Boston, MA 10/02/2013 (wallstreetpr) – Last week, Piper Jaffray upgraded the PT for Sirius XM Radio Inc (NASDAQ:SIRI) to $5.00. This has been attributed largely to the increase in revenue from the used car initiative, the bright prospects for connected cars and the new Hispanic marketing. The average analyst rating on the company stock is a “buy” and the average PT is $4.31.
The change that is in the pipeline
Jim Meyer, Sirius XM Radio Inc (NASDAQ:SIRI)’s Chief Executive Officer presented at the Golman Sachs Communicopia-Conference last week. At first it seemed like there wasn’t anything new that was worth reporting. However, the CEO brought up the topic about the company moving into international markets.
Over the past one year, this is one point that has irked many an investor and many others harbor their doubts about this possible move. Most are of the opinion that launching new international satellites might be a very expensive proposition. At the moment, the company operates its services in Canada via Sirius XM Canada, its affiliate that also provides services via satellite.
Tuesday’s trading
In Tuesday’s trading, Sirius XM Radio Inc (NASDAQ:SIRI) rose by 2.58%. The shares opened at a price of $3.87, climbed to an intraday high of $3.98 and dipped to a close of $3.97. Approximately 34.60 million shares were traded on Tuesday while an average volume of 35.45 million shares were traded over a 30 day period. The 52-week low of the company’s shares is $2.55 and its 52-week high is $3.99. The company has a market capitalization of $24.68 million.
The company
Sirius XM Radio Inc (NASDAQ:SIRI) broadcasts its sports, entertainment, music, comedy, news, talk, weather and traffic channels in the United States for a subscription fee via its 2 satellite-radio systems. Subscribers can receive specific music as well as other channels over the web smartphones and tablets. As of 31 December 2011, the company had 21,892,824 subscribers.
