Price Action Report: What’s Propelling Greenlight Capital Re, Ltd. to Reach 52-Week High?

Price Action Report: What's Propelling Greenlight Capital Re, Ltd. to Reach 52 Week High?

The stock of Greenlight Capital Re, Ltd. (NASDAQ:GLRE) hit a new 52-week high and has $36.69 target or 62.00% above today’s $22.65 share price. The 5 months bullish chart indicates low risk for the $850.09M company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $36.69 price target is reached, the company will be worth $527.06 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 96,652 shares traded hands. Greenlight Capital Re, Ltd. (NASDAQ:GLRE) has risen 5.43% since April 15, 2016 and is uptrending. It has outperformed by 0.81% the S&P500.

According to Zacks Investment Research, “GREENLIGHT CAPITAL REINSURANCE LTD. is an AM Best A- (Excellent) rated specialty property and casualty reinsurance company based in the Cayman Islands. The Company provides a variety of custom-tailored reinsurance solutions to the insurance, risk retention group, captive and financial marketplaces. Greenlight Re selectively offers customized reinsurance solutions in markets where capacity and alternatives are limited. With a focus on deriving superior returns from both sides of the balance sheet, Greenlight Re’s assets are managed according to a value-oriented equity-focused strategy that complements the Company’s business goal of long-term growth in book value per share.”

Insitutional Activity: The institutional sentiment increased to 1.8 in 2016 Q2. Its up 0.69, from 1.11 in 2016Q1. The ratio improved, as 5 funds sold all Greenlight Capital Re, Ltd. shares owned while 20 reduced positions. 9 funds bought stakes while 36 increased positions. They now own 15.23 million shares or 6.07% less from 16.21 million shares in 2016Q1.
Blackrock has 0% invested in the company for 7,223 shares. Citigroup Inc accumulated 8,813 shares or 0% of the stock. Goldman Sachs Grp last reported 287,462 shares in the company. Blackrock Limited holds 0% of its portfolio in Greenlight Capital Re, Ltd. (NASDAQ:GLRE) for 27,815 shares. Moreover, Mcf Advsrs Ltd Company has 0% invested in Greenlight Capital Re, Ltd. (NASDAQ:GLRE) for 500 shares. Jbf Cap Inc reported 19,696 shares or 0.05% of all its holdings. Creative Planning has invested 0% of its portfolio in Greenlight Capital Re, Ltd. (NASDAQ:GLRE). Fmr Lc owns 748,920 shares or 0% of their US portfolio. Schwab Charles reported 100,235 shares or 0% of all its holdings. Teacher Retirement Systems Of Texas reported 4,303 shares or 0% of all its holdings. Blair William & Il, a Illinois-based fund reported 10,305 shares. The United Kingdom-based Hsbc Holding Pcl has invested 0% in Greenlight Capital Re, Ltd. (NASDAQ:GLRE). American International Group Inc Incorporated holds 16,916 shares or 0% of its portfolio. Barclays Public Ltd Co holds 26 shares or 0% of its portfolio. California State Teachers Retirement Systems holds 61,618 shares or 0% of its portfolio.

Insider Transactions: Since June 2, 2016, the stock had 0 insider purchases, and 8 sales for $1.93 million net activity. Another trade for 5,555 shares valued at $112,836 was sold by Goldberg Leonard R. 12,000 shares were sold by Isaacs Ian, worth $257,358. $1.02M worth of Greenlight Capital Re, Ltd. (NASDAQ:GLRE) shares were sold by Hedges Barton.

More recent Greenlight Capital Re, Ltd. (NASDAQ:GLRE) news were published by: Marketwatch.com which released: “Greenlight Capital Re Ltd. Cl A” on March 02, 2011. Also Insurancejournal.com published the news titled: “Greenlight Capital Re Hit With AM Best Ratings Downgrade” on November 03, 2016. Insurancejournal.com‘s news article titled: “Greenlight Capital Re Reports Q2 Loss of $63M, in 5th Loss in 6 Quarters” with publication date: August 02, 2016 was also an interesting one.

GLRE Company Profile

Greenlight Capital Re, Ltd. (GLRE), incorporated on July 13, 2004, is a property and casualty reinsurance holding company. The Firm operates through property and casualty reinsurance segment. The Company’s underwriting activities are classified into two categories: frequency business, which is characterized as contracts containing a number of small losses emanating from multiple events, and severity business, which is characterized as contracts with the potential for losses emanating from one event or multiple events. The Company’s subsidiaries include Greenlight Reinsurance, Ltd, (Greenlight Re), Greenlight Reinsurance Ireland, Ltd. (GRIL) and Verdant Holding Company, Ltd. (Verdant).

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