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Strength Seen in Sirius XM (SIRI): Can Its 7.9% Jump Turn into More Strength?
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Sirius XM (SIRI - Free Report) shares rallied 7.9% in the last trading session to close at $26.90. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.7% gain over the past four weeks.
SiriusXM shares rallied Monday after Warren Buffett’s Berkshire Hathaway raised its stake in the satellite radio company. Berkshire Hathaway purchased roughly 3.6 million shares for about $87 million in separate transactions, now owning 32% of SirusXM.
This satellite radio company is expected to post quarterly earnings of $0.83 per share in its upcoming report, which represents a year-over-year change of -7.8%. Revenues are expected to be $2.19 billion, down 3.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Sirius XM, the consensus EPS estimate for the quarter has been revised 6.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SIRI going forward to see if this recent jump can turn into more strength down the road.
Sirius XM is part of the Zacks Broadcast Radio and Television industry. Townsquare Media (TSQ - Free Report) , another stock in the same industry, closed the last trading session 1.1% higher at $10.56. TSQ has returned 7% in the past month.
Townsquare's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.35. Compared to the company's year-ago EPS, this represents a change of -23.9%. Townsquare currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Sirius XM (SIRI): Can Its 7.9% Jump Turn into More Strength?
Sirius XM (SIRI - Free Report) shares rallied 7.9% in the last trading session to close at $26.90. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.7% gain over the past four weeks.
SiriusXM shares rallied Monday after Warren Buffett’s Berkshire Hathaway raised its stake in the satellite radio company. Berkshire Hathaway purchased roughly 3.6 million shares for about $87 million in separate transactions, now owning 32% of SirusXM.
This satellite radio company is expected to post quarterly earnings of $0.83 per share in its upcoming report, which represents a year-over-year change of -7.8%. Revenues are expected to be $2.19 billion, down 3.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Sirius XM, the consensus EPS estimate for the quarter has been revised 6.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SIRI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Sirius XM is part of the Zacks Broadcast Radio and Television industry. Townsquare Media (TSQ - Free Report) , another stock in the same industry, closed the last trading session 1.1% higher at $10.56. TSQ has returned 7% in the past month.
Townsquare's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.35. Compared to the company's year-ago EPS, this represents a change of -23.9%. Townsquare currently boasts a Zacks Rank of #3 (Hold).