Atika Capital Management LLC Makes New $7.26 Million Investment 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 purchased a new position in shares of SiriusPoint Ltd. (NYSE:SPNT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 420,000 shares of the company's stock, valued at approximately $7,262,000. Atika Capital Management LLC owned 0.36% of SiriusPoint as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of SPNT. Wells Fargo & Company MN raised its stake in SiriusPoint by 11.3% during the fourth quarter. Wells Fargo & Company MN now owns 96,491 shares of the company's stock worth $1,581,000 after purchasing an additional 9,806 shares during the period. Bank of Montreal Can lifted its holdings in shares of SiriusPoint by 8.4% during the 4th quarter. Bank of Montreal Can now owns 18,013 shares of the company's stock valued at $295,000 after acquiring an additional 1,393 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of SiriusPoint by 73.6% during the 4th quarter. Renaissance Technologies LLC now owns 227,987 shares of the company's stock valued at $3,737,000 after acquiring an additional 96,687 shares in the last quarter. Sterling Capital Management LLC boosted its position in SiriusPoint by 742.9% during the 4th quarter. Sterling Capital Management LLC now owns 2,714 shares of the company's stock worth $44,000 after purchasing an additional 2,392 shares during the period. Finally, Mariner LLC increased its holdings in SiriusPoint by 6.3% in the 4th quarter. Mariner LLC now owns 20,792 shares of the company's stock valued at $341,000 after purchasing an additional 1,230 shares in the last quarter. Hedge funds and other institutional investors own 52.79% of the company's stock.

SiriusPoint Stock Up 0.3%

Shares of SPNT traded up $0.06 during midday trading on Tuesday, hitting $18.48. The company had a trading volume of 88,347 shares, compared to its average volume of 700,990. The company's 50 day moving average price is $19.11 and its 200 day moving average price is $17.66. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 20.76 and a beta of 0.86. SiriusPoint Ltd. has a 52 week low of $12.78 and a 52 week high of $21.03. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.36.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SPNT. Oppenheimer set a $25.00 target price on SiriusPoint and gave the stock an "outperform" rating in a research report on Thursday, June 26th. B. Riley initiated coverage on SiriusPoint in a report on Monday, July 21st. They issued a "buy" rating and a $33.00 price target for the company. Finally, Wall Street Zen cut SiriusPoint from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $25.00.

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.