Short Interest in Sirius XM Holdings Inc. (SIRI) Drops By 6.7%
Sirius XM Holdings Inc. (NASDAQ:SIRI) was the recipient of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 216,104,802 shares, a decline of 6.7% from the January 12th total of 231,510,150 shares. Based on an average daily volume of 24,402,571 shares, the days-to-cover ratio is currently 8.9 days. Approximately 15.2% of the company’s shares are short sold.
Sirius XM (NASDAQ:SIRI) opened at $5.96 on Wednesday. The company has a quick ratio of 0.16, a current ratio of 0.17 and a debt-to-equity ratio of -4.42. Sirius XM has a one year low of $4.72 and a one year high of $6.28. The firm has a market cap of $26,280.00, a P/E ratio of 42.57, a price-to-earnings-growth ratio of 1.62 and a beta of 1.17.
Sirius XM declared that its Board of Directors has authorized a share buyback plan on Tuesday, January 23rd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
In related news, EVP Joseph A. Verbrugge sold 863,570 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $6.10, for a total transaction of $5,267,777.00. Following the completion of the transaction, the executive vice president now owns 2,986,689 shares in the company, valued at $18,218,802.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James E. Meyer sold 172,704 shares of the business’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $5.68, for a total transaction of $980,958.72. Following the transaction, the chief executive officer now owns 3,377,085 shares of the company’s stock, valued at approximately $19,181,842.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,586,530 shares of company stock valued at $15,157,263. Corporate insiders own 1.06% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Carillon Tower Advisers Inc. bought a new stake in shares of Sirius XM in the fourth quarter worth $53,443,000. American Century Companies Inc. lifted its position in shares of Sirius XM by 27.6% in the fourth quarter. American Century Companies Inc. now owns 44,612,437 shares of the company’s stock worth $239,123,000 after purchasing an additional 9,657,090 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Sirius XM by 3,767.6% in the second quarter. Janus Henderson Group PLC now owns 9,132,334 shares of the company’s stock worth $49,953,000 after purchasing an additional 8,896,209 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Sirius XM by 20.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 43,824,751 shares of the company’s stock worth $234,901,000 after purchasing an additional 7,449,602 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. bought a new stake in shares of Sirius XM in the fourth quarter worth $26,702,000. 20.32% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently issued reports on the stock. B. Riley restated a “buy” rating on shares of Sirius XM in a report on Wednesday, November 1st. Zacks Investment Research upgraded shares of Sirius XM from a “hold” rating to a “buy” rating and set a $6.25 price objective for the company in a report on Wednesday, January 24th. Buckingham Research boosted their price objective on shares of Sirius XM from $6.50 to $7.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Pivotal Research restated a “buy” rating and set a $6.80 price objective (up previously from $6.25) on shares of Sirius XM in a report on Wednesday, October 25th. Finally, Barclays boosted their price objective on shares of Sirius XM from $4.50 to $5.00 and gave the company an “equal weight” rating in a report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $6.12.
About Sirius XM
Sirius XM Radio Inc broadcasts its music, sports, entertainment, comedy, talk, news, traffic and weather channels in the United States on a subscription fee basis through its two satellite radio systems. Subscribers can also receive certain of its music and other channels over the Internet, including through applications for mobile devices.
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