Sirius XM Stock Sinks on Analyst Downgrade

Short interest accounts for more than 31% of SIRI's available float

Deputy Editor
Apr 18, 2022 at 9:30 AM
facebook twitter linkedin

The shares of Sirius XM Holdings Inc (NASDAQ:SIRI) are down 2.6% at $6.29, following a downgrade from Morgan Stanley. The brokerage firm lowered its rating to "underweight" from "equal weight," citing potential impact from headwinds in the automobile industry as well as Sirius XM stock's outperformance on the charts over the last 12 months.

Concerning its technical setup on the charts, SIRI boasted a 6.8% year-over-year lead coming into today's session. The security has been moving lower since its March 31 10-month high of $6.77, and if these losses hold, the stock could break below its 40- and 50-day moving averages.

Analysts are currently split on Sirius XM stock, with four "strong buys," compared to two "holds" and two "strong sells." Meanwhile, the consensus 12-month price target sits at $7.30 -- slightly higher than Morgan Stanley's new target and a 13% premium to Thursday's close.

Elsewhere, Sirius XM stock's 200.30 million shares sold short represents a whopping 31.2% of the stock's total available float, or around two week's worth of pent-up buying power.


Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners