Atika Capital Management LLC Invests $7.26 Million in SiriusPoint Ltd. $SPNT

Key Points

• Atika Capital Management LLC has acquired a new position in SiriusPoint Ltd. worth approximately $7.26 million by purchasing 420,000 shares.
• Multiple large investors have increased their stakes in SiriusPoint, with Victory Capital Management Inc. leading with a 4,246.7% increase in its holdings during the 1st quarter.
• SiriusPoint's recent earnings report showed $0.66 earnings per share, surpassing estimates, and the stock currently has an average price target of $25.00 according to analysts.

Atika Capital Management LLC bought a new stake in SiriusPoint Ltd. (NYSE:SPNT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 420,000 shares of the company's stock, valued at approximately $7,262,000. Atika Capital Management LLC owned about 0.36% of SiriusPoint at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of SiriusPoint by 3.2% in the first quarter. Wellington Management Group LLP now owns 11,035,310 shares of the company's stock valued at $190,801,000 after acquiring an additional 341,096 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of SiriusPoint by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,568,197 shares of the company's stock valued at $124,018,000 after acquiring an additional 252,120 shares during the last quarter. Private Management Group Inc. increased its holdings in shares of SiriusPoint by 0.5% in the first quarter. Private Management Group Inc. now owns 4,388,596 shares of the company's stock valued at $75,879,000 after purchasing an additional 20,573 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of SiriusPoint by 42.6% in the first quarter. American Century Companies Inc. now owns 3,789,579 shares of the company's stock valued at $65,522,000 after purchasing an additional 1,132,787 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of SiriusPoint by 4,246.7% in the first quarter. Victory Capital Management Inc. now owns 2,741,280 shares of the company's stock valued at $47,397,000 after purchasing an additional 2,678,214 shares in the last quarter. Institutional investors own 52.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SPNT. Wall Street Zen lowered shares of SiriusPoint from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Oppenheimer set a $25.00 price target on shares of SiriusPoint and gave the company an "outperform" rating in a report on Thursday, June 26th. Finally, B. Riley began coverage on shares of SiriusPoint in a report on Monday, July 21st. They issued a "buy" rating and a $33.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $25.00.

SiriusPoint Trading Up 0.9%

SPNT traded up $0.1750 during trading on Friday, reaching $18.6750. 1,248,482 shares of the company's stock were exchanged, compared to its average volume of 840,990. The company's fifty day moving average price is $19.13 and its 200-day moving average price is $17.61. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.60 and a current ratio of 0.60. SiriusPoint Ltd. has a fifty-two week low of $12.78 and a fifty-two week high of $21.03. The firm has a market capitalization of $2.18 billion, a PE ratio of 20.98 and a beta of 0.86.

SiriusPoint (NYSE:SPNT - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.66 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.10. SiriusPoint had a net margin of 4.38% and a return on equity of 6.57%. The firm had revenue of $948.20 million during the quarter, compared to analyst estimates of $720.10 million.

About SiriusPoint

SiriusPoint Ltd. provides multi-line insurance and reinsurance products and services worldwide. The company operates through two segments, Reinsurance, and Insurance & Services. The Reinsurance segment provides aviation and space, accident and health, casualty, credit, marine and energy, property to insurance and reinsurance companies, government entities, and other risk bearing vehicles.