The Sirius XM Holdings Inc. (SIRI) Upgraded to Buy at Zacks Investment Research

The Sirius XM Holdings Inc. (SIRI) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) from a hold rating to a buy rating in a research note issued to investors on Tuesday. Zacks Investment Research currently has $4.75 target price on the stock.

According to Zacks, “We are positive on SIRIUS XM's move to increase its stake in its Canadian unit to 70% from 37%. The net subscriber growth at Sirius XM is also encouraging. The company added over 587,000 subscribers in the second quarter. The company also saw an increase in average revenue per user. We are also impressed with the company's strong telematics partnerships with almost all major car manufacturers. Although it faces tough competition, we expect the company's continued focus on delivering customer focused popular content to give a boost to its subscriber growth in the future.”

SIRI has been the topic of several other research reports. Pacific Crest reissued a hold rating on shares of Sirius XM Holdings in a report on Wednesday, July 27th. RBC Capital Markets reissued a sector perform rating and issued a $4.75 price target (up previously from $4.25) on shares of Sirius XM Holdings in a report on Wednesday, July 27th. TheStreet raised shares of Sirius XM Holdings from a hold rating to a buy rating in a report on Tuesday, July 26th. Macquarie reissued an outperform rating and issued a $4.85 price target on shares of Sirius XM Holdings in a report on Friday, September 23rd. Finally, Sanford C. Bernstein initiated coverage on shares of Sirius XM Holdings in a report on Tuesday, July 12th. They issued a market perform rating on the stock. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Sirius XM Holdings has an average rating of Buy and an average price target of $4.78.

Sirius XM Holdings (NASDAQ:SIRI) remained flat at $4.18 during trading on Tuesday. 12,806,554 shares of the stock were exchanged. The stock’s 50 day moving average is $4.16 and its 200 day moving average is $4.05. The firm has a market capitalization of $20.39 billion, a P/E ratio of 34.83 and a beta of 1.33. Sirius XM Holdings has a 52 week low of $3.29 and a 52 week high of $4.44.

Sirius XM Holdings (NASDAQ:SIRI) last announced its earnings results on Tuesday, July 26th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.01. Sirius XM Holdings had a negative return on equity of 179.05% and a net margin of 13.44%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period last year, the firm posted $0.03 EPS. The company’s revenue was up 10.0% compared to the same quarter last year. On average, analysts expect that Sirius XM Holdings will post $0.14 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. boosted its stake in shares of Sirius XM Holdings by 2.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 4,398,833 shares of the company’s stock valued at $17,376,000 after buying an additional 106,224 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of Sirius XM Holdings by 20.9% in the second quarter. Stifel Financial Corp now owns 121,719 shares of the company’s stock valued at $481,000 after buying an additional 21,000 shares in the last quarter. Amalgamated Bank boosted its stake in shares of Sirius XM Holdings by 75.3% in the second quarter. Amalgamated Bank now owns 129,771 shares of the company’s stock valued at $549,000 after buying an additional 55,739 shares in the last quarter. Pinkerton Retirement Specialists LLC purchased a new stake in shares of Sirius XM Holdings during the second quarter valued at $132,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Sirius XM Holdings by 4.8% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 748,600 shares of the company’s stock valued at $2,957,000 after buying an additional 34,400 shares in the last quarter. 20.82% of the stock is owned by hedge funds and other institutional investors.

Sirius XM Holdings Company Profile

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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