On September 2, Sirius XM rose 5.97% in pre-market trading, reaching $29.25 per share with turnover of approximately $1.06 million.
The rally appears driven by continued share accumulation by Warren Buffett's Berkshire Hathaway. Recent SEC filings show multiple statements of changes in beneficial ownership of securities, with reports indicating Berkshire Hathaway has been persistently buying the broadcasting company and now holds approximately 30% of outstanding Liberty Sirius XM shares. The high-profile buying activity has also attracted attention from several quantitative investment firms.
In supporting context, Barrington Research raised its price target on the stock to $36 from $33 in late July, maintaining an Outperform rating. The company reported Q2 revenue of $2.16 billion, beating estimates, and raised full-year revenue guidance to $8.53 billion. Despite an EPS miss at $0.70 versus the $0.78 consensus, the stock was added to the S&P MidCap 400 in June, broadening its institutional investor base.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)