Ian Isaacs, a director at Greenlight Capital Re, Ltd. (NASDAQ:GLRE), has sold a total of 9,019 ordinary shares of the company, according to a recent filing with the Securities and Exchange Commission. The shares were offloaded at a weighted average price of $11.998, amounting to a total value of $108,209.
The transaction took place on March 27, 2024, and was disclosed in a Form 4 filing with the SEC. While the specific selling prices for each share were not provided in the initial report due to a delay in information from the third-party administrator, Isaacs has committed to submitting an amended Form 4 with the complete price range once the details are available.
Following the sale, Isaacs remains a significant shareholder of the company, with a direct ownership of 87,591 ordinary shares. Additionally, the filing disclosed indirect ownership through the Isaacs Living Trust and Ian Isaacs IRA, each holding 25,000 ordinary shares of Greenlight Capital Re.
Investors often monitor insider transactions as they can provide insights into an executive's view of the company's current valuation and future prospects. However, it's important to note that there could be various reasons for an insider to sell shares, and such transactions do not necessarily indicate a negative outlook on the company's future performance.
Greenlight Capital Re, Ltd., based in the Cayman Islands, operates in the casualty and property reinsurance space. The company's stock is publicly traded on NASDAQ under the ticker symbol GLRE.
InvestingPro Insights
Amidst the recent insider selling activity at Greenlight Capital Re, Ltd. (NASDAQ:GLRE), investors may find the real-time data and insights from InvestingPro valuable for contextualizing the company's current financial standing. As of the last twelve months ending Q4 2023, Greenlight Capital Re's market capitalization stands at a modest $426.46 million, with a notably low price-to-earnings (P/E) ratio of 4.85, suggesting that the stock may be trading at a low earnings multiple compared to its peers.
The company's revenue growth has been robust, with a 23.09% increase over the last twelve months and a quarterly growth of 7.76% in Q4 2023. Despite this positive trend, an InvestingPro Tip highlights that Greenlight Capital Re suffers from weak gross profit margins, which were reported at 19.29% for the same period. This could be a concern for investors looking for companies with strong profitability metrics.
Another point of interest for investors is that the stock is trading near its 52-week high, at 93.56% of the peak value. This could be an indicator of strong market confidence or a potential warning sign of overvaluation, depending on broader market conditions and the company's fundamentals. Additionally, it's worth noting that Greenlight Capital Re has been profitable over the last twelve months, which may reassure investors considering the stock's value proposition.
For those interested in a deeper analysis, InvestingPro offers additional insights and tips for Greenlight Capital Re, including the company's dividend policy, or rather the lack thereof, as it does not pay a dividend to shareholders. To access these insights, investors can visit the dedicated page for Greenlight Capital Re at https://www.investing.com/pro/GLRE. Moreover, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable InvestingPro Tips, of which there are multiple listed for Greenlight Capital Re.
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