Greenlight Capital Re (GLRE) Downgraded by BidaskClub to Strong Sell

BidaskClub downgraded shares of Greenlight Capital Re (NASDAQ:GLRE) from a sell rating to a strong sell rating in a report released on Wednesday.

Separately, ValuEngine cut Greenlight Capital Re from a buy rating to a hold rating in a report on Wednesday, January 2nd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company’s stock. Greenlight Capital Re currently has a consensus rating of Hold and an average price target of $20.50.

Shares of Greenlight Capital Re stock traded up $0.10 on Wednesday, hitting $9.61. The stock had a trading volume of 4,809 shares, compared to its average volume of 246,533. Greenlight Capital Re has a twelve month low of $8.36 and a twelve month high of $21.45. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.82 and a quick ratio of 2.82. The company has a market capitalization of $349.66 million, a P/E ratio of -8.03 and a beta of 0.85.

Greenlight Capital Re (NASDAQ:GLRE) last released its quarterly earnings data on Monday, November 5th. The financial services provider reported ($2.20) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.54) by $0.34. Greenlight Capital Re had a negative return on equity of 44.40% and a negative net margin of 125.14%. The company had revenue of $42.57 million during the quarter, compared to the consensus estimate of $68.40 million. Equities analysts anticipate that Greenlight Capital Re will post -7.87 EPS for the current year.

A number of hedge funds have recently made changes to their positions in GLRE. Public Employees Retirement Association of Colorado boosted its holdings in shares of Greenlight Capital Re by 132.6% during the 3rd quarter. Public Employees Retirement Association of Colorado now owns 15,757 shares of the financial services provider’s stock worth $195,000 after buying an additional 8,983 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Greenlight Capital Re by 18.0% during the 2nd quarter. First Trust Advisors LP now owns 33,325 shares of the financial services provider’s stock worth $473,000 after buying an additional 5,078 shares in the last quarter. Engineers Gate Manager LP boosted its holdings in shares of Greenlight Capital Re by 53.6% during the 3rd quarter. Engineers Gate Manager LP now owns 38,510 shares of the financial services provider’s stock worth $478,000 after buying an additional 13,431 shares in the last quarter. Veritable L.P. bought a new position in shares of Greenlight Capital Re during the 3rd quarter worth approximately $496,000. Finally, Monarch Partners Asset Management LLC boosted its holdings in shares of Greenlight Capital Re by 20.0% during the 3rd quarter. Monarch Partners Asset Management LLC now owns 40,580 shares of the financial services provider’s stock worth $503,000 after buying an additional 6,770 shares in the last quarter. Institutional investors and hedge funds own 50.00% 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.

Further Reading: Front-End Load

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