Wells Fargo & Company Lowers Sirius XM (NASDAQ:SIRI) Price Target to $16.00

Sirius XM (NASDAQ:SIRI) had its price target decreased by equities researchers at Wells Fargo & Company from $22.00 to $16.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential downside of 23.52% from the company’s previous close.

Other analysts have also issued research reports about the stock. Benchmark restated a “buy” rating and set a $43.00 price target on shares of Sirius XM in a research report on Tuesday, October 15th. The Goldman Sachs Group cut their price target on Sirius XM from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. StockNews.com initiated coverage on Sirius XM in a report on Wednesday, November 13th. They issued a “sell” rating for the company. JPMorgan Chase & Co. raised 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, Rosenblatt Securities upped their target price on Sirius XM from $28.00 to $29.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Six equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $27.58.

Sirius XM Stock Performance

Sirius XM stock traded down $0.59 during mid-day trading on Thursday, hitting $20.92. The company had a trading volume of 2,481,426 shares, compared to its average volume of 3,720,494. The company has a market capitalization of $7.10 billion, a price-to-earnings ratio of -3.30 and a beta of 1.03. Sirius XM has a 12-month low of $20.92 and a 12-month high of $56.80. The company’s fifty day moving average is $26.27 and its 200-day moving average is $28.45. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc bought 1,259,259 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was purchased at an average price of $24.95 per share, for a total transaction of $31,418,512.05. Following the acquisition, the insider now owns 108,719,088 shares of the company’s stock, valued at approximately $2,712,541,245.60. This trade represents a 1.17 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders acquired 2,646,761 shares of company stock worth $65,952,329. Company insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Sirius XM

A number of hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. increased its position in shares of Sirius XM by 209.1% during the third quarter. Franklin Resources Inc. now owns 87,201 shares of the company’s stock worth $2,062,000 after acquiring an additional 58,993 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Sirius XM during the 3rd quarter worth about $5,489,000. Rehmann Capital Advisory Group raised its position in Sirius XM by 25.5% in the 3rd quarter. Rehmann Capital Advisory Group now owns 21,763 shares of the company’s stock valued at $521,000 after purchasing an additional 4,428 shares in the last quarter. TD Private Client Wealth LLC purchased a new position in shares of Sirius XM in the 3rd quarter valued at about $371,000. Finally, Aequim Alternative Investments LP acquired a new position in shares of Sirius XM during the third quarter worth about $6,932,000. 10.69% of the stock is currently owned by institutional investors and hedge funds.

Sirius XM Company Profile

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.