Greenlight Capital Re (GLRE) Downgraded to Sell at BidaskClub

BidaskClub lowered shares of Greenlight Capital Re (NASDAQ:GLRE) from a hold rating to a sell rating in a research note released on Saturday.

Several other research analysts also recently commented on the stock. UBS reiterated a buy rating and issued a $25.00 target price (down previously from $27.00) on shares of Greenlight Capital Re in a report on Friday, February 23rd. TheStreet downgraded shares of Greenlight Capital Re from a b- rating to a c+ rating in a report on Wednesday, February 14th. Finally, ValuEngine downgraded shares of Greenlight Capital Re from a hold rating to a sell rating in a report on Wednesday, March 7th. Three investment analysts have rated the stock with a sell rating and one has assigned a buy rating to the company. Greenlight Capital Re has an average rating of Hold and an average price target of $24.50.

Greenlight Capital Re stock opened at $15.15 on Friday. The firm has a market cap of $584.64 million, a PE ratio of -12.52 and a beta of 0.88. Greenlight Capital Re has a 1-year low of $15.30 and a 1-year high of $15.50.

Greenlight Capital Re (NASDAQ:GLRE) last released its quarterly earnings results on Tuesday, February 20th. The financial services provider reported ($1.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.47). The business had revenue of $124.54 million for the quarter, compared to the consensus estimate of $157.50 million. Greenlight Capital Re had a negative net margin of 40.65% and a negative return on equity of 23.81%. sell-side analysts forecast that Greenlight Capital Re will post -2.85 earnings per share for the current fiscal year.

In other news, insider Daniel Roitman bought 35,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 6th. The shares were purchased at an average price of $16.49 per share, for a total transaction of $577,150.00. Following the acquisition, the insider now directly owns 270,117 shares of the company’s stock, valued at approximately $4,454,229.33. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Laura Accurso sold 12,000 shares of Greenlight Capital Re stock in a transaction on Monday, March 5th. The stock was sold at an average price of $16.51, for a total transaction of $198,120.00. Following the completion of the transaction, the general counsel now owns 11,848 shares in the company, valued at approximately $195,610.48. The disclosure for this sale can be found here. Company insiders own 21.38% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Continental Advisors LLC bought a new position in shares of Greenlight Capital Re during the 1st quarter worth about $5,657,000. River & Mercantile Asset Management LLP bought a new position in shares of Greenlight Capital Re during the 1st quarter worth about $4,974,000. GSA Capital Partners LLP bought a new position in shares of Greenlight Capital Re during the 1st quarter worth about $282,000. Russell Investments Group Ltd. increased its holdings in shares of Greenlight Capital Re by 138.1% during the 1st quarter. Russell Investments Group Ltd. now owns 95,728 shares of the financial services provider’s stock worth $1,537,000 after purchasing an additional 55,527 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Greenlight Capital Re by 6.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,285,367 shares of the financial services provider’s stock worth $36,680,000 after purchasing an additional 131,632 shares during the period. Institutional investors own 50.51% of the company’s stock.

About Greenlight Capital Re

Greenlight Capital Re, Ltd., through its subsidiaries, engages in the provision of property and casualty reinsurance products and services worldwide. Its frequency business comprises contracts containing small losses emanating from multiple events and enables the clients to increase their underwriting capacity; and severity business includes contracts with the potential for significant losses emanating from one event or various events.

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