Wells Fargo & Company Issues Pessimistic Forecast for Sirius XM (NASDAQ:SIRI) Stock Price

Sirius XM (NASDAQ:SIRI) had its target price dropped by equities researchers at Wells Fargo & Company from $22.00 to $16.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential downside of 30.68% from the company’s current price.

Several other analysts have also commented on the company. Guggenheim reiterated a “buy” rating and set a $30.00 price objective on shares of Sirius XM in a report on Wednesday, December 11th. Citigroup upped their target price on Sirius XM from $2.80 to $21.00 and gave the company a “sell” rating in a research report on Thursday, September 26th. Rosenblatt Securities lifted their price target on Sirius XM from $28.00 to $29.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. increased their price objective on Sirius XM from $20.00 to $21.00 and gave the company an “underweight” rating in a report on Thursday, November 7th. Finally, Barrington Research decreased their target price on Sirius XM from $40.00 to $30.00 and set an “outperform” rating for the company in a report on Friday, December 13th. Six research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Sirius XM has a consensus rating of “Hold” and a consensus target price of $27.58.

Sirius XM Stock Performance

Shares of Sirius XM stock opened at $23.08 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.37 and a current ratio of 0.37. The company has a market capitalization of $7.83 billion, a PE ratio of -3.64 and a beta of 1.03. The company has a 50-day simple moving average of $26.16 and a two-hundred day simple moving average of $28.36. Sirius XM has a one year low of $20.47 and a one year high of $56.80.

Insider Activity at Sirius XM

In related news, major shareholder Berkshire Hathaway Inc purchased 869,800 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were purchased at an average price of $23.55 per share, with a total value of $20,483,790.00. Following the purchase, the insider now owns 106,024,829 shares of the company’s stock, valued at $2,496,884,722.95. The trade was a 0.83 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired a total of 2,646,761 shares of company stock worth $65,952,329 in the last 90 days. Corporate insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Sirius XM

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SIRI. Point72 Asset Management L.P. purchased a new position in Sirius XM in the 2nd quarter valued at $12,858,000. Sessa Capital IM L.P. purchased a new position in shares of Sirius XM in the third quarter worth about $77,983,000. Thompson Siegel & Walmsley LLC acquired a new position in Sirius XM during the third quarter worth about $67,598,000. Seizert Capital Partners LLC purchased a new stake in Sirius XM during the 3rd quarter valued at about $46,173,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Sirius XM in the 2nd quarter valued at about $5,192,000. 10.69% of the stock is owned by hedge funds and other institutional investors.

About Sirius XM

Sirius XM Holdings Inc operates as an audio entertainment company in North America. It operates in two segments, Sirius XM, and Pandora and Off-platform. The company’s Sirius XM segment provides music, sports, entertainment, comedy, talk, news, traffic and weather channels, and other content, as well as podcast and infotainment services on subscription fee basis; and live, curated, and exclusive and on demand programming services through satellite radio systems and streamed through applications for mobile and home devices, and other consumer electronic equipment.