Greenlight Capital sinks to new 52-week low on preliminary Q3 results
Greenlight Capital Re. Ltd. (Nasdaq:GLRE) plummeted to a new 52-week low after announcing disappointing preliminary third-quarter results.
The Grand Cayman-based specialty property and casualty reinsurance company announced at 9:11 am ET that it expects a net loss per share in the range of $3.30 to $3.45.
In a statement issued at 9:11 AM ET, Greenlight’s chairman David Einhorn said it had been “an extraordinarily difficult investment period.”
By mid-morning, Greenlight is at $16.24, down $6.75 from Tuesday’s close. The stock had previously traded between $16.30 and $23.85 in the past 52 weeks.
Trading volume was significantly higher than normal with nearly 280,000 shares changing hands compared with an average three-month volume of 127,720 shares.
For detailed price information and news stories on Greenlight Capital, click GLRE.
