What’s Driving SIRI Stock Up?
Sirius XM Holdings Inc. (NASDAQ:SIRI) and SIRI stock rose 2.8%, hitting an all-time high as several analysts rated SIRI stock as a “hold” or a “buy.”
Sirius XM has jumped about 10% since the beginning of the year, and today’s stock price marks the highest-ever in SIRI stock’s three-year history. Since going public in late 2013, the company has gained about 16% on its shares.
Many analysts hold the stock in high regard, with none of the 18 analysts who cover the stock assigning it a “hold,” “sell,” or “underperform” rating. 11 of these analysts from brokerage firms have a “buy” or better rating. (Source: “SIRIUS XM HOLDINGS INC. (NASDAQ:SIRI) STOCK RISES, ANALYSTS: HOLD RATING,” Fortune, November 11, 2016.)
SIRI stock was helped by a strong Q3 showing. Sirius XM posted stronger-than-expected subscriber growth. Its quarterly revenue was also up nine percent to $1.3 billion, compared to the same quarter last year. (Source: “Sirius XM Posts Strong Q3, Aims for 2 Million New Subscribers for 2016,” Digital Music News, October 27, 2016.)
Today also marks the first presentation of “The Dave Ramsey Show” on Sirius. A money and business advisor, Ramsey is the author of five New York Times bestselling books, and ran a successful internationally syndicated radio show before going to Sirius. His radio show was broadcast by over 500 different stations across Canada and the United States. (Source: “Money Management Expert Dave Ramsey Joins SiriusXM,” PR Newswire, November 10, 2016.)
Other than an early dive, 2016 has shaped up to be a good year for SIRI stock prices. The company has seen its shares generally rise in price continuously over this past year.
Sirius has been making headway in the radio market ever since it came into the market and was able to steal away big names like Howard Stern from traditional radio, which has helped it gain clout within the sector.
This isn’t to say that the radio wars are over, but it seems that Sirius is continually carving out a bigger chunk of the market for itself as people continue to subscribe to its online radio offerings. With Sirius XM looking to add two million subscribers by the end of 2016, SIRI stock might be one to keep an eye on.