Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Short Interest Up 89.6% in June

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) was the recipient of a significant growth in short interest in the month of June. As of June 30th, there was short interest totaling 635,351 shares, a growth of 89.6% from the June 15th total of 335,155 shares. Approximately 2.5% of the shares of the stock are sold short. Based on an average daily volume of 204,329 shares, the short-interest ratio is presently 3.1 days.

Insider Transactions at Greenlight Capital Re

In related news, Director Ian Isaacs sold 9,230 shares of Greenlight Capital Re stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $16.33, for a total transaction of $150,725.90. Following the transaction, the director directly owned 60,191 shares of the company’s stock, valued at $982,919.03. The trade was a 13.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel David Sigmon sold 7,500 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $17.33, for a total transaction of $129,975.00. Following the completion of the sale, the general counsel directly owned 32,678 shares of the company’s stock, valued at $566,309.74. The trade was a 18.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 85,472 shares of company stock valued at $1,472,107. Company insiders own 24.67% of the company’s stock.

Hedge Funds Weigh In On Greenlight Capital Re

Hedge funds have recently modified their holdings of the stock. Private Management Group Inc. increased its holdings in 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 worth $21,903,000 after buying an additional 306,468 shares during the last quarter. Pinnacle Associates Ltd. acquired a new stake in Greenlight Capital Re in the fourth quarter valued at approximately $2,480,000. Pinnacle Wealth Management Advisory Group LLC bought a new stake in Greenlight Capital Re in the fourth quarter worth approximately $2,479,000. Millennium Management LLC increased its stake in shares of Greenlight Capital Re by 546.5% during the 4th quarter. Millennium Management LLC now owns 199,314 shares of the financial services provider’s stock worth $2,906,000 after purchasing an additional 168,486 shares during the last quarter. Finally, HRT Financial LP lifted its stake in shares of Greenlight Capital Re by 459.1% in the 4th quarter. HRT Financial LP now owns 118,654 shares of the financial services provider’s stock valued at $1,729,000 after purchasing an additional 97,433 shares during the last quarter. 41.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GLRE has been the topic of several research reports. Zacks Research raised Greenlight Capital Re to a “hold” rating in a report on Wednesday, May 27th. Wall Street Zen lowered Greenlight Capital Re from a “buy” rating to a “hold” rating in a research report on Sunday, June 7th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Greenlight Capital Re in a research note on Monday, July 6th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Greenlight Capital Re has an average rating of “Moderate Buy”.

Greenlight Capital Re Price Performance

Shares of GLRE opened at $17.07 on Friday. The business’s 50-day moving average is $16.45 and its 200-day moving average is $15.88. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.46 and a quick ratio of 2.46. The company has a market capitalization of $566.14 million, a price-to-earnings ratio of 7.20 and a beta of 0.32. Greenlight Capital Re has a fifty-two week low of $11.56 and a fifty-two week high of $19.39.

Greenlight Capital Re (NASDAQ:GLRE) last released its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.20). Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%. The company had revenue of $189.66 million during the quarter, compared to analyst estimates of $160.88 million. Equities research analysts expect that Greenlight Capital Re will post 1.8 EPS for the current fiscal year.

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.