Greenlight Capital Re (NASDAQ:GLRE) Releases Earnings Results, Misses Estimates By $0.20 EPS

Greenlight Capital Re (NASDAQ:GLRE) released its quarterly earnings results on Tuesday. The financial services provider reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.20), FiscalAI reports. The company had revenue of $189.66 million during the quarter, compared to the consensus estimate of $180.76 million. Greenlight Capital Re had a net margin of 10.25% and a return on equity of 11.10%.

Greenlight Capital Re Price Performance

NASDAQ GLRE traded down $0.33 during trading hours on Wednesday, reaching $17.57. 43,946 shares of the stock traded hands, compared to its average volume of 174,491. The stock has a 50 day simple moving average of $16.78 and a two-hundred day simple moving average of $14.66. Greenlight Capital Re has a 1 year low of $11.56 and a 1 year high of $19.39. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.84 and a quick ratio of 2.84. The company has a market cap of $597.03 million, a price-to-earnings ratio of 8.06 and a beta of 0.38.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GLRE. Millennium Management LLC increased its holdings in shares of Greenlight Capital Re by 546.5% in the fourth quarter. Millennium Management LLC now owns 199,314 shares of the financial services provider’s stock worth $2,906,000 after buying an additional 168,486 shares during the period. HRT Financial LP grew 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 purchasing an additional 97,433 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Greenlight Capital Re by 73.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 229,630 shares of the financial services provider’s stock worth $3,348,000 after purchasing an additional 96,983 shares during the last quarter. Jane Street Group LLC grew its stake in shares of Greenlight Capital Re by 74.3% in the fourth quarter. Jane Street Group LLC now owns 132,463 shares of the financial services provider’s stock worth $1,931,000 after purchasing an additional 56,464 shares during the last quarter. Finally, Nierenberg Investment Management Company LLC bought a new stake in shares of Greenlight Capital Re in the fourth quarter worth about $810,000. Hedge funds and other institutional investors own 41.52% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Weiss Ratings raised Greenlight Capital Re from a “hold (c)” rating to a “buy (b+)” rating in a research note on Tuesday, March 17th. Wall Street Zen raised Greenlight Capital Re from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 25th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, Greenlight Capital Re currently has a consensus rating of “Buy”.

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.