SiriusPoint (NYSE:SPNT) Sees Strong Trading Volume on Analyst Upgrade

Shares of SiriusPoint Ltd. (NYSE:SPNT) saw strong trading volume on Tuesday after Royal Bank Of Canada upgraded the stock to a moderate buy rating. 1,874,324 shares traded 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.

Separately, Weiss Ratings reissued a “buy (b+)” rating on shares of SiriusPoint in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.50.

Institutional Investors Weigh In On SiriusPoint

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPNT. Caitlin John LLC bought a new position in SiriusPoint during the second quarter worth about $52,000. EverSource Wealth Advisors LLC raised its position in shares of SiriusPoint by 50.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,448 shares of the company’s stock valued at $54,000 after purchasing an additional 823 shares during the period. Vise Technologies Inc. purchased a new stake in shares of SiriusPoint during the 2nd quarter valued at approximately $205,000. Globeflex Capital L P purchased a new stake in shares of SiriusPoint during the 2nd quarter valued at approximately $206,000. Finally, Quantedge Capital Pte Ltd bought a new position in SiriusPoint in the 1st quarter worth approximately $226,000. 52.79% of the stock is currently owned by institutional investors.

SiriusPoint Stock Performance

The company has a market capitalization of $2.95 billion, a P/E ratio of 6.20 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 company’s fifty day moving average is $24.25 and its 200 day moving average is $23.23.

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

SiriusPoint Company Profile

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.