SiriusXM Holdings Stock Is Rising Monday: What's Going On?

SiriusXM Holdings Inc SIRI shares are trading higher Monday after Warren Buffett’s Berkshire Hathaway further increased its stake in the company.

What Happened: According to a regulatory filing from late last week, Berkshire recently purchased 3,564,059 shares of Sirius XM stock at an average price of $24.33 per share.

The purchases were made from Oct. 9 to Oct. 11 at prices ranging from $22.96 to $25.14 per share for a total of approximately $87 million. Berkshire owned a total of 108,719,088 shares of SiriusXM as of Oct. 11, representing a 32% stake in the company.

SiriusXM shares are down about 54% since the start of the year as the company battles subscriber growth headwinds and stalled revenue growth. In its most recent quarter, SiriusXM said revenue fell 3% to $2.18 billion as self-pay subscribers decreased by approximately 100,000.

SiriusXM is due to report third-quarter financial results at the end of the month. Analysts currently expect the company to report earnings of 78 cents per share and revenue of $2.192 billion, according to estimates from Benzinga Pro.

Last week, JP Morgan analyst Sebastiano Petti reinstated Sirius XM with an Underweight rating and announced a price target of $20. Benchmark analyst Matthew Harrigan maintained Sirius XM with a Buy and lowered the price target from $65 to $43.

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SIRI Price Action: SiriusXM shares were up 5.21% at $26.23 at the time of publication, according to Benzinga Pro.

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