EARN25

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 X logo 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.

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!