Sirius XM’s Trading Volume Spikes Amid Investor Interest
Sirius XM (SIRI) shares jumped 7.9% during the last trading session, closing at $26.90. This increase was driven by notable trading volume, indicating that more shares changed hands than usual. Over the past four weeks, the stock gained 1.7%.
Berkshire Hathaway’s Investment Sparks Optimism
The surge in Sirius XM shares occurred after Warren Buffett’s Berkshire Hathaway increased its shareholding in the satellite radio company. Berkshire Hathaway acquired approximately 3.6 million shares for around $87 million through separate transactions, bringing its total ownership to 32% of Sirius XM.
Quarterly Earnings Expectations Show Decline
Looking ahead, Sirius XM is expected to report quarterly earnings of $0.83 per share, reflecting a year-over-year decrease of 7.8%. Revenues are projected to reach $2.19 billion, a decline of 3.4% compared to the previous year.
Market Sentiment Influenced by Earnings Revisions
While earnings and revenue projections provide insight into a company’s strength, research indicates that changes in earnings estimates are closely linked to short-term stock performance. For Sirius XM, the consensus estimate for earnings per share (EPS) has risen 6.2% in the last 30 days. A positive trend in earnings revisions generally signals potential price growth, making SIRI one to watch for further developments.
Zacks Ranks Sirius XM as a Strong Buy
Currently, the stock holds a Zacks Rank of #1, classified as a Strong Buy, indicating strong market confidence. You can view the complete list of Zacks Rank #1 stocks here>>>>.
Comparative Analysis: Townsquare Media’s Performance
Sirius XM is part of the Zacks Broadcast Radio and Television sector. Townsquare Media (TSQ), another player in this sector, experienced a 1.1% rise, closing at $10.56. Over the last month, TSQ has seen a total return of 7%.
Townsquare’s Earnings Outlook Remains Steady
Townsquare’s consensus EPS estimate for its upcoming report has remained stable at $0.35, reflecting a 23.9% decline compared to last year’s performance. The company currently holds a Zacks Rank of #3 (Hold).
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Sirius XM Holdings Inc. (SIRI) : Free Stock Analysis Report
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
