A 7.9% gain in Sirius XM (SIRI) stock has sparked interest in its continued performance

2 min read | October 15, 2024 03:52 AM PDT | By Team Kalkine Media

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A 7.9% gain in Sirius XM (SIRI) stock has sparked interest in its continued performance — Image source: Shutterstock

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Highlights:

Sirius XM shares surged 7.9% to close at $26.90, driven by significant trading volume.

Berkshire Hathaway raised its stake in Sirius XM, acquiring approximately 3.6 million shares and increasing its ownership to 32%.

The company is set to report quarterly earnings of $0.83 per share, reflecting a year-over-year decline of 7.8%, with revenues projected at $2.19 billion, down 3.4% from the prior year.

Sirius XM (NASDAQ:SIRI) experienced a notable increase in its stock price, rallying 7.9% to close at $26.90 in the most recent trading session. This surge was accompanied by unusually high trading volume, indicating increased interest among market participants. Over the past four weeks, Sirius XM has achieved a total gain of 1.7%, but the recent spike suggests growing momentum.

The stock's rise can be linked to news that Warren Buffett’s Berkshire Hathaway has bolstered its investment in the satellite radio company, purchasing around 3.6 million shares for approximately $87 million through various transactions. With this acquisition, Berkshire Hathaway's ownership in Sirius XM has now reached 32%, further validating the company's potential.

Looking ahead, Sirius XM is scheduled to report quarterly earnings, with projections indicating earnings of $0.83 per share. This figure represents a decline of 7.8% compared to the same quarter last year. Revenues are anticipated to be $2.19 billion, reflecting a 3.4% decrease from the previous year.

While earnings and revenue figures provide insight into the company’s performance, trends in earnings estimate revisions can be equally telling. For Sirius XM, the consensus EPS estimate has been revised upward by 6.2% over the past month. Such positive revisions often correlate with upward price movements, suggesting the potential for further strength in the stock moving forward.

Sirius XM currently holds a Zacks Rank of #1 (Strong Buy), indicating strong market confidence. In comparison, Townsquare Media (TSQ), another entity in the broadcast radio and television industry, reported a slight gain of 1.1% to close at $10.56, with an unchanged EPS estimate for the upcoming report.

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