Greenlight Capital Re (NASDAQ:GLRE) Stock Price Passes Above 200-Day Moving Average – What’s Next?

Greenlight Capital Re, Ltd. (NASDAQ:GLRE)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $15.77 and traded as high as $16.77. Greenlight Capital Re shares last traded at $16.42, with a volume of 216,981 shares trading hands.

Wall Street Analysts Forecast Growth

GLRE has been the topic of several recent research reports. Zacks Research upgraded shares of Greenlight Capital Re to a “hold” rating in a research note on Wednesday, May 27th. Weiss Ratings restated a “buy (b)” rating on shares of Greenlight Capital Re in a research report on Monday. Finally, Wall Street Zen cut shares of Greenlight Capital Re from a “buy” rating to a “hold” rating in a report on Sunday, June 7th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Greenlight Capital Re Stock Up 0.6%

The company has a market capitalization of $544.65 million, a PE ratio of 6.93 and a beta of 0.32. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.46 and a quick ratio of 2.46. The company has a 50-day moving average of $16.69 and a two-hundred day moving average of $15.77.

Greenlight Capital Re (NASDAQ:GLRE) last issued its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $1.05 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 company had revenue of $189.66 million during the quarter, compared to analysts’ expectations of $160.88 million. Sell-side analysts anticipate that Greenlight Capital Re, Ltd. will post 1.8 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel David Sigmon sold 7,500 shares of Greenlight Capital Re stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $17.33, for a total transaction of $129,975.00. Following the transaction, the general counsel owned 32,678 shares in the company, valued at approximately $566,309.74. The trade was a 18.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ian Isaacs sold 4,000 shares of Greenlight Capital Re stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $16.06, for a total transaction of $64,240.00. Following the transaction, the director owned 51,191 shares in the company, valued at approximately $822,127.46. This trade represents a 7.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 85,472 shares of company stock worth $1,472,107 in the last quarter. 24.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Greenlight Capital Re

A number of institutional investors have recently bought and sold shares of the business. Private Management Group Inc. lifted its position in shares of Greenlight Capital Re by 25.6% in the fourth quarter. Private Management Group Inc. now owns 1,502,235 shares of the financial services provider’s stock valued at $21,903,000 after acquiring an additional 306,468 shares in the last quarter. Pinnacle Associates Ltd. purchased a new stake in shares of Greenlight Capital Re during the fourth quarter worth 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 raised its stake in Greenlight Capital Re by 546.5% during the 4th 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 period. Finally, HRT Financial LP raised its stake in Greenlight Capital Re by 459.1% during the 4th quarter. HRT Financial LP now owns 118,654 shares of the financial services provider’s stock valued at $1,729,000 after purchasing an additional 97,433 shares during the period. Hedge funds and other institutional investors 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.