Greenlight Cap. Re. Down 2.30% To $10.61 After Earnings Beat

Greenlight Capital Re, Ltd. (GLRE) surpassed earnings projections on 11/8/2023 for Q3 2023.

The consensus among analysts for Greenlight Cap. Re. was for an earnings per share (EPS) loss of $0.30 per share. The firm was able to surpass those projections, reporting an EPS of $0.39, a positive surprise of $0.69 (230%). Profits rose 170% year-over-year after reporting an EPS loss of $0.56 per share in its year-ago quarter. The positive growth rate signals that the Financial Services company is performing well amid recent economic conditions.

Greenlight Cap. Re. reported a revenue of $166.9 million in Q3 2023. The firm managed 32% growth year-over-year due to Greenlight Cap. Re. reporting quarterly revenue of $126.7 million in its year-ago quarter. Greenlight Cap. Re. achieved a higher earnings growth rate than revenue, signaling that the business has improved its profit margin.

The stock is down 2.30% to $10.61 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Greenlight Cap. Re. has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 93, putting Greenlight Cap. Re. in the top 25% of stocks. The firm was recently trading at a 52-week high of $11.72 on September 13, 2023 and set a 52-week low on December 15, 2022 at $7.52.

Greenlight Capital Re Ltd offers property and casualty reinsurance. Its customers are property and casualty insurers, and Greenlight takes on some of their risk in exchange for insurance premiums. It operates through one operating segment: property and casualty reinsurance. It generates revenue through premiums from reinsurance on property and casualty business assumed, and income from investments. Most of the revenue generated from policies written in the United States and the Caribbean.