StockNews.com Initiates Coverage on Sirius XM (NASDAQ:SIRI)

StockNews.com initiated coverage on shares of Sirius XM (NASDAQ:SIRI) in a research note issued on Thursday. The firm set a “hold” rating on the stock.

SIRI has been the subject of several other research reports. Morgan Stanley reissued an “underweight” rating and issued a $23.00 price target on shares of Sirius XM in a report on Tuesday. Evercore ISI raised shares of Sirius XM from an “underperform” rating to an “in-line” rating and cut their price target for the stock from $42.50 to $32.50 in a research report on Monday, June 24th. Citigroup cut shares of Sirius XM from a “neutral” rating to a “sell” rating and set a $28.00 target price on the stock. in a report on Thursday, July 25th. Barrington Research reiterated an “outperform” rating and issued a $47.50 price target on shares of Sirius XM in a research note on Monday, July 15th. Finally, The Goldman Sachs Group decreased their price target on shares of Sirius XM from $32.50 to $26.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 17th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sirius XM currently has an average rating of “Hold” and an average target price of $35.75.

Sirius XM Stock Up 0.1 %

Shares of SIRI stock opened at $24.12 on Thursday. The company has a market cap of $9.29 billion, a PE ratio of 73.09, a price-to-earnings-growth ratio of 0.83 and a beta of 1.08. The business’s 50 day moving average is $30.78 and its two-hundred day moving average is $31.64. Sirius XM has a 12 month low of $22.73 and a 12 month high of $57.80.

Sirius XM (NASDAQ:SIRI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Sirius XM had a net margin of 14.56% and a negative return on equity of 52.15%. As a group, equities analysts expect that Sirius XM will post 3.08 EPS for the current fiscal year.

Insider Activity

In other news, insider Scott Andrew Greenstein sold 144,723 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $31.60, for a total transaction of $4,573,246.80. Following the completion of the sale, the insider now directly owns 98,933 shares in the company, valued at $3,126,282.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Sirius XM

Several large investors have recently modified their holdings of the company. Berkshire Hathaway Inc grew its holdings in Sirius XM by 315.6% in the fourth quarter. Berkshire Hathaway Inc now owns 40,243,058 shares of the company’s stock worth $220,130,000 after purchasing an additional 30,559,834 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Sirius XM during the second quarter valued at about $12,858,000. Cubist Systematic Strategies LLC acquired a new position in shares of Sirius XM during the second quarter valued at about $5,192,000. SG Americas Securities LLC grew its holdings in shares of Sirius XM by 516.5% during the first quarter. SG Americas Securities LLC now owns 1,601,048 shares of the company’s stock valued at $6,212,000 after buying an additional 1,341,352 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Sirius XM during the second quarter valued at about $3,616,000. 10.69% of the stock is currently owned by institutional investors and hedge funds.

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.