Why Sirius XM Stock Is Surging Wednesday

Sirius XM Holdings Inc SIRI shares are moving higher Wednesday after Berkshire Hathaway disclosed that it was buying the streaming entertainment stock in the third quarter.

What Happened: According to a new regulatory filing, Warren Buffett's Berkshire Hathaway bought 9.68 million shares of Sirius XM stock last quarter. 

The news comes just a week after the company unveiled a series of new changes to its SiriusXM streaming app during its "Next Generation" event in New York. 

Beginning Dec. 14, the new streaming app will roll out to subscribers across North America featuring enhanced search capabilities, an upgraded media player, dedicated content discovery pages and more.

The new features are designed to create a "more personalized, easy-to-use, lean-back streaming experience that puts discovery at the forefront," the company said in a press release.

Related Link: Buffett's Berkshire Trimmed Chevron Stake While Cashing Out Of GM And This COVID Stock: Here's How The Sage Of Omaha Adjusted His Portfolio In Q3

SIRI Price Action: Sirius XM shares were up 8.9% at $5.32 at the time of publication, according to Benzinga Pro. 

Photo: Hrayr Movsisyan from Pixabay.