Sirius XM stock (SIRI) experienced a significant surge of over 42% in one day, leading to multiple trading halts. The stock’s trading volume on July 20 reached a peak of 126 million shares, far exceeding its average of 17 million shares over the last 100 days. The stock gained considerable attention on social media platforms, with SIRI becoming one of the most mentioned stock tickers on StockTwits. It is worth noting that SIRI is one of the market’s most short-sold stocks at 34.45%, according to estimates.
The surge in Sirius XM’s stock came ahead of the company’s upcoming Q2 2023 financial results, set to be reported on August 1. Analysts predict earnings of $0.07 per share with a quarterly revenue of $2.24 billion. However, Sirius XM has struggled to meet earnings estimates in three of its last four quarters.
During the trading day, SIRI experienced multiple halts triggered by its volatility. The halts occurred at 2:22 pm ET and then again at 2:35 pm. This record-breaking intrasession gain brought the stock to a two-year high, marking the largest increase in over 14 years. Seeking Alpha reports that Liberty Media’s stake in Sirius XM has attracted significant interest from investors.
In other news, Sirius XM is currently grappling with a class action lawsuit filed in a New York federal court. The lawsuit alleges that the company violated federal labor laws by failing to compensate certain non-exempt employees for the time they worked before and after their shifts. The plaintiff, Kellee Mitchell, worked remotely as a customer service representative for Sirius XM from November 2020 to August 2021.
Despite the ongoing legal matter, the surge in Sirius XM’s stock indicates positive sentiment among investors. It should be noted that this news may contribute to the stock’s ranking and visibility in Google search results.
