Sirius XM (SIRI) Downgraded by BidaskClub to Sell

BidaskClub lowered shares of Sirius XM (NASDAQ:SIRI) from a hold rating to a sell rating in a research note released on Wednesday, March 27th, BidAskClub reports.

Other equities research analysts have also issued reports about the company. Macquarie set a $8.00 price objective on Sirius XM and gave the stock a buy rating in a research note on Wednesday, January 2nd. Buckingham Research upgraded Sirius XM from a neutral rating to a buy rating in a research note on Monday, January 28th. Zacks Investment Research lowered Sirius XM from a hold rating to a sell rating in a research note on Friday, March 22nd. JPMorgan Chase & Co. upgraded Sirius XM from an underweight rating to an overweight rating and boosted their price objective for the stock from $6.00 to $7.00 in a research note on Wednesday, January 2nd. Finally, Barclays set a $6.00 price objective on Sirius XM and gave the stock a sell rating in a research note on Saturday, February 2nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $7.26.

Shares of Sirius XM stock traded up $0.03 on Wednesday, hitting $6.04. The company’s stock had a trading volume of 27,593,233 shares, compared to its average volume of 29,541,882. Sirius XM has a 1 year low of $5.48 and a 1 year high of $7.70. The firm has a market cap of $27.13 billion, a PE ratio of 23.23, a P/E/G ratio of 2.44 and a beta of 1.04.

Sirius XM (NASDAQ:SIRI) last announced its quarterly earnings results on Wednesday, January 30th. The company reported $0.06 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the previous year, the business earned ($0.01) EPS. Sirius XM’s revenue for the quarter was up 6.6% compared to the same quarter last year. Sell-side analysts anticipate that Sirius XM will post 0.22 earnings per share for the current fiscal year.

Sirius XM announced that its board has initiated a share repurchase plan on Tuesday, January 29th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

In other news, VP Thomas D. Barry sold 48,513 shares of the company’s stock in a transaction that occurred on Tuesday, February 5th. The stock was sold at an average price of $6.06, for a total value of $293,988.78. Following the completion of the sale, the vice president now directly owns 462,465 shares in the company, valued at $2,802,537.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephen Cook sold 56,118 shares of the company’s stock in a transaction that occurred on 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 disclosure for this sale can be found here. Insiders sold 693,134 shares of company stock valued at $4,245,516 over the last 90 days. Company insiders own 0.76% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIRI. Janney Montgomery Scott LLC lifted its holdings in Sirius XM by 68.7% in the third quarter. Janney Montgomery Scott LLC now owns 98,044 shares of the company’s stock valued at $620,000 after acquiring an additional 39,914 shares during the last quarter. MML Investors Services LLC lifted its holdings in Sirius XM by 21.6% in the third quarter. MML Investors Services LLC now owns 133,868 shares of the company’s stock valued at $846,000 after acquiring an additional 23,824 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Sirius XM by 15.8% in the third quarter. Alliancebernstein L.P. now owns 2,051,299 shares of the company’s stock valued at $12,964,000 after acquiring an additional 279,340 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Sirius XM by 363.7% in the third quarter. Janus Henderson Group PLC now owns 4,057,019 shares of the company’s stock valued at $25,639,000 after acquiring an additional 3,182,187 shares during the last quarter. Finally, Rafferty Asset Management LLC lifted its holdings in Sirius XM by 26.7% in the third quarter. Rafferty Asset Management LLC now owns 284,822 shares of the company’s stock valued at $1,800,000 after acquiring an additional 60,010 shares during the last quarter. Hedge funds and other institutional investors own 17.12% of the company’s stock.

About Sirius XM

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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Analyst Recommendations for Sirius XM (NASDAQ:SIRI)

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