Short Interest in Sirius XM Holdings Inc (NASDAQ:SIRI) Rises By 3.1%

Sirius XM Holdings Inc (NASDAQ:SIRI) was the target of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 185,564,123 shares, a growth of 3.1% from the February 28th total of 179,936,831 shares. Based on an average trading volume of 27,663,956 shares, the short-interest ratio is currently 6.7 days. Currently, 11.9% of the shares of the company are sold short.

A number of brokerages have weighed in on SIRI. Zacks Investment Research downgraded shares of Sirius XM from a “hold” rating to a “sell” rating in a report on Thursday, March 28th. BidaskClub upgraded Sirius XM from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. Pivotal Research restated a “hold” rating and set a $7.00 price objective on shares of Sirius XM in a report on Thursday, January 31st. Morgan Stanley assumed coverage on Sirius XM in a report on Friday, March 15th. They set an “equal weight” rating and a $6.50 price objective on the stock. Finally, B. Riley restated a “buy” rating on shares of Sirius XM in a report on Tuesday, January 29th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. Sirius XM currently has an average rating of “Hold” and an average price target of $7.26.

NASDAQ:SIRI traded up $0.03 during mid-day trading on Friday, reaching $6.04. The stock had a trading volume of 27,593,233 shares, compared to its average volume of 29,541,882. Sirius XM has a fifty-two week low of $5.48 and a fifty-two week high of $7.70. The company has a market capitalization of $27.13 billion, a P/E ratio of 23.23, a P/E/G ratio of 2.44 and a beta of 1.04.

Sirius XM (NASDAQ:SIRI) last released its quarterly earnings data on Wednesday, January 30th. The company reported $0.06 EPS for the quarter, hitting analysts’ consensus estimates of $0.06. Sirius XM had a negative return on equity of 76.76% and a net margin of 20.38%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the company posted ($0.01) earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. On average, equities analysts predict that Sirius XM will post 0.22 earnings per share for the current year.

Sirius XM declared that its board has approved a share repurchase program on Tuesday, January 29th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

In related news, EVP Stephen Cook sold 56,118 shares of the company’s stock in a transaction dated Tuesday, February 5th. The shares were sold at an average price of $6.13, for a total value of $344,003.34. Following the completion of the sale, the executive vice president now owns 1,445,007 shares of the company’s stock, valued at $8,857,892.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James Arthur Cady sold 588,503 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $6.13, for a total transaction of $3,607,523.39. Following the completion of the sale, the executive vice president now directly owns 1,840,070 shares of the company’s stock, valued at $11,279,629.10. The disclosure for this sale can be found here. Insiders have sold 693,134 shares of company stock valued at $4,245,516 in the last 90 days. Insiders own 0.76% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. We Are One Seven LLC bought a new stake in Sirius XM during the fourth quarter worth approximately $41,000. Bruderman Asset Management LLC boosted its position in Sirius XM by 268.3% during the fourth quarter. Bruderman Asset Management LLC now owns 8,567 shares of the company’s stock worth $49,000 after purchasing an additional 6,241 shares during the period. Liberty Wealth Management LLC bought a new stake in Sirius XM during the fourth quarter worth approximately $49,000. CWM LLC boosted its position in Sirius XM by 127.2% during the fourth quarter. CWM LLC now owns 8,959 shares of the company’s stock worth $51,000 after purchasing an additional 5,015 shares during the period. Finally, Sound View Wealth Advisors LLC bought a new stake in shares of Sirius XM in the fourth quarter valued at approximately $57,000. Hedge funds and other institutional investors own 17.12% of the company’s stock.

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Sirius XM Company Profile

Sirius XM Holdings Inc provides satellite radio services in the United States. The company broadcasts music, sports, entertainment, comedy, talk, news, traffic, and weather channels, including various music genres ranging from rock, pop and hip-hop, country, dance, jazz, Latin, and classical; live play-by-play sports from principal leagues and colleges; multitude of talk and entertainment channels for various audiences; national, international, and financial news; and limited run channels.

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