Sirius XM Holdings Inc (SIRI) Sees Significant Growth in Short Interest

Sirius XM Holdings Inc (NASDAQ:SIRI) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 193,419,109 shares, a growth of 3.1% from the October 15th total of 187,520,590 shares. Based on an average daily trading volume, of 30,191,341 shares, the days-to-cover ratio is currently 6.4 days. Currently, 15.1% of the shares of the stock are short sold.

SIRI has been the subject of a number of recent analyst reports. Zacks Investment Research lowered Sirius XM from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. BidaskClub lowered Sirius XM from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 2nd. Morgan Stanley increased their price target on Sirius XM from $6.00 to $6.20 and gave the company an “underweight” rating in a research report on Monday, August 6th. Macquarie reiterated a “buy” rating and issued a $7.75 price target on shares of Sirius XM in a research report on Thursday, September 20th. Finally, Barrington Research reiterated a “buy” rating and issued a $8.00 price target on shares of Sirius XM in a research report on Monday, September 24th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $6.83.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning boosted its position in Sirius XM by 0.5% during the 2nd quarter. Creative Planning now owns 1,577,014 shares of the company’s stock worth $10,676,000 after acquiring an additional 7,469 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Sirius XM by 5.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 169,677 shares of the company’s stock worth $1,073,000 after acquiring an additional 8,458 shares during the period. Buckingham Asset Management LLC boosted its position in Sirius XM by 16.6% during the 3rd quarter. Buckingham Asset Management LLC now owns 67,088 shares of the company’s stock worth $424,000 after acquiring an additional 9,529 shares during the period. Steward Partners Investment Advisory LLC boosted its position in Sirius XM by 82.2% during the 3rd quarter. Steward Partners Investment Advisory LLC now owns 22,628 shares of the company’s stock worth $143,000 after acquiring an additional 10,207 shares during the period. Finally, CIBC Asset Management Inc boosted its position in Sirius XM by 2.7% during the 3rd quarter. CIBC Asset Management Inc now owns 406,890 shares of the company’s stock worth $2,572,000 after acquiring an additional 10,548 shares during the period. Hedge funds and other institutional investors own 18.61% of the company’s stock.

NASDAQ:SIRI opened at $6.21 on Friday. Sirius XM has a 1-year low of $5.17 and a 1-year high of $7.70. The firm has a market capitalization of $28.48 billion, a P/E ratio of 31.05, a P/E/G ratio of 1.61 and a beta of 1.04.

Sirius XM (NASDAQ:SIRI) last announced its quarterly earnings data on Wednesday, October 24th. The company reported $0.07 EPS for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01. Sirius XM had a negative return on equity of 78.49% and a net margin of 15.64%. The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period last year, the company posted $0.06 EPS. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. Research analysts expect that Sirius XM will post 0.26 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 9th will be given a dividend of $0.0121 per share. The ex-dividend date is Thursday, November 8th. This is a positive change from Sirius XM’s previous quarterly dividend of $0.01. This represents a $0.05 dividend on an annualized basis and a yield of 0.78%. Sirius XM’s dividend payout ratio (DPR) is presently 20.00%.

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About Sirius XM

Sirius XM Holdings Inc provides satellite radio services in the United States. The company broadcasts music plus sports, entertainment, comedy, talk, news, traffic, and weather programs, including various music genres ranging from rock, pop and hip-hop to 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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