SiriusXM (SIRI)

• Market cap: $9.33B
• Sector: Communication Services
• Industry: Radio Broadcasting Stations

About: Sirius XM operates almost exclusively in the US through its SiriusXM and Pandora audio services. SiriusXM is primarily a satellite radio service, which offers nationwide coverage and mostly ad-free listening, with proprietary channels and exclusive content. It makes agreements with automakers to install its radios in vehicles and give trial services to vehicle buyers, which have traditionally fed its subscriber base. The company operates the service through a handful of geostationary satellites that it owns and operates, but it now offers a streaming SiriusXM option as well. Pandora, which makes up a much smaller portion of revenue and profit, offers a subscription and ad-supported streaming music service that competes with industry giants like Spotify, Apple Music, and YouTube Music.

Employees: 5,680

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

1.76% more ownership

Funds ownership: 9.72% [Q1] → 11.48% (+1.76%) [Q2]

10% less funds holding

Funds holding: 616 [Q1] → 556 (-60) [Q2]

12% less repeat investments, than reductions

Existing positions increased: 152 | Existing positions reduced: 173

13% less call options, than puts

Call options by funds: $135M | Put options by funds: $156M

14% less capital invested

Capital invested by funds: $1.45B [Q1] → $1.25B (-$200M) [Q2]

37% less first-time investments, than exits

New positions opened: 103 | Existing positions closed: 163

Research analyst outlook

10 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $20 27% downside
• Avg. target: $29 6% upside
• High target: $43 56% upside

10 analyst ratings

• positive: 3 30%
• neutral: 3 30%
• negative: 4 40%

Benchmark Matthew Harrigan 54% 1-year accuracy 30 / 56 met price target	56% upside $43	Buy Reiterated	15 Oct 2024
JP Morgan Sebastiano Petti 83% 1-year accuracy 5 / 6 met price target	27% downside $20	Underweight Reinstated	9 Oct 2024
Benchmark Matthew Harrigan 54% 1-year accuracy 30 / 56 met price target	56% upside $43	Buy Maintained	8 Oct 2024
Citigroup Jason Bazinet 58% 1-year accuracy 11 / 19 met price target	24% downside $21	Sell Maintained	26 Sept 2024
Morgan Stanley Cameron Mansson-Perrone 100% 1-year accuracy 4 / 4 met price target	16% downside $23	Underweight Reinstated	24 Sept 2024