SiriusPoint (NYSE:SPNT) Shares Gap Up – Should You Buy?

Shares of SiriusPoint Ltd. (NYSE:SPNT) gapped up before the market opened on Tuesday . The stock had previously closed at $14.20, but opened at $14.59. SiriusPoint shares last traded at $15.64, with a volume of 112,906 shares changing hands.

SiriusPoint Stock Performance

The firm’s fifty day simple moving average is $14.75 and its 200 day simple moving average is $14.10. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 10.31 and a beta of 0.98.

Hedge Funds Weigh In On SiriusPoint

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPNT. Natixis Advisors LLC lifted its holdings in shares of SiriusPoint by 6.6% in the second quarter. Natixis Advisors LLC now owns 17,167 shares of the company’s stock valued at $209,000 after purchasing an additional 1,059 shares in the last quarter. Sei Investments Co. lifted its stake in SiriusPoint by 12.4% in the 2nd quarter. Sei Investments Co. now owns 22,580 shares of the company’s stock worth $275,000 after acquiring an additional 2,489 shares in the last quarter. ClearAlpha Technologies LP acquired a new stake in SiriusPoint during the 3rd quarter worth about $298,000. Arizona State Retirement System grew its stake in SiriusPoint by 3.2% during the 2nd quarter. Arizona State Retirement System now owns 28,513 shares of the company’s stock valued at $348,000 after acquiring an additional 880 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in SiriusPoint by 28.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 52,382 shares of the company’s stock valued at $639,000 after acquiring an additional 11,673 shares in the last quarter. 52.79% of the stock is currently owned by hedge funds and other institutional investors.

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.