SiriusPoint (NYSE:SPNT) Stock Price Down 4.2% - Here's Why

Key Points

• SiriusPoint Ltd. shares fell by 4.2% to $18.75, marking a significant decline in volume with only 113,415 shares traded compared to an average of 684,648 shares.
• Brokerages have given SiriusPoint mixed ratings, with B. Riley providing a "buy" rating and a target price of $33.00, while Jefferies set a "hold" rating with a $17.00 target.
• Following an earnings report that revealed a 49% increase in EPS compared to estimates, SiriusPoint continues to attract institutional interest with 52.79% of shares owned by institutional investors.

SiriusPoint Ltd. (NYSE:SPNT - Get Free Report)'s share price dropped 4.2% during mid-day trading on Monday . The company traded as low as $17.76 and last traded at $18.75. Approximately 113,415 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 684,648 shares. The stock had previously closed at $19.58.

Analyst Ratings Changes

SPNT has been the subject of a number of recent research reports. B. Riley initiated coverage on shares of SiriusPoint in a research note on Monday, July 21st. They issued a "buy" rating and a $33.00 price target for the company. Jefferies Financial Group started coverage on shares of SiriusPoint in a research note on Tuesday, April 15th. They issued a "hold" rating and a $17.00 price target for the company. Oppenheimer set a $25.00 price objective on shares of SiriusPoint and gave the stock an "outperform" rating in a report on Thursday, June 26th. Finally, Wall Street Zen cut shares of SiriusPoint from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $25.00.

SiriusPoint Trading Up 0.8%

The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.36. The business's fifty day simple moving average is $19.39 and its two-hundred day simple moving average is $17.26. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 20.90 and a beta of 0.86.

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

Insider Activity at SiriusPoint

In other news, Director La Gueronniere Rafe De sold 30,000 shares of SiriusPoint stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $19.55, for a total value of $586,500.00. Following the transaction, the director directly owned 127,578 shares of the company's stock, valued at $2,494,149.90. The trade was a 19.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 10.32% of the stock is owned by insiders.

Hedge Funds Weigh In On SiriusPoint

A number of institutional investors have recently modified their holdings of the business. Wellington Management Group LLP increased its holdings in shares of SiriusPoint by 3.2% in the 1st 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 period. Dimensional Fund Advisors LP increased its holdings in shares of SiriusPoint by 3.4% in the 4th 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 period. Capital Research Global Investors increased its stake in SiriusPoint by 17.8% in the 4th quarter. Capital Research Global Investors now owns 6,300,000 shares of the company's stock valued at $103,257,000 after buying an additional 950,000 shares during the period. Private Management Group Inc. increased its stake in SiriusPoint by 0.5% in the 1st quarter. Private Management Group Inc. now owns 4,388,596 shares of the company's stock valued at $75,879,000 after buying an additional 20,573 shares during the period. Finally, American Century Companies Inc. increased its stake in SiriusPoint by 42.6% in the 1st quarter. American Century Companies Inc. now owns 3,789,579 shares of the company's stock valued at $65,522,000 after buying an additional 1,132,787 shares during the period. 52.79% of the stock is owned by institutional investors and hedge funds.

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.