Sirius XM Stock Rises In Premarket After Berkshire Hathaway Uses Pullback To Boost Stake In Satellite Radio Company: Retail Cheers Move
By Stocktwits Inc | First Published Dec 20, 2024, 6:21 PM ISTFollowing the week’s purchases, Berkshire now owns about 117.47 million, or roughly 34.7%, of Sirius XM’s outstanding shares.
Sirius XM Holdings, Inc. ($SIRI) shares rebounded in Friday’s premarket session after Warren Buffett-led Berkshire Hathaway, Inc. ($BRK.A) ($BRK.B) augmented stake in the New York-based satellite radio and online radio services company.
In a Form 4 filing with the SEC late Thursday, Berkshire disclosed that it bought 4.96 million shares in aggregate over a three-day period, starting with Tuesday. The weighted average price the firm paid per share is $21.60
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Sirius XM stock has been lower in all four sessions of the week and is on a six-session losing streak.
Following the week’s purchases, Berkshire now owns about 117.47 million, or roughly 34.7%, of Sirius XM’s outstanding shares.
Berkshire’s previous Sirius buy was in October, when the firm lapped up 3.6 million shares at an average price of $24.33 apiece.
A CNBC report said it isn’t clear whether the Sirius XM bet is made by the Oracle of Omaha or his investing lieutenants, Ted Weschler or Todd Combs. Berkshire first invested in Sirius XM tracking stock in early 2024 after Liberty Media announced a deal to merge its tracking stock with Sirius XM. Buffett, though, first took a position in Liberty Media tracking stock in 2016.
On Stocktwits, sentiment toward Sirius XM stock stayed ‘bullish’ (63/100), with message volume perking to ‘high’ levels.
A retail watcher of the stock wondered why it was down for the year despite investment guru Buffett’s interest in it.
Another pointed out that Buffett had been accumulating the stock during its dip.
In premarket trading, Sirius XM stock was up 2.67% at $21.13 as of 4:32 a.m. EDT, reversing some of the 4.32% loss it raked up on Thursday.
The stock is down over 61% for the year and is at its lowest level in about 12 years.
In separate transactions, Berkshire also increased its stake in Reston, Virginia-based global domain registry and internet infrastructure company Verisign, Inc. ($VRSN) by 234,000 and in Occidental Petroleum Corp. ($OXY) by 8.9 million shares, giving it a 28.1% stake in the latter.
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