JPMorgan Chase & Co. Has Lowered Expectations for Sirius XM (NASDAQ:SIRI) Stock Price

Sirius XM (NASDAQ:SIRI) had its price target dropped by analysts at JPMorgan Chase & Co. from $34.00 to $32.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 4.18% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Guggenheim restated a “buy” rating on shares of Sirius XM in a research report on Thursday. Wells Fargo & Company increased their price target on Sirius XM from $31.00 to $33.00 and gave the company an “equal weight” rating in a research report on Friday. Scotiabank started coverage on Sirius XM in a research note on Wednesday, September 2nd. They issued an “outperform” rating on the stock. Benchmark reaffirmed a “buy” rating on shares of Sirius XM in a research note on Wednesday, July 29th. Finally, Bank of America reiterated an “underperform” rating on shares of Sirius XM in a report on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Sirius XM presently has a consensus rating of “Hold” and an average target price of $32.92.

Sirius XM Stock Up 3.9%

Shares of SIRI stock traded up $1.15 during trading hours on Tuesday, hitting $30.71. 3,113,324 shares of the company were exchanged, compared to its average volume of 4,792,390. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.46 and a current ratio of 0.46. The stock has a market capitalization of $10.35 billion, a price-to-earnings ratio of 12.60, a P/E/G ratio of 0.50 and a beta of 0.98. Sirius XM has a one year low of $19.76 and a one year high of $32.66. The business’s 50-day simple moving average is $27.54 and its two-hundred day simple moving average is $26.21.

Sirius XM (NASDAQ:SIRI) last issued its quarterly earnings data on Thursday, October 29th. The company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.01. Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. The firm had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the firm posted $0.84 EPS. Sirius XM’s quarterly revenue was down .4% compared to the same quarter last year. Sell-side analysts predict that Sirius XM will post 3.00 EPS for the current fiscal year.

Insider Buying and Selling

In other Sirius XM news, Director Jonelle Procope sold 16,672 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $29.97, for a total transaction of $499,659.84. Following the completion of the transaction, the director owned 18,354 shares in the company, valued at $550,069.38. This trade represents a 47.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.27% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SIRI. Sunbelt Securities Inc. raised its position in shares of Sirius XM by 158.5% during the first quarter. Sunbelt Securities Inc. now owns 1,295 shares of the company’s stock worth $30,000 after purchasing an additional 794 shares during the period. Root Financial Partners LLC grew its stake in Sirius XM by 612.8% in the first quarter. Root Financial Partners LLC now owns 1,390 shares of the company’s stock valued at $32,000 after purchasing an additional 1,195 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Sirius XM during the 2nd quarter worth approximately $32,000. Western Wealth Management LLC acquired a new position in shares of Sirius XM during the 1st quarter worth approximately $33,000. Finally, Altshuler Shaham Ltd grew its position in shares of Sirius XM by 36.7% in the 1st quarter. Altshuler Shaham Ltd now owns 1,553 shares of the company’s stock valued at $36,000 after acquiring an additional 417 shares during the period. Institutional investors and hedge funds own 10.69% of the company’s stock.

About Sirius XM

Sirius XM Holdings Inc is a media and entertainment company that provides subscription-based audio programming through its SiriusXM service. The company delivers a broad range of commercial-free music, live sports, news, talk and entertainment programming, including exclusive channels, original shows and coverage of major events.

SiriusXM content is distributed primarily through satellite radio and internet streaming. Subscribers can access the service in vehicles, through the SiriusXM mobile app and website, and on supported connected devices.