Sirius XM (NASDAQ:SIRI) Shares Gap Up – Here’s Why

Sirius XM Holdings Inc. (NASDAQ:SIRI)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $20.58, but opened at $21.15. Sirius XM shares last traded at $21.82, with a volume of 795,384 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SIRI. JPMorgan Chase & Co. lifted their price target on shares of Sirius XM from $20.00 to $21.00 and gave the company an “underweight” rating in a report on Thursday, November 7th. Guggenheim reiterated a “buy” rating and issued a $30.00 target price on shares of Sirius XM in a report on Wednesday, December 11th. Rosenblatt Securities upped their price target on Sirius XM from $28.00 to $29.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Pivotal Research cut their price objective on Sirius XM from $40.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, Citigroup boosted their target price on Sirius XM from $2.80 to $21.00 and gave the stock a “sell” rating in a report on Thursday, September 26th. Six research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $27.58.

Sirius XM Price Performance

The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.93. The stock has a market cap of $7.60 billion, a PE ratio of -3.53 and a beta of 1.03. The company’s 50 day moving average is $26.20 and its 200-day moving average is $28.39.

Sirius XM Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Tuesday, November 5th were paid a $0.27 dividend. This is a boost from Sirius XM’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $1.08 annualized dividend and a dividend yield of 4.82%. Sirius XM’s payout ratio is -17.03%.

Insider Buying and Selling at Sirius XM

In related news, major shareholder Berkshire Hathaway Inc bought 175,569 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was bought at an average price of $27.43 per share, with a total value of $4,815,857.67. Following the transaction, the insider now owns 110,276,790 shares of the company’s stock, valued at approximately $3,024,892,349.70. This trade represents a 0.16 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders acquired a total of 2,646,761 shares of company stock worth $65,952,329 in the last 90 days. 0.79% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sirius XM

A number of hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. acquired a new stake in shares of Sirius XM during the 2nd quarter valued at approximately $12,858,000. Sessa Capital IM L.P. acquired a new position in shares of Sirius XM in the 3rd quarter valued at about $77,983,000. Thompson Siegel & Walmsley LLC acquired a new stake in Sirius XM during the third quarter worth about $67,598,000. Seizert Capital Partners LLC acquired a new position in Sirius XM in the third quarter valued at approximately $46,173,000. Finally, Cubist Systematic Strategies LLC bought a new position in Sirius XM during the 2nd quarter worth $5,192,000. 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.