Wells Fargo & Company Lowers Sirius XM (NASDAQ:SIRI) Price Target to $16.00

Sirius XM (NASDAQ:SIRI) had its target price decreased by research analysts at Wells Fargo & Company from $22.00 to $16.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 30.68% from the company’s previous close.

A number of other equities analysts have also recently weighed in on the company. Rosenblatt Securities increased their price target on Sirius XM from $28.00 to $29.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Guggenheim reiterated a “buy” rating and set a $30.00 price target on shares of Sirius XM in a research report on Wednesday, December 11th. Bank of America reissued an “underperform” rating and issued a $23.00 price target on shares of Sirius XM in a research note on Thursday, October 24th. JPMorgan Chase & Co. increased their price objective on shares of Sirius XM from $20.00 to $21.00 and gave the stock an “underweight” rating in a research report on Thursday, November 7th. Finally, Citigroup boosted their target price on Sirius XM from $2.80 to $21.00 and gave the company a “sell” rating in a research report on Thursday, September 26th. Six research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, Sirius XM has an average rating of “Hold” and an average price target of $27.58.

Sirius XM Stock Up 12.1 %

SIRI stock opened at $23.08 on Thursday. The firm has a market cap of $7.83 billion, a PE ratio of -3.64 and a beta of 1.03. Sirius XM has a one year low of $20.47 and a one year high of $56.80. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.37 and a current ratio of 0.37. The firm’s 50 day moving average price is $26.16 and its 200-day moving average price is $28.36.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc purchased 1,259,259 shares of the stock in a transaction on Friday, October 11th. The stock was bought at an average price of $24.95 per share, for a total transaction of $31,418,512.05. Following the acquisition, the insider now directly owns 108,719,088 shares of the company’s stock, valued at approximately $2,712,541,245.60. The trade was a 1.17 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have purchased a total of 2,646,761 shares of company stock worth $65,952,329 in the last quarter. 0.79% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sirius XM

A number of hedge funds and other institutional investors have recently modified their holdings of SIRI. Coston McIsaac & Partners increased its holdings in Sirius XM by 113.5% in the third quarter. Coston McIsaac & Partners now owns 1,174 shares of the company’s stock valued at $27,000 after buying an additional 624 shares during the last quarter. TCTC Holdings LLC purchased a new stake in Sirius XM during the 3rd quarter worth about $29,000. Princeton Global Asset Management LLC boosted its position in shares of Sirius XM by 2,683.7% during the 3rd quarter. Princeton Global Asset Management LLC now owns 1,364 shares of the company’s stock worth $32,000 after acquiring an additional 1,315 shares in the last quarter. Plato Investment Management Ltd purchased a new position in shares of Sirius XM in the 2nd quarter valued at about $35,000. Finally, Riverview Capital Advisers LLC acquired a new stake in shares of Sirius XM during the 2nd quarter worth about $35,000. 10.69% of the stock is currently owned by institutional investors and hedge funds.

Sirius XM Company Profile

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.