Greenlight Capital Re (NASDAQ:GLRE) Stock Price Down 7.4% Following Weak Earnings

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) shares fell 7.4% during trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $14.56 and last traded at $15.15. Approximately 40,841 shares were traded during trading, a decline of 77% from the average daily volume of 175,380 shares. The stock had previously closed at $16.36.

The financial services provider reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.54). The firm had revenue of $137.46 million for the quarter, compared to the consensus estimate of $163.43 million. Greenlight Capital Re had a return on equity of 11.69% and a net margin of 11.47%.

Analyst Upgrades and Downgrades

GLRE has been the subject of a number of research analyst reports. Zacks Research upgraded Greenlight Capital Re to a “hold” rating in a report on Wednesday, May 27th. Weiss Ratings restated a “buy (b)” rating on shares of Greenlight Capital Re in a research note on Monday, July 6th. Finally, Wall Street Zen cut Greenlight Capital Re from a “buy” rating to a “hold” rating in a research report on Sunday, June 7th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Greenlight Capital Re has a consensus rating of “Moderate Buy”.

Insider Activity at Greenlight Capital Re

In other news, Director Joseph P. Platt, Jr. sold 23,613 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $18.01, for a total value of $425,270.13. Following the transaction, the director directly owned 11,747 shares of the company’s stock, valued at $211,563.47. This represents a 66.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel David Sigmon sold 7,500 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $17.33, for a total transaction of $129,975.00. Following the sale, the general counsel owned 32,678 shares of the company’s stock, valued at approximately $566,309.74. This represents a 18.67% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 85,472 shares of company stock valued at $1,472,107 in the last ninety days. Company insiders own 24.67% of the company’s stock.

Institutional Investors Weigh In On Greenlight Capital Re

A number of institutional investors have recently made changes to their positions in the company. Pinnacle Associates Ltd. acquired a new stake in Greenlight Capital Re during the 4th quarter worth approximately $2,480,000. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of Greenlight Capital Re during the fourth quarter worth $2,479,000. Private Management Group Inc. boosted 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 during the period. Hsbc Holdings PLC acquired a new position in shares of Greenlight Capital Re in the first quarter valued at about $813,000. Finally, Hillsdale Investment Management Inc. bought a new position in Greenlight Capital Re during the first quarter worth about $1,117,000. Institutional investors own 41.52% of the company’s stock.

Greenlight Capital Re Stock Down 6.8%

The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.01. The firm’s 50 day simple moving average is $16.28 and its two-hundred day simple moving average is $16.12. The firm has a market cap of $505.45 million, a price-to-earnings ratio of 6.43 and a beta of 0.33.

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.