SiriusPoint (NYSE:SPNT) Sees Strong Trading Volume - Should You Buy?

Key Points

• SiriusPoint shares rose to $25.84 as trading volume surged 158% to approximately 1.87 million shares.
• Analyst sentiment is favorable, with a consensus rating of “Moderate Buy” and an average price target of $30.50; RBC recently initiated coverage with an “outperform” rating and a $30 target.
• The company beat quarterly EPS expectations, reporting $0.67 versus $0.65, while institutional investors own 52.79% of its stock and several firms increased their positions.

SiriusPoint Ltd. (NYSE:SPNT - Get Free Report) shares saw strong trading volume on Tuesday . Approximately 1,874,324 shares changed hands during mid-day trading, an increase of 158% from the previous session's volume of 726,908 shares.The stock last traded at $25.84 and had previously closed at $25.17.

Analyst Ratings Changes

A number of research firms have recently commented on SPNT. Weiss Ratings reissued a "buy (b+)" rating on shares of SiriusPoint in a report on Friday, August 7th. Royal Bank Of Canada initiated coverage on shares of SiriusPoint in a report on Tuesday. They set an "outperform" rating and a $30.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, SiriusPoint presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.50.

SiriusPoint Price Performance

The firm has a market cap of $2.99 billion, a P/E ratio of 6.28 and a beta of 0.61. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average of $24.21 and a two-hundred day moving average of $23.17.

SiriusPoint (NYSE:SPNT - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.65 by $0.02. The firm had revenue of $744.10 million during the quarter, compared to the consensus estimate of $798.95 million. SiriusPoint had a return on equity of 15.65% and a net margin of 15.56%. On average, sell-side analysts anticipate that SiriusPoint Ltd. will post 2.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SiriusPoint

A number of institutional investors have recently added to or reduced their stakes in the business. Corient Private Wealth LP raised its stake in shares of SiriusPoint by 50.8% during the second quarter. Corient Private Wealth LP now owns 16,557 shares of the company's stock valued at $397,000 after acquiring an additional 5,581 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of SiriusPoint in the second quarter worth $3,065,000. Susquehanna International Group LLP grew its stake in shares of SiriusPoint by 2.0% in the second quarter. Susquehanna International Group LLP now owns 46,476 shares of the company's stock worth $1,115,000 after purchasing an additional 895 shares during the last quarter. Wellington Management Group LLP increased its holdings in SiriusPoint by 7.8% in the second quarter. Wellington Management Group LLP now owns 3,342,706 shares of the company's stock valued at $80,225,000 after purchasing an additional 241,648 shares during the period. Finally, Empowered Funds LLC acquired a new stake in SiriusPoint in the second quarter valued at $13,566,000. 52.79% of the stock is owned by institutional investors.

About SiriusPoint

SiriusPoint Ltd. NYSE: SPNT is a global specialty insurance and reinsurance company headquartered in Bermuda. The company provides underwriting capacity and risk-management solutions to businesses, insurers, brokers and managing general agents across a range of specialty markets.

Its business includes property and casualty insurance, property and casualty reinsurance, accident and health coverage, marine and aviation insurance, and other specialty lines. SiriusPoint distributes products through brokers, partnerships and delegated underwriting platforms, with operations and underwriting activities serving clients in the United States, Bermuda, the United Kingdom, Europe and other international markets.

The company was created in 2021 through the combination of Third Point Reinsurance and Sirius International Insurance Group.

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