Greenlight Capital Re (NASDAQ:GLRE) Shares Gap Down – Here’s Why

Greenlight Capital Re, Ltd. (NASDAQ:GLRE)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $17.06, but opened at $16.17. Greenlight Capital Re shares last traded at $17.0390, with a volume of 59,020 shares traded.

Analyst Ratings Changes

GLRE has been the subject of a number of research reports. Wall Street Zen raised shares of 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 report on Tuesday, March 17th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy”.

Greenlight Capital Re Stock Performance

The company has a market cap of $569.50 million, a PE ratio of 7.69 and a beta of 0.54. The stock has a 50 day simple moving average of $14.58 and a two-hundred day simple moving average of $13.67. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.84 and a quick ratio of 2.84.

Greenlight Capital Re (NASDAQ:GLRE) last announced its earnings results on Monday, March 9th. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.32. Greenlight Capital Re had a net margin of 10.25% and a return on equity of 11.10%. The business had revenue of $210.30 million for the quarter.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Greenlight Capital Re by 12.8% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 11,445 shares of the financial services provider’s stock valued at $145,000 after buying an additional 1,296 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Greenlight Capital Re by 4.9% during the second quarter. BNP Paribas Financial Markets now owns 30,659 shares of the financial services provider’s stock worth $441,000 after buying an additional 1,429 shares during the period. Bank of America Corp DE grew its holdings in shares of Greenlight Capital Re by 3.8% during the second quarter. Bank of America Corp DE now owns 39,239 shares of the financial services provider’s stock worth $564,000 after buying an additional 1,451 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Greenlight Capital Re by 90.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,431 shares of the financial services provider’s stock worth $49,000 after buying an additional 1,627 shares during the last quarter. Finally, Independent Advisor Alliance increased its position in Greenlight Capital Re by 2.8% in the 4th quarter. Independent Advisor Alliance now owns 64,561 shares of the financial services provider’s stock valued at $941,000 after acquiring an additional 1,751 shares during the period. 41.52% of the stock is currently owned by institutional investors and hedge funds.

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.