Greenlight Capital Re (GLRE) Cut to Strong Sell at BidaskClub

BidaskClub downgraded shares of Greenlight Capital Re (NASDAQ:GLRE) from a sell rating to a strong sell rating in a research note issued to investors on Wednesday.

Separately, ValuEngine upgraded Greenlight Capital Re from a hold rating to a buy rating in a report on Tuesday, October 16th. Two analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $20.50.

NASDAQ:GLRE traded down $0.03 during midday trading on Wednesday, reaching $10.03. The company had a trading volume of 4,987 shares, compared to its average volume of 249,663. The firm has a market cap of $366.03 million, a PE ratio of -8.31 and a beta of 0.69. Greenlight Capital Re has a 12-month low of $10.03 and a 12-month high of $22.45. The company has a current ratio of 2.82, a quick ratio of 2.82 and a debt-to-equity ratio of 0.36.

Greenlight Capital Re (NASDAQ:GLRE) last released its earnings results on Monday, November 5th. The financial services provider reported ($2.20) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($2.54) by $0.34. The firm had revenue of $42.57 million during the quarter, compared to analyst estimates of $68.40 million. Greenlight Capital Re had a negative return on equity of 44.40% and a negative net margin of 125.14%. Equities analysts forecast that Greenlight Capital Re will post -7.3 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Greenlight Capital Re by 1.3% in the third quarter. Vanguard Group Inc. now owns 2,602,963 shares of the financial services provider’s stock valued at $32,277,000 after purchasing an additional 34,252 shares during the period. BlackRock Inc. boosted its holdings in Greenlight Capital Re by 26.6% in the second quarter. BlackRock Inc. now owns 2,513,604 shares of the financial services provider’s stock valued at $35,693,000 after purchasing an additional 527,963 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Greenlight Capital Re by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,324,538 shares of the financial services provider’s stock valued at $33,008,000 after purchasing an additional 39,171 shares during the period. Morgan Stanley boosted its holdings in Greenlight Capital Re by 7.2% in the third quarter. Morgan Stanley now owns 2,201,546 shares of the financial services provider’s stock valued at $27,299,000 after purchasing an additional 146,922 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Greenlight Capital Re by 176.1% in the third quarter. JPMorgan Chase & Co. now owns 525,779 shares of the financial services provider’s stock valued at $6,520,000 after purchasing an additional 335,341 shares during the period. Hedge funds and other institutional investors own 50.22% 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.

Read More: What is the NASDAQ?

Receive News & Ratings for Greenlight Capital Re Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Greenlight Capital Re and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply