StockNews.com Begins Coverage on Sirius XM (NASDAQ:SIRI)

Analysts at StockNews.com assumed coverage on shares of Sirius XM (NASDAQ:SIRI) in a research note issued to investors on Wednesday. The firm set a “hold” rating on the stock.

A number of other brokerages have also recently issued reports on SIRI. Deutsche Bank Aktiengesellschaft decreased their target price on Sirius XM from $37.50 to $30.00 and set a “hold” rating for the company in a report on Tuesday, August 6th. The Goldman Sachs Group decreased their price objective on shares of Sirius XM from $32.50 to $26.00 and set a “neutral” rating for the company in a research note on Tuesday. Citigroup downgraded shares of Sirius XM from a “neutral” rating to a “sell” rating and set a $28.00 target price on the stock. in a research note on Thursday, July 25th. Rosenblatt Securities upped their price target on shares of Sirius XM from $3.40 to $28.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Evercore ISI raised Sirius XM from an “underperform” rating to an “in-line” rating and cut their price objective for the company from $42.50 to $32.50 in a research report on Monday, June 24th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $36.82.

Sirius XM Stock Down 1.6 %

NASDAQ:SIRI opened at $23.27 on Wednesday. The company has a market cap of $89.51 billion, a P/E ratio of 70.52, a P/E/G ratio of 0.90 and a beta of 1.08. The firm’s 50 day moving average is $32.06 and its two-hundred day moving average is $32.25. Sirius XM has a fifty-two week low of $22.73 and a fifty-two week high of $57.80.

Sirius XM (NASDAQ:SIRI) last issued its earnings results on Thursday, August 1st. The company reported $0.80 earnings per share for the quarter, hitting the consensus estimate of $0.80. Sirius XM had a negative return on equity of 52.15% and a net margin of 14.56%. The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.20 billion. Research analysts forecast that Sirius XM will post 3.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Scott Andrew Greenstein sold 144,723 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $31.60, for a total transaction of $4,573,246.80. Following the sale, the insider now owns 98,933 shares in the company, valued at $3,126,282.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.79% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sirius XM

Several large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new position in shares of Sirius XM during the second quarter worth about $3,041,000. Point72 Asset Management L.P. bought a new position in Sirius XM in the 2nd quarter worth about $12,858,000. Creative Planning increased its stake in shares of Sirius XM by 12.1% in the second quarter. Creative Planning now owns 844,387 shares of the company’s stock valued at $2,390,000 after purchasing an additional 91,223 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Sirius XM by 37.2% during the second quarter. The Manufacturers Life Insurance Company now owns 282,600 shares of the company’s stock valued at $800,000 after buying an additional 76,552 shares during the last quarter. Finally, Dark Forest Capital Management LP boosted its position in shares of Sirius XM by 44.5% during the second quarter. Dark Forest Capital Management LP now owns 100,688 shares of the company’s stock worth $285,000 after buying an additional 31,000 shares during the period. 10.69% of the stock is owned by institutional investors and hedge funds.

About Sirius XM

Sirius XM Holdings Inc operates as an audio entertainment company in North America. It operates in two segments, Sirius XM, and Pandora and Off-platform. The company's Sirius XM segment provides music, sports, entertainment, comedy, talk, news, traffic and weather channels, and other content, as well as podcast and infotainment services on subscription fee basis; and live, curated, and exclusive and on demand programming services through satellite radio systems and streamed through applications for mobile and home devices, and other consumer electronic equipment.