Sirius XM (SIRI) Stock Jumps 42.3%: Will It Continue to Soar?

Sirius XM (SIRI) shares ended the last trading session 42.3% higher at $7.81. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 50% gain over the past four weeks.

Trading in SIRI is of major interest to those investors who have invested through Liberty Media’s stake in the company. Liberty Media wrapped up its split-off of Atlanta Braves Holdings into a separate publicly traded company. Liberty Sirius XM shares next month will be split into a new Liberty Sirius XM share and 0.25 share of a new Liberty Live tracker for the company’s stake in Live Nation.

This satellite radio company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of +14.3%. Revenues are expected to be $2.26 billion, up 0.1% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Sirius XM, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate 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 belongs to the Zacks Broadcast Radio and Television industry. Another stock from the same industry, Fox (FOXA), closed the last trading session 0.2% higher at $33.78. Over the past month, FOXA has returned 1.6%.

For Fox , the consensus EPS estimate for the upcoming report has changed +4.4% over the past month to $0.71. This represents a change of -4.1% from what the company reported a year ago. Fox currently has a Zacks Rank of #4 (Sell).


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