Oxbridge Re Holdings Limited (OXBR) shares surged 36.42% in after-hours on Tuesday, July 13, 2021, and closed the day at $4.57. Earlier in the morning session, OXBR’s stock gained 6.35% to close Tuesday’s session at $3.35. OXBR shares have risen 207.34% over the last 12 months, and they have moved up 20.07% in the past week. Over the past three months, the stock has gained 52.97%, while over the past six months, it has declined 63.41%.
Let’s see what are the latest news about OXBR?
Acquisition of Oxbridge Re Holdings Limited
On July 13, 2021, Custodian Ventures LLC filed a Schedule 13D announcing its acquisition of approximately 9.9% of the ordinary shares outstanding of Oxbridge Re Holdings Limited.
The Chief Executive Officer of Custodian VenturesDavid E. Lazar said that they have made a significant investment in Oxbridge Re because they believe the Company presents shareholders with an exciting opportunity for meaningful value creation. He further said that he is looking forward to continuing to constructively engage with management and the Board of Directors to actively explore potential strategic options to maximize value for all Oxbridge Re shareholders.
Recent financial results announcement
On May 14, 2021, Oxbridge Re Holdings Limited announced improved financial results for the three months ended March 31, 2021.
Q1 2021 financial highlights
- The Company generated a net income of $28,000 or $0.00 per basic and diluted common share in the first quarter of 2021 compared to a net loss of $364,000 or a loss of $0.06 per basic and diluted common share in the first quarter of 2020.
- Net premiums were $181,000 in Q1 2021 compared to $264,000 in Q1 2020.
- For Q1 2021, total expenses were $272,000compared to $275,000 in the first quarter of 2020.
- The company had cash and cash equivalents, and restricted cash and cash equivalents, totalled $6.8 million on March 31, 2021, compared to $7.5 million on December 31, 2020.
Q4 and FY 2020 financial results announcement
On March 30, 2021, Oxbridge Re Holdings Limited reported its results for the fourth quarter and year ended December 31, 2020.
Q4 2020 financial highlights
- The Company generated a net income of $181,000 or $0.03 per basic and diluted common share in Q4 2020 compared to $61,000 or $0.01 per basic and diluted common share in the fourth quarter of 2019.
- It suffered a net loss of 50,000 or $0.01 per basic and diluted common share in Q4 2020 compared with a net loss of $305,000 or $0.05 per basic and diluted common share in 2019.
- Total expenses were 289,000 in Q4 2020 compared to $282,000 in the fourth quarter of 2019.
Conclusion
The acquisition of Oxbridge Re Holdings by Custodian Ventures LLC was the reason behind its top-notch performance on Tuesday. We can see it continue its momentum on Wednesday as well.
