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

Sirius XM Holdings Inc. (NASDAQ:SIRI) shares gapped up before the market opened on Wednesday . The stock had previously closed at $27.62, but opened at $29.01. Sirius XM shares last traded at $29.3910, with a volume of 856,971 shares trading hands.

More Sirius XM News

Here are the key news stories impacting Sirius XM this week:

• Positive Sentiment: SiriusXM launched a dedicated Earth, Wind & Fire music channel, adding themed programming that could support listener engagement and seasonal subscription interest. SiriusXM launches special Earth, Wind & Fire channel
• Positive Sentiment: The company is expanding local sports talk content by bringing WFAN hosts to SiriusXM, potentially strengthening its live sports and regional programming offering. SiriusXM is going local with WFAN sports talk hosts
• Neutral Sentiment: Howard Stern’s show will also be distributed in a weekly video format on HBO Max. The arrangement may expand the show’s audience and visibility, but it gives another platform greater access to SiriusXM-related content and does not eliminate concerns about SiriusXM’s reduced exclusivity. Howard Stern returns for new season and expands to HBO Max
• Neutral Sentiment: A head-to-head review comparing Sirius XM with MNC Media Investment provides an investor comparison but does not appear to introduce a new operating or financial catalyst. Head-to-head review of Sirius XM and MNC Media Investment
• Negative Sentiment: SiriusXM eliminated Howard 101, one of Howard Stern’s longtime channels, and handed the channel’s programming slot to Andy Cohen. Stern’s SiriusXM show is also being reduced to once weekly as he expands to HBO Max. The changes suggest a gradual retreat from Stern-centered programming and could raise concerns about subscriber retention, content costs, and the company’s ability to maintain a major exclusive draw. Howard Stern cuts SiriusXM show and signs HBO Max deal

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SIRI shares. Bank of America reissued an “underperform” rating on shares of Sirius XM in a report on Friday, July 31st. Weiss Ratings upgraded shares of Sirius XM from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 9th. Morgan Stanley upped their target price on shares of Sirius XM from $24.00 to $28.00 and gave the company an “underweight” rating in a research report on Tuesday, July 21st. UBS Group set a $30.00 price target on Sirius XM in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Sirius XM from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $32.00.

Sirius XM Price Performance

The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.46 and a current ratio of 0.46. The company has a 50-day simple moving average of $29.65 and a two-hundred day simple moving average of $26.62. The stock has a market cap of $9.86 billion, a price-to-earnings ratio of 11.71, a price-to-earnings-growth ratio of 0.61 and a beta of 0.95.

Sirius XM (NASDAQ:SIRI) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.08). Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same quarter in the prior year, the business earned $0.57 EPS. The business’s revenue was up 1.0% compared to the same quarter last year. As a group, equities research analysts forecast that Sirius XM Holdings Inc. will post 3.02 EPS for the current year.

Sirius XM Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Monday, August 10th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.08 annualized dividend and a yield of 3.7%. Sirius XM’s dividend payout ratio (DPR) is currently 43.20%.

Insider Activity

In related news, Director Jonelle Procope sold 16,672 shares of Sirius XM stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $29.97, for a total transaction of $499,659.84. Following the completion of the sale, the director owned 18,354 shares of the company’s stock, valued at approximately $550,069.38. The trade was a 47.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.27% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in shares of Sirius XM during the fourth quarter worth approximately $622,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Sirius XM by 11.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 925,313 shares of the company’s stock valued at $20,861,000 after buying an additional 92,111 shares during the period. Focus Partners Wealth grew its position in Sirius XM by 5.2% during the first quarter. Focus Partners Wealth now owns 16,273 shares of the company’s stock worth $367,000 after buying an additional 800 shares in the last quarter. Geneos Wealth Management Inc. grew its position in Sirius XM by 36.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company’s stock worth $41,000 after buying an additional 493 shares in the last quarter. Finally, Sivia Capital Partners LLC bought a new position in Sirius XM during the 2nd quarter worth $208,000. Institutional investors own 10.69% of the company’s stock.

Sirius XM Company Profile

Sirius XM Holdings Inc is a leading audio entertainment company specializing in subscription-based satellite and streaming radio services. Formed in 2008 through the merger of Sirius Satellite Radio and XM Satellite Radio, the company delivers a broad range of programming across music, sports, news, talk and comedy channels. Sirius XM’s offerings include exclusive live sports play-by-play, artist-curated music channels, news coverage from major networks and original talk and entertainment series.

Headquartered in New York City, Sirius XM serves listeners throughout the United States and Canada, reaching tens of millions of subscribers.