SiriusPoint (NYSE:SPNT) Sees Unusually-High Trading Volume – Here’s Why

SiriusPoint Ltd. (NYSE:SPNT) shares saw unusually-strong trading volume on Tuesday . Approximately 1,874,324 shares were traded 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 equities analysts recently commented on SPNT shares. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of SiriusPoint in a research note on Friday, August 7th. Royal Bank Of Canada began coverage on shares of SiriusPoint in a research report on Tuesday. They set an “outperform” rating and a $30.00 target price for the company. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.50.

SiriusPoint Trading Up 2.2%

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 firm has a 50-day moving average of $24.21 and a 200 day moving average of $23.17. The company has a market cap of $2.99 billion, a P/E ratio of 6.28 and a beta of 0.61.

SiriusPoint (NYSE:SPNT) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.02. SiriusPoint had a net margin of 15.56% and a return on equity of 15.65%. The company had revenue of $744.10 million during the quarter, compared to analyst estimates of $798.95 million. On average, analysts predict that SiriusPoint Ltd. will post 2.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SiriusPoint

Several institutional investors have recently bought and sold shares of the stock. Caitlin John LLC purchased a new stake in shares of SiriusPoint during the 2nd quarter valued at $52,000. EverSource Wealth Advisors LLC boosted its holdings in shares of SiriusPoint by 50.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,448 shares of the company’s stock worth $54,000 after buying an additional 823 shares during the last quarter. Leonteq Securities AG purchased a new position in shares of SiriusPoint in the 4th quarter worth about $136,000. Vise Technologies Inc. bought a new position in SiriusPoint during the second quarter valued at about $205,000. Finally, Globeflex Capital L P bought a new position in SiriusPoint during the second quarter valued at about $206,000. Institutional investors own 52.79% of the company’s stock.

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.