JPMorgan Chase & Co. Initiates Coverage on Sirius XM (NASDAQ:SIRI)

Investment analysts at JPMorgan Chase & Co. initiated coverage on shares of Sirius XM (NASDAQ:SIRI) in a note issued to investors on Wednesday, Marketbeat.com reports. The brokerage set an “underweight” rating and a $20.00 price target on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 17.70% from the stock’s previous close.

SIRI has been the topic of a number of other reports. StockNews.com initiated coverage on shares of Sirius XM in a research note on Friday, October 4th. They set a “hold” rating on the stock. The Goldman Sachs Group cut their target price on Sirius XM from $32.50 to $26.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Guggenheim upgraded Sirius XM from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Wednesday, September 18th. Citigroup upped their price objective on Sirius XM from $2.80 to $21.00 and gave the stock a “sell” rating in a report on Thursday, September 26th. Finally, Benchmark reduced their target price on Sirius XM from $65.00 to $43.00 and set a “buy” rating for the company in a report on Tuesday. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $31.25.

Sirius XM Trading Up 2.3 %

Sirius XM stock opened at $24.30 on Wednesday. The stock has a 50 day moving average of $27.94 and a two-hundred day moving average of $30.41. Sirius XM has a twelve month low of $22.18 and a twelve month high of $57.80. The stock has a market capitalization of $93.47 billion, a price-to-earnings ratio of 74.18, a PEG ratio of 0.83 and a beta of 1.07.

Sirius XM (NASDAQ:SIRI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.20 billion. Sirius XM had a net margin of 14.56% and a negative return on equity of 52.15%. Equities analysts predict that Sirius XM will post 3.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Scott Andrew Greenstein sold 144,723 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $31.60, for a total value of $4,573,246.80. Following the sale, the insider now directly owns 98,933 shares in the company, valued at $3,126,282.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.79% of the stock is currently owned by company insiders.

Institutional Trading of Sirius XM

A number of large investors have recently made changes to their positions in the stock. Berkshire Hathaway Inc raised its stake in Sirius XM by 315.6% in the 4th quarter. Berkshire Hathaway Inc now owns 40,243,058 shares of the company’s stock valued at $220,130,000 after purchasing an additional 30,559,834 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Sirius XM during the second quarter valued at approximately $12,858,000. Cubist Systematic Strategies LLC acquired a new stake in Sirius XM during the second quarter worth approximately $5,192,000. SG Americas Securities LLC grew its stake in Sirius XM by 516.5% in the 1st quarter. SG Americas Securities LLC now owns 1,601,048 shares of the company’s stock worth $6,212,000 after acquiring an additional 1,341,352 shares during the period. Finally, Marshall Wace LLP acquired a new position in Sirius XM in the 2nd quarter valued at $3,616,000. Institutional investors and hedge funds own 10.69% of the company’s stock.

About Sirius XM

Sirius XM Holdings Inc operates as an audio entertainment company in North America. It operates in two segments, Sirius XM, and Pandora and Off-platform. The company’s Sirius XM segment provides music, sports, entertainment, comedy, talk, news, traffic and weather channels, and other content, as well as podcast and infotainment services on subscription fee basis; and live, curated, and exclusive and on demand programming services through satellite radio systems and streamed through applications for mobile and home devices, and other consumer electronic equipment.