added to or reduced their stakes in the company. Private Management Group Inc. lifted its holdings in Greenlight Capital Re by 25.6% in the 4th quarter. Private Management Group Inc. now owns 1,502,235 shares of the financial services provider’s stock worth $21,903,000 after buying an additional 306,468 shares in the last quarter. Pinnacle Associates Ltd. acquired a new stake in shares of Greenlight Capital Re during the fourth quarter valued at about $2,480,000. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in shares of Greenlight Capital Re during the fourth quarter worth about $2,479,000. Millennium Management LLC increased 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 worth $2,906,000 after acquiring an additional 168,486 shares during the last quarter. Finally, HRT Financial LP lifted its stake in shares of Greenlight Capital Re by 459.1% in the fourth quarter. HRT Financial LP now owns 118,654 shares of the financial services provider’s stock worth $1,729,000 after acquiring an additional 97,433 shares in the last quarter. Institutional investors and hedge funds own 41.52% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on GLRE shares. Weiss Ratings upgraded Greenlight Capital Re from a “hold (c)” rating to a “buy (b+)” rating in a report on Tuesday, March 17th. Zacks Research raised Greenlight Capital Re to a “hold” rating in a research report on Wednesday, May 27th. Finally, Wall Street Zen downgraded Greenlight Capital Re from a “buy” rating to a “hold” rating in a research report on Sunday, June 7th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy”.

View Our Latest Research Report on Greenlight Capital Re

Greenlight Capital Re Company Profile

(Get Free Report)

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.

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